Although specific candidates have not been revealed, there's "keen institutional interest" in the project, says Gregory P. Knoop, managing director of the agency group at Insignia/ESG. Knoop tells GlobeSt.com he is hoping for a single-tenant net-lease deal for the property, though he would settle for multi-tenant occupancy.
A number of Midtown firms, looking to decentralize back-office space and take advantage of economic, safety and zoning incentives in Long Island City have looked into the building. "We have seen interest from a diverse cross-section of industries, from corporate and banking to the media," says Knoop. "All plans are in place for this construction," he states, adding that rents at the property are expected to be in the mid-$20s per sf.
While prospective tenants have not been disclosed, Citibank, Fidelity Investments and Nations Bank have been mentioned as interested parties. Funding for the project has not yet been committed, although Knoop says talks are in progress. Once a major tenant is signed, construction should take about 18 months.
"30-30 Northern Boulevard presents an unprecedented opportunity for a company to occupy a world-class office building," says Knoop. "The State and local economic development corporations are providing excellent financial incentives for companies to move to Long Island City," he says. Amenities at the tower will include fiber-optic lines, cable television and parking for 150 vehicles.
Additional Insignia brokers working on the project include Richard Karson, Eric Engelhardt, John Reinersten, Dina Raynolds and Roni N. Horenstein. They are targeting banks and insurance companies searching for staff offices, a call center, data/tech building, disaster recovery facilities or payroll/processing locations near Manhattan.
"We're marketing to tenants in Midtown, situated between 34th St. and 59th Streets," says Minskoff, president of locally-based Edward J. Minskoff Equities Inc. Construction will be handled by BJM Equities, a subsidiary of Minskoff. Perkins Eastman Architects PC has been retained as the architect.
The project validates a recent forecast by Insignia executive managing director Richard Karson, who predicted a large amount of Midtown companies would take space in Long Island City in the wake of the area's FAR rezoning in 2001. "You've got cheaper space, economic incentives and convenient transportation," said Karson. "This rezoning makes Long Island City more attractive to big businesses, because they can build larger buildings," he said.
The Sept. 11 terrorist attacks also contributed to Carson's projections. "The tendency for businesses to want to decluster is the reason you see the move occurring now," he said. For that story, click on: LIC Relieves Burgeoning City Office Market.
Edward J. Minsk off Equities Inc. has developed 1325 Avenue of the Americas and 101 Ave. of the Americas in Manhattan, the recently completed regional headquarters building for the Federal Aviation Administration in Queens, and also manages the IBM building at 590 Madison Ave., 825 Seventh Ave. and Niketown on E. 57th Street.
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