Durels tells GlobeSt.com that SL consistently reinvests in its buildings. "Consequently the timing of these particular capital programs is driven by pending lease expirations at 810 Seventh and 711 Third avenues and a recent acquisition at 16 Court St." Durels explains that asking rents are $35 per sf to $40 per sf at 16 Court St., $65 per sf to $90 per sf at 810 Seventh Ave. and $65 per sf at 711 Third Ave.
[IMGCAP(3)]Durels says that the firm will make "substantial esthetic enhancements in the look and feel of each of the buildings," adding that SL Green will also "upgrade the building infrastructure as appropriate in order to offer our tenants a state-of-the-art working environment. A well thought-out capital plan and rebranding of each building are part of our overall repositioning effort." He explains to GlobeSt.com that "although there is always an interruption to existing building tenants, these projects will have nominal disruption since the majority of the work is well outside existing tenant spaces."
A $7-million renovation of the lobby and elevator cabs is underway at 711 Third Ave., a 20-story, 553,000-sf tower located near Grand Central Terminal. Key elements of the renovation include new polished Thassos and Blue deSavoi Marble walls, a new polished Austiri Quartz floor, museum quality lighting, new elevator cabs, security systems featuring optical turnstiles, and a new visitor access system. The building's Third Avenue entrance will be expanded to the building line and a new entrance canopy will be added. According to a prepared statement, the most challenging aspect of the renovation is restoring Hans Hofmann's mosaic mural, which surrounds the elevator banks. Locally based TPG Architecture is managing the restoration process. Tenants in the building include Crain's New York Business, Omnicom, Parade Publications, Ricoh Corp., and Chicago Title Insurance Co.
[IMGCAP(2)]A $10 million capital improvement campaign is ongoing at 810 Seventh Ave., a 41-story, 694,000-sf office building located on the Southwest corner of Seventh Avenue at West 53rd Street. Among the improvements are a new lobby, elevator cabs, fire alarm, common corridors and bathrooms. Additionally, a facade restoration and electric upgrade are included. The design will feature sustainable natural materials such as bamboo and stone that are appealing, but also environmentally sensitive. Highlights will include travertine stone and dark bamboo accents at the walls and ceiling. The design architect for the project is A+I Design. Among the tenants in the building are: Hearst Communication/Metromedia Co.; WWOR-TV; Practicing Law Institute; Insight Communication; Cingular; and Oppenheimer & Co.
The $16 million dollar capital program at 16 Court St., a 38-story, 284,000-sf building includes a new lobby, elevator cabs, elevator equipment modernization, new windows, restroom renovations and common corridor upgrades. Additionally, a $1.2 million façade restoration and fire alarm replacement are underway. Lobby finishes include polarized quartz floor tiles, black marble, white glass and walnut wood walls. A pre-build program has completed construction of 15 office suites ready for immediate tenant move-in. TPG Architecture is the design architect on the project. Tenants at the property include the New York Times' Brooklyn Bureau, Marcus & Millichap, NYC Department of Transportation, and the Kings County Democratic Committee.
"To maximize market appeal, the extensive capital redevelopment programs currently underway exemplify how our team has preserved the distinguishing architectural elements of these buildings, while introducing innovative design features and state-of-the-art security/life safety technology, to provide some of the most appealing and functional commercial property in Manhattan," says Edward Piccinich, SL Green EVP of management & construction, in a prepared statement.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
