NEW YORK CITY-Houston-based developer Hines and joint venture partner Pacolet Milliken Enterprises has received an all-equity joint venture investment from institutional clients advised by JP Morgan Asset Management for its massive spec office tower at 7 Bryant Park. Tommy Craig, head of the firm’s New York/Tri-State regional activities, tells GlobeSt.com that the financing covers the project costs and has been put in place with the intent to proceed with construction.
“We’ve completed design and we are moving forward to select a general contractor and we are moving forward with a competitive process,” he says. “We expect to complete that in September and move forward with construction in October.”
The 470,000-square-foot tower, to be designed by Henry N. Cobb of Pei Cobb Freed & Partners, will rise 28 stories on a piece of land Pacolet Milliken has owned since 1954 overlooking the park. While JP Morgan declined to release a specific number on the transaction, sources close to the deal say the equity is in the “multi-million-dollar” range.
Earlier this year, CBRE’s CEO for the Tri-State Region, Mary Ann Tighe, along with vice chairman Howard Fiddle, senior vice president Ben Friedland and senior associate Evan Haskell, were selected as exclusive leasing agents for the tower. Upon completion, the building will offer 10-foot finished ceilings and multiple top-floor opportunities, including the creation of a signature penthouse duplex space.
When asked about finding an anchor tenant for the building, Craig remains unconcerned. “We think the product speaks for itself and it is differentiated from the market,” he says. “We think the location is the most active in Midtown, and this project completes the square around Bryant Park and it delivers a workplace without equal in New York.”
Occupancy is expected in 2014.
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