NEW YORK CITY-Giving its Midtown West project a major boost, Brookfield Office Properties on Monday unveiled plans to conduct a major, $200 million redevelopment of 450 W. 33rd St. and rename it Five Manhattan West. During a press conference at the building to announce the project, Brookfield said it will modernize and fully integrate the 1.8-million-square-foot building into Manhattan West through an exterior recladding and interior renovation program.
When completed in the summer of 2016, the restoration will have created a new pleated glass facade with floor-to-ceiling windows on every floor, maximizing daylight penetration while reducing solar gain through geometric 'self-shading,' according to architect Joshua Prince-Ramus, principal at REX. The interior program includes a redesigned lobby, upgraded and expanded elevators, and enhanced HVAC and other mechanical systems. New retail storefronts will provide a welcoming streetscape.
The building also will become tied to the rest of the Manhattan West development by Brookfield decking over Dyer Ave. and a public plaza being created that will serve as a vital '32nd St.' pedestrian passage, linking to 450 W. 33rd St., Hudson Yards, and area amenities, such as the High Line, further west, said Dennis Friedrich, CEO of Brookfield.
"The Manhattan user base has been changing over time, with a move toward large, collaborative space with high ceiling heights," he asserted."This was a logical extension of Midtown South, where creative and technology companies want to be but are having trouble finding space."
Already one of only eight office buildings in Manhattan to offer more than 100,000 square feet of contiguous space on a single floor, tenants are expected to be large-scale users of space seeking ultra-modern facilities—such as members of the creative class, he noted.
Jerry Larkin, SVP and director of leasing at Brookfield, elaborates, "Media firms like it because they can have studios and newsrooms here. Fashion companies have seen that they could have shows here as well as hold events in our public spaces next door. Finance firms will have the infrastructure to support trading floors here while technology firms have looked at installing features like a climbing wall, running tracks or skateboarding runs. The space is that big."
The finance firms that have expressed interest, adds Friedrich, are mostly "second-tier companies, though some major global firms" are looking too. The building's floors feature 14' to 27' ceiling heights and there is a rooftop deck surrounding the 16th floor, Larkin noted. A team led by Bruce Mosler, chairman, global brokerage and Josh Kuriloff , executive vice chairman of Cushman & Wakefield, is the exclusive leasing agent for office space at Manhattan West, including 450 West 33rd Street.
Brookfield plans mainly to lease space to companies that can take up a full-floor, noted Friedrich. "That's our strong preference. If a partial tenant is interested, we can break up the floor in a logical way but the changes we're making to the windows are going to be very powerful and you start to lose some of that when you put up walls."
After the renovations, Brookfield expects the building to command average asking rents of $60 to $70, Friedrich said, noting that the building is currently 70% occupied, with approximately 350,000 square feet available. However, noted Friedrich, "In 2017 we could offer an additional 300,000 square feet based on existing leases expiring before that time."
Coach Inc. holds some space at the building that it will vacate next year to move down the street to Hudson Yards. The Associated Press is a key tenant at the building, though it has a lease to remain in the space for some time, Friedrich says.
450 West 33rd Street was acquired by Brookfield in 2011. It is The property's footprint stretches from West 31st to West 33rd Streets, taking up a half block between Dyer & 10th Avenues. In addition, the numerous loading bays provide the opportunity to create a private entrance for tenants. Acquisition costs plus the price tag for the renovation will amount to $400 per-square-foot when all is said and done, Friedrich said.
The five-acre Manhattan West campus also will feature two new premium-grade office towers, a luxury residential tower, a two-acre park and over 200,000 square feet of retail development—including restaurants and cafes. Located steps away from the High Line, it also will feature a boutique six-star hotel, health and fitness facilities and rooftop gardens.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
