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Old Posted Jun 10, 2015, 10:35 AM
JR Ewing JR Ewing is offline
Join Date: Oct 2014
Location: Ancient Egypt
Posts: 835
This is happening, lads.

This is not some dim witted, pie in the sky project in Chicago by an Irish plumber!

As per today's NYP, Milstein is not renewing expiring leases.

This city esta en fuego!

Lois Weiss wrote:

. The investment firm GIC, which is the wholly owned fund manager for the Government of Singapore, will say hello to 280 Park and good-bye to 335 Madison. GIC will depart early as the Milstein-owned office building is winding down tenancies and is no longer renewing or recasting leases or signing new deals. As we first revealed on March 3, Howard Milstein plans to demolish the structure and develop another tower under the new Vanderbilt Corridor zoning.
GIC had a lease that could have kept it there to the year 2022 but will now move in the first quarter of 2016 from its spot at 335 Madison Ave. to the 9th floor’s 49,724 square feet at 280 Park Ave.
The 15-year lease had an asking rent of $100 per square foot.
Frank Doyle, Clark Finney, Barbara Winter of JLL represented GIC while the duel ownership of Vornado Realty Trust and SL Green Realty Corp. were represented by a CBRE team of Mary Ann Tighe, Peter Turchin, Gregg Rothkin, Eric Deutsch and Sam Seiler. Glen Weiss and Andrew Ackerman of Vornado, along with Steve Durels, David Amsterdam and David Kaufman of SLG, represent the joint ownership in-house.
Since December 2014, Fiduciary Trust Co. and PJT have signed deals for 149,401 square feet and 98,740 square feet respectively at the 1.24-million-square-foot building.
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