[NYguy]

^ There are no points to be made.


https://therealdeal.com/2018/02/22/t...avenue-report/

Tishman Speyer top candidate to develop 270 Park Avenue: report
No deal yet, but the prolific developer is considered overwhelming favorite

February 22, 2018

The 70-story tower JPMorgan Chase wants to build at 270 Park Avenue will likely be developed by Tishman Speyer, according to a new report.

Sources told Politico New York that the bank and city officials are nearing a deal with the developer for a ground-up 2.5 million-square-foot office tower, made possible by a recent rezoning of Midtown East.

The preliminary plan has the support of both Gov. Andrew Cuomo and Mayor Bill de Blasio.

https://www.bloomberg.com/news/artic...alive-and-well

JPMorgan Plan for Soaring Tower Signals Midtown’s Alive and Well





By David M Levitt
February 22, 2018

If the office district’s supremacy had been threatened by the rise of Hudson Yards on the far west side and the rebuilding of the World Trade Center to the south, JPMorgan Chase & Co.’s decision to build a taller skyscraper on the site of its current Park Avenue headquarters says it’s still New York’s power center.

The bank plans to demolish the almost-60-year-old building it owns at 270 Park Ave. and replace it with a 70-to-75-story tower that would be ready in about five years.

For companies drawn to new developments like Hudson Yards, it was less a matter of geography than the appeal of glitzy new skyscrapers -- a stark contrast with Midtown’s aging office stock, according to Marc Holliday, chief executive officer of landlord SL Green Realty Corp. JPMorgan’s commitment to Park Avenue shows the neighborhood around Grand Central Terminal is still a magnet for New York’s biggest companies, and its project will generate momentum for further development, he said.

The bank’s decision “will just solidify the importance of this area to the city,” Holliday, whose company is building the One Vanderbilt skyscraper nearby, said in an interview. “Given the opportunity to build new construction in east Midtown, it will almost always be corporations’ first choice to plant their flag.”

This is a point that keeps getting lost...

“It’s not the West Side, it’s new construction,” Holliday said. There is demand by major corporate tenants “for new, state-of-the-art buildings that can offer things that older buildings can’t offer, even when they’re redeveloped.”