Spec $1.1B Tower Moves One Step Ahead

[IMGCAP(1)]NEW YORK CITY-Parsippany, NJ-based SJP Properties have begun the steel erection at 11 Times Square, the 1.1-million-sf commercial and retail tower that is the largest speculative development under construction in Midtown Manhattan. Approximately 7,000 tons of superstructure structural steel will be utilized in the construction of the 40-story tower rising on the corner of 42nd Street and Eighth Avenue.

[IMGCAP(2)]“The introduction of structural steel on site and the completion of the foundation are significant milestones for 11 Times Square,” says SJP Properties CFO David Welch, in a prepared statement. “The arrival and implementation of the steel phase will allow interior core and floor framing for the structure to take shape. We remain ahead of schedule and will deliver the building for tenant occupancy by late 2009.”

[IMGCAP(3)]Welch continues that “although we are still early in the construction process, there has already been tremendous tenant interest.” He adds that the tower will be one of the most environmentally friendly buildings ever built in New York City and will offer highly efficient floors that is “in such short supply in midtown.”

As GlobeSt.com previously reported, the total construction cost is projected at $1.1 billion, around $1,000 per sf. That includes the $306-million price of buying the land, which SJP partnered with Prudential Real Estate Investors to buy the L-shaped parcel for $306 million, about $350 per sf.

The efficiency of the office floors is enhanced by the building’s concrete core. The strength of the concrete core allows for construction of the office floors with fewer columns and, ultimately, a floor plate that works well for both office intensive and open layouts, according to a company statement. In addition to the efficiency factor, “there are several important reasons why we decided to use concrete for the building’s core,” notes Dan Kaplan, senior principal of architecture firm FX Fowle. “First, it’s a tremendous safety benefit. The concrete core gives 11 Times Square a robust enclosure for the building’s various critical elements, including stairways, elevators and critical utility risers. Secondly, there are acoustic benefits to using concrete. The mechanical room on each floor will be fully enclosed within the concrete walls, shielding offices from vibrations and noise.”

The tower will seek LEED Gold Certification from the US Green Building Council. It will also offer seven column-free corner offices on every floor with panoramic views of the Hudson River and Empire State Building. Each of six large, usable terraces has been designed exclusively as a tenant amenity, without rooftop mechanical equipment or obstructions. The development includes 53,000 sf of retail on three levels and offers 14,000 sf of commercial signage opportunities, including at the top of the building.