Manhattan skyscraper hangs own builder as tenant

Le Spiral adds a major new tenant who won’t have to ask where the elevators and bathrooms are when they move in. That’s bec...

Le Spiral adds a major new tenant who won’t have to ask where the elevators and bathrooms are when they move in.

That’s because Turner Construction Company, which just signed a 13-year, 75,000-square-foot lease, is in fact construction of the new Tishman Speyer tower in the far west. Turner is the general contractor for the skyscraper designed by the BIG-Bjarke Ingels group with a landscaped spiral up and down of outdoor terraces.

Turner moves its world headquarters to the third floor of the tower, aka 66 Hudson Boulevard between West 34th and 35th Streets. He will move from 375 Hudson Street in January 2023.

The deal brings The Spiral’s 2.8 million square feet to 54% leased with one year to go.

Turner manages $ 12 billion in construction each year around the world. Tishman Speyer President and CEO Rob Speyer called the company “an incredible partner as we built The Spiral, introducing innovations in technology, safety and workforce that make it a new standard for the development of modern offices ”.

Turner CEO Peter Davoren said the building “will provide us with an environment that defines our vision and the future of the company so well.”

Construction workers at The Spiral site.
Tishman Speyer CEO Rob Speyer (second from right), along with others involved in the creation of The Spiral, signs the steel beam for the building’s finish.

The spiral will also house a COVID vaccine maker Pfizer, the flagship tenant with 746,000 square feet.

Large leases have also been signed by law firm Debevoise & Plimpton and Alliance Bernstein.

Terms of the Turner deal have not been released. Rents charged in the tower have been reported to range from $ 110 per square foot at the base to over $ 225 per square foot at the top.

A render of the spiral with the Chrysler Building in the background
AllianceBernstein also leased space in The Spiral, aka 66 Hudson Boulevard.
The NY spiral

A CBRE team consisting of Mary Ann Tighe, Rob Hill, Brendan Herlihy and Elliot Bok advised Turner on the case. Tishman Speyer has been replaced by an internal hire team.

When we learned last week that Chubb had signed as the first tenant at 550 Madison Ave. – an agreement we had first planned three months earlier – observers, including Realty Check, were curious about the terms of the lease.

The first tenant of a new development or redevelopment usually gets a more favorable deal than those that follow.

We have now learned that Chubb will receive 12 months of free rent under a 20-year tenure, sources say.

Once the 12 months have elapsed, the rent will increase in increments of $ 110 to $ 140 per square foot on floors 10 to 17 and from $ 160 to $ 190 per square foot on floors 36 to 38.

For a street where no one wants to shop anymore – as many non-base media claim – it’s remarkable how well the main stretch of Madison Avenue north of 59th Street continues to attract luxury retailers so even as others move away.

Heidi Klum wearing a Hermès camouflage Birkin bag
Hermès, a bag maker beloved by fashion designers like model Heidi Klum, is opening a flagship store at 702 Madison Ave.
GC Images

The latest arrival will be Italian menswear manufacturer Kiton at 692 Madison Ave. currently vacant between 62nd and 63rd Streets East. Kiton just signed a lease for a 3,400 square foot, three-level boutique next to Hermès scarf and emporium bag – who will soon be moving to a much larger space at 702 Madison.

“This deal is a real testament to the luxury retail business in the city,” said broker Marc Sitt of Kassin Sabbagh Realty, who, along with Dorel Melloul, represented the owner of 692 Madison, the Ezair family.

“With Hermès opening its new flagship, this corridor will be more alive than it was in previous years. We are happy to have structured a lease that makes sense to everyone, ”added Sitt.

Hermès will soon house its men’s and women’s collections in a single building at 702 Madison.

A building with the Cushman & Wakefield logo on the front
Cushman & Wakefield handled the Kiton side of the rental transaction at 692 Madison Ave.
NurPhoto via Getty Images

Kiton is expected to move next summer. The store will also remain at 4 E. 54th St., a building owned by Kiton.

The asking rent on Madison Avenue was $ 1.2 million per year.

Kiton has been replaced by Alan Wildes and Ian Lerner of Cushman & Wakefield. Sitt also credited Kiton’s lawyer Massimo D’angelo with playing an important role in the deal.

Other recent retail transactions nearby include Celine at 650 Madison Ave. and Balenciaga at 620 Madison.

Prolific architectural firm Kohn Pedersen Fox has renewed its lease and expanded at 11 W. 42nd St. in Tishman Speyer. KPF added 38,000 square feet across the entire seventh floor, bringing its total in the vintage 1928 building – known for its beautiful views and abundance of natural light – to over 100,000 square feet.

Rent started at around $ 60 per square foot, sources said. As part of the agreement, KPF will receive one year’s free rent on the extension floor.

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Newsrust - US Top News: Manhattan skyscraper hangs own builder as tenant
Manhattan skyscraper hangs own builder as tenant
Newsrust - US Top News
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