Ernst & Young commits to HQ at new 5 Times Square development.In one of the largest real estate transactions in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of history, Ernst & Young LLP LLP - Lower Layer Protocol , has signed a 20-year lease for a new 37-floor, 1.1 million square-foot national headquarters to be built by Boston Properties Boston Properties, Inc. (NYSE: BXP) is a self-managed real estate investment trust (REIT) based in Boston, Massachusetts. Its primary focus is "Class A" office space which it acquires, develops, and manages in the major markets of Boston, New York City, Washington, D.C. at the site of 5 Times square on the west side of Seventh Avenue between 41st and 42nd streets in Manhattan. The total lease rental value rental value n. the amount which would be paid for rental of similar property in the same condition in the same area. Evidence of rental value becomes important in lawsuits in which loss of use of real property or equipment is an issue, and the rental value is the exceeds $1.2 billion. The professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. giant will relocate from 787 Seventh Avenue and other Midtown locations, and will fully occupy the 1.1 million square-foot tower at 5 Times square. Cushman & Wakefield's Samuel Clark Samuel Clark (January 1800 – October 2, 1870) was a U.S. Representative from the state of New York and a a U.S. Representative from the state of Michigan. Clark was born in Cayuga County, New York. He attended Hamilton College in Clinton and studied law in Auburn. , senior director, and Edward J. Weiss, executive director, together with E&Y Kenneth Leventhal, led the leasing team which negotiated the transaction on behalf of E&Y. Insignia/ESG's team of Executive Managing Director John Powers The name John Powers can refer to:
"The times square area has become the location of choice for leading companies seeking dynamic real estate solutions to accommodate their current needs as well as future growth," said Powers. "The new building at 5 Times square incorporates a cutting-edge design and high-tech infrastructure with convenient access to entertainment, recreation and mass transit mass transit, public transportation systems designed to move large numbers of passengers. Types and Advantages Mass transit refers to municipal or regional public shared transportation, such as buses, streetcars, and ferries, open to all on a ." "Having the world's leading accounting and advisory firm relocate to such a dynamic area is a historical occurrence and confirms Times square as one of New York City's leading office markets," said Clark. "As one of the few development sites in Manhattan, a unique opportunity for E&Y's corporate headquarters was available. The 5 Times square location will provide unparalleled corporate identity in a building with 21st Century amenities and architecture." Ernst & Young will utilize the space to house its 4,000 New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. employees currently located in seven different buildings throughout the city. Ernst & Young has been headquartered at 787 Seventh Avenue since 1989. The firm's worldwide organization has 85,000 people and revenues of $10.9 billion. The firm's Advanced Development Center, an environment for the accelerated design and delivery of business solutions, will remain at 55 Broad Street. "Our new state-of-the-art location in the heart of Manhattan will fit the needs of our global professional services firm well into the 21st Century and be a productive place for our clients, existing employees and new employees as we continue to grow," said Philip A. Laskawy, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Ernst & Young. The 5 Times square site is part of the 42nd Street Development Project, a redevelopment project initiated by the State and City of New York. The building has been designed by the highly acclaimed architect Bill Pedersen of Kohn, Pedersen, Fox of New York. The office tower features a dramatic angular shape with a sloping fin on the Seventh Avenue side, with space for commercial signage and retail space at the base. Boston Properties recently completed the acquisition of this site's leasehold interest and ground rent credits from The Prudential Insurance Company of America for a purchase price of $152.5 million. "This development affirms Boston Properties' commitment to New York City and demonstrates our ability to undertake the development of large, complicated projects," said Mortimer B. Zuckerman, chairman of Boston Properties. "Times square is perhaps the greatest example to date of urban renaissance through joint public and private efforts, making Times square the most dynamic, convenient and exciting place to be in New York City." |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion