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Topping out celebrated at 3 Times Square.

A topping-out ceremony for 3 Times Square, the newest address in the revitalized Times Square and the location of the new U.S. headquarters for Reuters, was marked by the principals involved on December 10th as they signed the last steel beam to be placed in the building, signaling the completion of major structural steel construction on the 30-story tower.

As is traditional at topping out ceremonies, an American flag was placed on the beam and a crane hoisted it to the top of the building for placement.

Charles A. Gargano, chairman of Empire State Development, representing Govemor George Pataki, and -Deputy Mayor Randy Levine, representing Mayor Rudolph W. Giuliani, joined Jack; Lewis and William Rudin; Beth Rudin DeWoody; Thomas Glocer, president of Reuters America Inc.; Douglas Atkin, president of Instinet Corporation; Bruce Fowle FAIA, senior principal, Robert Fox, senior principal and Daniel Kaplan, principal of Fox & Fowle Architects; and Daniel R. Tishman, president of Tishman Construction Corporation at the event.

During the brief program which followed, Chairman Gargano and Deputy Mayor Levine spoke and the Rudin/Reuters team thanked those involved in the project and offered a toast as the final beam was installed.

The Reuters Building at 3 Times Square is a $360 million project that will be the first new commercial office building completed in New York City in time to usher in the new millennium. It is scheduled to open for leasing next year. In 2001, Reuters and Instinet will consolidate 1,800 Manhattan-based staff from seven locations into 19 floors comprising 570,000 square feet at the property.

Thomas Glocer, president of Reuters America Inc., said "We are very excited to mark this important step in the construction of our headquarters for the Americas. The building of 3 Times Square underscores our commitment to the American market. We are pleased to be working with our partners, the Rudin family, to position Reuters for continued growth in the leading financial and media market."

Douglas Atkin, president and CEO of Instinet Corporation, said. "We believe reaching this important milestone in the construction of 3 Times Square, here at 'The Crossroads of the World,' reflects a commitment to building towards an ever more vibrant future for Instinet, and for our clients worldwide."

Governor George B. Pataki issued a statement saying, "3 Times Square is setting the standard for construction of other major projects in cities around the world. It not only will be a beautiful, technologically advanced structure, it will be among the most environmentally sophisticated buildings ever constructed in New York City. This development and other projects rising from one end of 42nd Street to the other symbolize the progress and the promise of New York's partnership with the business community, which has reaped more than $2 billion in private investment in Times Square alone."

Gargano added, "3 Times Square continues the resurgence of Times Square as the destination for not only visitors and tourists, but also businesses from around the world. This new headquarters for Reuters America sends a clear signal that New York continues to be the place for major corporations to invest, grow and prosper."

New York City Mayor Rudolph W. Giuliani issued a statement saying, "The topping out of 3 Times Square, is yet another important milestone in the revitalization of New York City's Crossroads of the World. Today, Times Square is cleaner, safer and livelier than it's ever been before. The addition of Reuters' U.S. headquarters will help solidify New York City's reputation as the Media Capital of the World. I congratulate-Reuters on this achievement and look forward to opening 3 Times Square in the new millennium."

"3 Times Square represents an unparalleled opportunity for world class commercial tenants and retailers to have a presence in the most famous crossroads in the universe," said Rudin Management President William C. Rudin.

Built by Tishman Construction Corporation, 3 Times Square is green, smart and ready. The building is environmentally friendly, featuring energy savings in excess of 30 percent of the typical office space, a multi-fuel powered central chiller plant, above-standard air exchange, greater amounts of natural light and dramatically better air filtration due to a sophisticated ventilation system. The building will also feature widespread use of recycled materials.

"Having been an advocate of the long-term economic and environmental efficiencies of green design, serving as construction manager for 3 Times Square has been an extremely gratifying experience for our company," said Daniel R. Tishman. "I thank the Rudin family and Reuters for selecting Tishman Construction Corporation to manage this remarkable and historic achievement in office building development, which I hope will help set a global standard for office tower construction from now on."

3 Times Square is tech-smart, featuring a carrier neutral telecom backbone; high-speed category 5 copper wire; multiple, distinct IDF rooms; high-speed fiber optics; and a reinforced area for satellite uplink and downlink.

In addition to serving as Reuters' U.S. headquarters, 3 Times Square will offer for leasing 180,000 square feet of commercial space in the tower of the building and 50,000 square feet of retail space on four levels. Al the leaseable space will benefit from the state-of-the-art technological infrastructure that the Rudins have become known-for delivering since their successful development of the New York Information Technology Center at 55 Broad Street, 110 Wall Street and the Long Island Technology Center.

Both the commercial space and the retail space will have access to such amenities as 22 telecom entrances; redundant energy sources, including five 1,750-kilowatt diesel-powered generators with room for an additional one; built-in space for expansion of telecommunications infrastructure; and state-of-the-art security.
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Copyright 1999, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Real Estate Weekly
Geographic Code:1U2NY
Date:Dec 29, 1999
Words:936
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