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STANFORD PROPERTIES GROUP New multi-tenant office building - 52,764 square feet Pie IX Blvd, between Majeau and Larin, This project is replacing the old Mike's Restaurant on Pie IX. Sorry no Pics!!
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Westmount needs you! With this mailing, we are appealing to your civic duty. We need your input on the most important project the City of Westmount has put forward in its long history: the rebuilding of the Westmount arena and pool. Council would like to proceed with this project, but only if a majority of taxpayers is behind it. It is your money, after all, that will help pay for it. I shall not pretend that the history of this rebuilding project so far has been a smooth one. Mind you, nor was the struggle to restore and expand the Westmount Library in the 1990s, but it was a project most citizens became very proud of. Your Council feels this same success can be repeated with the arena/pool project. But only if it is a rallying point and not a focus of division and rancour. There were two separate designs suggested for the arena/pool project by the previous Council during 2009. A great deal of work went into these proposals, but they received mixed reviews in a series of public meetings. The whole of Westmount, however, was never canvassed. The new Council, since its election in November 2009, has been working on ways to address the objections raised by citizens to the prior proposals. Objectors fell into two broad camps: people in the neighbourhood saw the new arena as a massive intrusion, a wall 30 feet high by 500 feet long from St Catherine Street to de Maisonneuve, jutting into Westmount Park; meanwhile, the pool itself ate up precious green space. For the rest of Westmount, concerns had more to do with the cost: do we really need to go from one-and-one-half to two rinks? Why can’t we just fix up the existing arena? Others felt we needed an indoor pool more than a replication of our current sports mix. The cost concerns were substantially mitigated by the crowning achievement of my predecessor Mayor Karin Marks: she managed, by dint of incredible perseverance - and the help of Jacques Chagnon, our local MNA - to get $20 million of infrastructure grants for the project. It is Canada’s and Quebec’s contribution that allows us to build a $37 million arena/pool complex that will cost Westmounters $17 million. In fact, the cost to taxpayers will probably be closer to $12 million, thanks to contributions from Westmount schools, foundations, and private donors. This cost translates into an additional $200 a year in taxes for the average single-family dwelling. What about the neighbours and the sheer bulk of the arena? Well, if we had to describe the essence of our city, we would surely be torn between invoking Westmount’s unique architectural heritage and Westmount’s prized greenspace. This Council wants a project that respects both. We want the park to win the battle between it and the arena. We do not wish to plunk a massive piece of architecture down in an established greenspace. So we have gone underground. Council’s plan is to bury the ice rinks, putting tennis courts and grass on top of them - creating the ultimate green roof. Skylights will bring in natural light. Only the entrance pavilion and Teen Centre will be above-ground. more pics and full desc. http://www.westmount.org/pdf_files/ArenaPool_Proposal.pdf
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After all these years I think it's about time this happens. Will be located at 7250 Boul. Des Roseraies, will be located where Best Buy was. The store will be 50 000 sq feet, about the same size of Dix30 and is due to open in the summer. http://journalmetro.com/local/mercier-anjou/actualites/732002/marche-adonis-ouvrira-une-succursale-aux-galeries-danjou/
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Interesting series on PBS on Wednesdays at 22:00 http://www.pbs.org/program/super-skyscrapers/ About the Program As urban space shrinks, we build higher and faster than ever before, creating a new generation of skyscrapers. Super skyscrapers are pushing the limits of engineering, technology and design to become greener, stronger, smarter and more luxurious than their predecessors. This four-part series follows the creation of four extraordinary buildings, showcasing how they will revolutionize the way we live, work and protect ourselves from potential threats. Read more about each episode below. A Closer Look at Super Skyscrapers One World Trade Center Blink Films UK 1 / 12 About the Episodes One World Trade Center (Premiered February 5, 2014) One World Trade Center, the tallest building in the western hemisphere and a famous modern landmark, is engineered to be the safest and strongest skyscraper ever built. This episode follows the final year of exterior construction, culminating with the milestone of reaching the symbolic height of 1,776 feet. For head of construction Steve Plate, as well as scientists, engineers, ironworkers and curtain wall installers, this is a construction job suffused with the history of the site and a sense of duty to rebuild from the ashes of Ground Zero. Building the Future (Premiered February 12, 2014) Commonly known as “the cheese grater,” the Leadenhall Building is the pinnacle of London’s avant-garde architecture. Designed as a tapered tower with a steel exoskeleton, it’s the tallest skyscraper in the City of London and the most innovative. The teams behind the Leadenhall project had to radically rethink every aspect of the traditional building model. This program follows the monumental challenges that come with erecting this super skyscraper: it will be constructed off-site, delivered to location, and stacked and bolted together like a giant Lego set. The Vertical City (Premiered February 19, 2014) Shanghai Tower isn’t just a skyscraper — it’s a vertical city, a collection of businesses, services and hotels all in one place, fitting a population the size of Monaco into a footprint the size of a football field. Within its walls, residents can literally work, rest, play and relax in public parks, looking up through 12 stories of clear space. Not just one, however, but eight of them, stacked on top of each other, all the way to the 120th floor. When complete, the structure will dominate Shanghai’s skyline, towering over its neighbors as a testament to China’s economic success and the ambitions of the city’s wealthy elite. The Billionaire Building (Premiered February 26, 2014) Upon completion, One57, on Manhattan’s 57th Street, will rise more than 1,000 feet, making it the tallest residential tower in the western hemisphere and boasting spectacular views of Central Park. “One57” follows the teams tasked with creating New York’s most luxurious residential skyscraper and their ambition to redefine luxury living the big city. Condominiums at One57 showcase state-of-the-art interiors — double-height ceilings, full-floor apartments, bathrooms clad in the finest Italian marble and the finest material finishes. Super Skyscrapers was produced by Blink Films. sent via Tapatalk
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Made you click Molson Coors relocating headquarters to 1801 California in downtown Denver Molly Armbrister Reporter- Denver Business Journal Molson Coors Brewing Co. will relocate its U.S. headquarters next year to Denver's second-tallest building: 1801 California. The company (NYSE: TAP) has leased 53,872 square feet in the 54-story tower at 1801 California St., which was purchased and upgraded by Brookfield Office Properties Inc. last year. Molson Coors will renovate the office areas, located on the 45th, 46th and part of the 47th floors, beginning in the spring. The company expects to inhabit the new space in fall 2015. Molson Coors' HQ is currently located at 1225 17th St. in Denver. It also has headquarters space in Montreal. "We are pleased to be moving to 1801 California, which will allow us to maintain our headquarters presence in vibrant downtown Denver," said Sam Walker, Molson Coors global chief people and legal officer. "This new location enables us to bring together our offices and employees under one roof and remain in the heart of Denver's thriving business community." 1801 California was formerly occupied entirely by Qwest Communications, but now CenturyLink Inc., which bought out Qwest, occupies about 30 percent of the building's 1.3 million square feet. Brookfield has been working to fill the building since completing its renovations on the property in February. "We're thrilled to have Molson Coors' U.S. headquarters making its home at 1801 California, said David Sternberg, executive vice president for the midwest and mountain regions for Brookfield. "1801 California is an ideal setting for Molson Coors — a landmark location for one of Colorado's iconic companies and one of the world's leading brewers," said Ted Harris, senior vice president at Cassidy Turley, one of the brokers on the transaction.
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Wealthy Global Buyers Favoring Montreal Spur 17% Gains By Greg Quinn - Dec 4, 2013 11:09 AM GMT-0500 International buyers have thrust Montreal, a city sometimes overshadowed by Toronto and Vancouver, into the national spotlight. Montreal, known for its crumbling water pipes and bridges as much as its cobblestone streets, now stands out for drawing the biggest share of foreign owners. They purchased 49 percent of the 206 homes worth at least C$1 million in the first half of 2013, according to a Sotheby’s International Realty Canada report and survey of brokers. In Vancouver, which boasts a rugged Pacific coastline and cultural ties to Asia, 40 percent of buyers of 1,239 such homes were from abroad. Toronto, which has filled its skyline with condo towers over the last decade, had the smallest portion of international owners, making up 25 percent of 2,947 deals. “The share of foreign buying in the Montreal luxury market surprises me,” said Craig Alexander, chief economist at Toronto-Dominion Bank. (TD) “When we think about the presence of international buyers we tend to think about Vancouver and Toronto.” 16.9% Gain International buyers are shoring up high-end housing in Canada after regulators tightened mortgage rules in 2012 to cool the nation’s booming market. In Montreal, prices of bungalows of around 1,200 square feet (111 square meters) rose as much as 5.4 percent in the third quarter from a year ago, according to figures from Toronto-based Royal LePage Real Estate Services. Dwellings of at least 3,000 square feet worth about C$2.47 million in the Westmount area gained 16.9 percent in the same period. In Vancouver and Toronto, price growth of luxury housing in some neighborhoods also outpaced less costly homes, the data show. Julie Dickson, who heads the Ottawa-based Office of the Superintendent of Financial Institutions, said scant data makes it difficult to determine the impact of foreign buyers on the market. “There is anecdotal evidence at a minimum that foreign investment plays a big role, particularly in Vancouver. And while I think that means Canada is a great place to do business, it also is a risk because it can dry up quickly,” Dickson said during a Nov. 25 presentation in Toronto. Full article ici. -
I am currently in Caracas (actually a nearby city called Los Teques, which is sometimes considered part of Greater Caracas). In the city center of Caracas there is a very new (about 5 years old) office building called "Torre David" or sometimes "Torre Confinanzas" which was occupied by people from nearby slums during its last stages of construction. The government then proceeded to pay the developer for the building so they didn't have to take them out. Here are some photos of the building, which is 190 meters tall (that's 623 feet), making it the third tallest building in Venezuela (the first two being the twin towers of Parque Central): The one on the left is one of the twin towers of Parque Central, the tallest buildings in Venezuela (221m). The one on the right is the slum I'm talking about. The orange bricks seen in the close-ups were put there by the current occupants. I wonder if this is the tallest slum in the world.
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Language debates are holding up corporate plans, developer says
un sujet a posté bucketsofrain dans L'actualité
http://www.montrealgazette.com/business/Language+debates+holding+corporate+plans+developer+says/8451858/story.html MONTREAL — Major corporations are putting expansion, relocations and long-term commitments on hold, because of the “unstable business environment” caused by the Parti Québécois hotly debated Bill 14, Jonathan Wener said Wednesday. “The market has definitely gotten softer and a lot of people are putting major decisions on hold. It’s basically a wait-and-see attitude,” the head of Canderel Group of Companies, a national real estate development and management company, said. Wener is the chairman and CEO of Montreal-based Canderel, which manages 9 million square feet of commercial space and has an additional 2 million square feet of residential development under construction nationally. “I think it is extremely unfortunate that we live in a society that has reduced itself to thinking it needs language police to preserve its culture — point final,” Wener told The Gazette, in a reference to the Office québécois de la langue française. “I’ve travelled a good chunk of the world and when I talk about the fact that we have language police in Quebec they laugh at me.” His comments come as the PQ is expected to put the bill to a second reading vote Thursday morning, despite widespread opposition from different groups and a Liberal filibuster. “It’s reawakened old memories which are just unfortunate because I really felt the most important thing to do was to get on with governing and improving the state of our economy, which needs a lot of work,” he said. A seventh-generation Montrealer, whose family first arrived in the 1860s, Wener is being honoured Thursday night for his support of the non-profit Segal Centre, North America’s second-largest bilingual multidisciplinary performing arts centre. The Segal Centre has a cultural — and not political — vocation. Despite Canderel’s offices in Canadian cities like Toronto, where it is building Aura, the country’s tallest residential skyscraper, the 38-year-old company still has its headquarters on Peel St. in downtown Montreal. While Wener’s personal views supporting English rights are well known, Canderel has worked on business ventures with partners of all political affiliations, including the Fonds immobilier de solidarité, which is controlled by the sovereignist-leaning Quebec Federation of Labour. Canderel and the Fonds are still looking for tenants to launch a two-tower office complex with 1.2 million square feet at the corner of Ste. Catherine and Bleury St. in Montreal’s Quartier des Spectacles. Wener said political uncertainty generated by proposals like Bill 14, may have softened, but not “depressed” a Greater Montreal real estate market. Until recently, the industry was breaking records for prices and new condo construction, at a time when former industrial areas like Griffintown and former downtown parking lots transformed with new developments. Indeed, the Bell Centre-adjacent Tour des Canadiens housing project that Canderel is developing with Cadillac Fairview Corp. Ltd. and other partners actually added two floors in January, after the original 48 storeys sold out at a pace that surprised Wener himself. “What I was surprised about is that we could do it as quickly as we did in Montreal. We had allowed for a year, we had allowed for millions of dollars in advertising that we never spent,” Wener said. “We were finished in virtually six to eight weeks.” alampert@montrealgazette.com Twitter: RealDealMtl -
Je ne crois pas que ça soit une bonne idée de faire un édifice de cette taille et aussi massif que cela tout près de l'empire state building. Cela gacherait la silhouette du skyline de New York. Cela me rappel Philadelphie ou il y avait 2 ou 3 beaux édifices avec des formes similaires, les one liberty place et two liberty place, qui composaient le skyline de laville et maintenant, depuis quelques années, un ''mastodonte'' plus haut et plus massif que les autres est venu gaché le tout. Comme quoi ce n"est pas que la hauteur qui compte.
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Office vacancy rates hit five-year high, despite uptick in office jobs
un sujet a posté MARTY dans L'actualité
July 28, 2010 Economic Snapshot Office vacancy rates hit five-year high, despite uptick in office jobs JOHN CLINKARD consulting economist, CanaData The national office vacancy rate reached 9% in the second quarter of 2010, continuing a trend that started in the fourth quarter of 2008. This rate was up from 8.8% in the first quarter and was its highest level since the second quarter of 2005. According to the most recent numbers from Cushman & Wakefield, the increase was largely due to the addition of 1.5 million square feet of new supply. And it occurred despite the fact that 911,800 square feet of space were absorbed in the quarter. The office vacancy rate retreated slightly in Calgary (from 13.4% to 13.3%) and Winnipeg (from 9.3% to 9.0%) but increased in the remaining eight major metro areas. Among the 10 largest census metro areas, St John’s, N.L. had the lowest office vacancy rate in the country (5.5%), despite a significant decline in office-based employment over the past year. Ottawa recorded the second lowest office vacancy rate (6.6%) due in large part to a strong (+7.6% year over year) increase in office-based employment in the second quarter. Other major metro areas with below (national) average vacancy rates in the second quarter included: Saint John, N.B. (7.9%), Toronto (8.1%), and Vancouver (8.4%). In Montreal the office vacancy rate increased from 9.1% to 9.2%, its highest level since the third quarter of 2007. The office vacancy rate for the 10 largest metro areas in Canada is now at its highest level in five years, and year-to-date commercial building permits are down by 3.5% year over year in May. As such, the near-term outlook for new office construction is quite guarded. The outlook is further clouded by the concerns about the health of the U.S./global recovery. Having said this, the relative strength of office-based employment in Ottawa, Montreal, Toronto and Vancouver continues to point to a pickup in office construction late in 2010 or early in 2011. John Clinkard has over 30 years’ experience as an economist in international, national and regional research and analysis with leading financial institutions and media outlets in Canada. :(:( -
(Courtesy of The Montreal Gazette) I removed most parts of the article that aren't really speaking about the Decarie Square project. Plus he voices his opinion on office towers here in Montreal.
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Copier-Coller du Site AppleInsider.com Apple Inc. is finalizing plans for its first Canadian flagship shop, a spacious multi-story retail outlet to be located in the heart of Montreal, a source tells AppleInsider. The Cupertino-based gadget maker is reported to have secured some 9,300 square feet of space along the 1300 block of Rue Ste-Catherine Ouest, where it plans to heavily alter -- but not raze -- an existing structure. According to a set of initial design plans, the company has proposed that the ground floor of the building be raised and that existing column structures on the property be relocated. Plans also call for the building to receive a new roof and stainless steel facade. On the interior, Apple's proposal calls for two stories of retail sales space to be joined by a trademark glass staircases, similar to the one found at its SoHo, New York and Regent Street, London locations. Office space, a back-end stock room, and bathroom facilities will consume a portion of the 9,300 square feet, trimming the retail sales area to approximately 8,000 -- leaving the Montreal location a couple thousand square feet short of Apple's Manhattan-based shops. Although Apple presently operates four retail locations in Canada, none of the stores are designated as flagship locations. Montreal would represent just the 10th high-profile location for Apple, joining its eight existing flagships spread across the U.S., U.K., and Japan, as well as a ninth under development in Manhattan's Meatpacking district. Apple's flagship shops have been strategically placed in the world's most densely populated shopping districts and are conceived as projections of the Apple brand with their architecture and interior design. Each year, the company spends an undisclosed sum on marketing costs for the the high-profile locations, ranging up to $10 million. Unexpected delays withstanding, Apple hopes to begin operating out of the Montreal location during the summer or early fall of next year, according to the source.
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Canada : Office vacancy rates to go even higher: report
un sujet a posté ErickMontreal dans L'actualité
Office vacancy rates to go even higher: report Financial Post Published: Wednesday, August 05, 2009 Neither Calgary nor Toronto can expect any immediate relief, as both will see millions of square feet of new supply coming onto the market over the next 24 to 36 months (seven million for Calgary and five million for Toronto). Sean DeCory/National Post Neither Calgary nor Toronto can expect any immediate relief, as both will see millions of square feet of new supply coming onto the market over the next 24 to 36 months (seven million for Calgary and ... OTTAWA -- Vacancies in Canada's office market have surged to 8.5% and will climb toward levels not seen since the dot-com bust earlier this decade before finally levelling out, commercial broker Avison Young said in a report Wednesday. "The vacancy rate will definitely be trending up in the coming quarters," said Bill Argeropoulos, director of research at Avison Young. "We're not sure if it will breach the recent high of 11.5% in 2003, but we do see the vacancy perhaps breaching the 10% barrier in the coming quarters and perhaps into 2010, largely because of new supply coming into the market." Furthermore, said Avison Young chief executive Mark Rose: "The global financial crisis has had a significant impact on market psychology, creating inertia and paralyzing decision-making. Recovery . . . will occur only when corporate profits return, unemployment rates drop and decision-makers believe were are trending upwards." In the past 12 months, vacancies have climbed more than two percentage points from the 6.1% rate of mid-year in 2008, and Mr. Argeropoulos said it will likely be the end of 2011 before national rates begin to level off. Mississauga holds the distinction of having the highest office vacancy rate in the country at 10.8%. Toronto experienced the highest annual change among eastern cities, climbing from 6.6% to 9.6% in the past 12 months, a three-year high. Calgary, meanwhile, underwent the highest change in vacancy rates among western cities, soaring from 3.6% in mid-2008 to 9.3% by mid-2009. Neither Calgary nor Toronto can expect any immediate relief as both will see millions of square feet of new supply coming onto the market over the next 24 to 36 months (seven million for Calgary and five million for Toronto). Both will definitely surpass the 10% vacancy rate in the months ahead, Mr. Argeropoulos said. Calgary also saw the largest plunge in rental rates, with downtown Class A space collapsing to $30 per square foot from $46. This is still the most expensive in the country, however, along with Edmonton, where prices are also at $30. Nationally, lease rates for downtown Class A space fell to $22 per square foot in mid-2009 from $25 the year before. Prices ranged from a low of $13 in Quebec City to Calgary and Edmonton's $30. Avison's mid-year office survey tallies results for 12 regions across the country. Canwest News Service ____________________________________________________________________________________________ Unused office space up 75% in Q2: report Garry Marr, Financial Post Published: Tuesday, June 23, 2009 The amount of unused office space business put on the sublease market grew by almost 75% last quarter from a year ago, a further indication of the crumbling economy. CB Richard Ellis Ltd. said more than 7.7 million square feet of office space came back into the market across the country, an increase from the more than 4.4 million that hit the market in the same quarter a year ago. The sheer size of the increasing sublease market drove the national vacancy rate to 8.3% from 6.4% a year ago. "The deepening recession has prompted businesses across the country to continue to identify ways to trim overhead and pare back their need for phantom space," said John O'Bryan, vice-chairman of CB Richard Ellis. "The trend of doing with less right now is especially evident in Canada's major office markets. However, it is important to note that the commercial real estate market typically lags behind the residential market by a few months, so we are simply now experiencing the slowdown that other markets went through in the last quarter." Mr. O'Bryan said the Canadian market continues to fare better than United States markets where vacancy rates reached 15.9% at the end of the first quarter. Canadian vacancy rates were only 7.5% at the end of the first. "If we were in the U. S. right now looking at a national occupancy rate of 91.7%, there would be a widespread sense of optimism regarding the health of the country's commercial market." But there are clear signs across the country that the office market has been hit hard by the economy with vacancies rising everywhere. In Vancouver, the beaten-down technology and resource sectors helped drive sublet activity. The effect was to push the vacancy rate from 5.6% to 7.8%. The once-airtight Calgary office market has sprung a leak as lower oil prices have led many of Alberta's junior oil and gas companies to cut their space. In the second quarter, Calgary's vacancy rate rose to 10.2% from 4.6% a year ago. CB Richard Ellis says it will rise to 20% by the end of 2009. Vacancies in Toronto, the largest office market in the country, rose to 8.4% in the second quarter, up from 6.7% a year ago. CB Richard Ellis expects rates to continue to rise in 2009 and 2010. In Montreal, softness in the commercial market drove vacancy rates up from 8.5% to 9.7%, on a year-over-year basis. The real estate company said cost-containment measures by large tenants have impacted the market. Backed by the federal government, Ottawa is proving to have the best office market in the country. The overall vacancy rate grew to 5.1%, only a slight jump from the 4.9% a year ago. Ottawa's suburban offices, which are more dependent on the private sector, were hit harder than the government-dominated downtown core. gmarr@nationalpost.com Here's the complete report : http://www.avisonyoung.com/library/pdf/National/MidYear09-National-Office.pdf -
Feb. 26 (Bloomberg) -- New York’s biggest banks and securities firms may relinquish 8 million square feet of office space this year, deepening the worst commercial property slump in more than a decade as they abandon a record amount of property. JPMorgan Chase & Co., Citigroup Inc., bankrupt Lehman Brothers Holdings Inc. and industry rivals have vacated 4.6 million feet, a figure that may climb by another 4 million as businesses leave or sublet space they no longer need, according CB Richard Ellis Group Inc., the largest commercial property broker. Banks, brokers and insurers have fired more than 177,000 employees in the Americas as the recession and credit crisis battered balance sheets. Financial services firms occupy about a quarter of Manhattan’s 362 million square feet of office space and account for almost 40 percent now available for sublease, CB Richard Ellis data show. “Entire segments of the industry are gone,” said Marisa Di Natale, a senior economist at Moody’s Economy.com in West Chester, Pennsylvania. “We’re talking about the end of 2012 before things actually start to turn up again for the New York office market.” The amount of available space may reach 15.6 percent by the end of the year, the most since 1996, according to Los Angeles- based CB Richard Ellis. Vacancies are already the highest since 2004 and rents are down 5 percent, the biggest drop in at least two decades. In 2003, the city had 14.8 million square feet available for sublease. If financial firms give up as much as CB Richard Ellis expects, that record will be broken. ‘Wild Card’ CB Richard Ellis’s figures don’t include any space Bank of America may relinquish at the World Financial Center in lower Manhattan, where Merrill Lynch & Co., the securities firm it acquired last month, occupies 2.8 million square feet. Brookfield Properties Inc., the second-biggest owner of U.S. office buildings by square footage, owns the Financial Center. Merrill “is a wild card right now,” said Robert Stella, principal at Boston-based real estate brokerage CresaPartners. Manhattan’s availability rate -- vacancies plus occupied space that is on the market -- was 12.3 percent at the end of January, up more than 50 percent compared with a year earlier and almost 9 percent from December, according to CB Richard Ellis. Commercial real estate prices dropped almost 15 percent last year, more than U.S. house prices, Moody’s Investors Service said in a Feb. 19 report. The decline returned values to 2005 levels, according to the Moody’s/REAL Commercial Property Price Indexes. SL Green The Bloomberg Office REIT Index fell 25 percent since the start of January, with SL Green Realty, the biggest owner of Manhattan skyscrapers, slumping 50 percent. Vornado Realty Trust, whose buildings include One and Two Penn Plaza in Midtown, has fallen 36 percent. SL Green of New York gets 41 percent of its revenue from financial firms, including 13 percent from Citigroup, according to its Web site. Bank of America plans to give up 530,000 square feet at 9 West 57th St. as it completes a move to 1 Bryant Park. New York- based Goldman Sachs Group Inc. is leaving 1.3 million square feet of offices at 1 New York Plaza and 77 Water St. as it prepares to move to new headquarters near the World Trade Center site. JPMorgan put 320,000 square feet of Park Avenue offices on the market after scooping up rival Bear Stearns Cos. last year along with the company’s 45-story headquarters tower at 383 Madison Ave. Citigroup has put 11 floors, or 326,000 square feet, on the market at the 59-story Citigroup Center at Lexington Avenue and 53rd Street, bank spokesman Jon Diat said in an e-mail. The tower is owned by Mortimer Zuckerman’s Boston Properties Inc. Moving Out “We’ve been having conversations for two and a half years with Citigroup, and it’s been very clear to us that for the right economic transaction, they would move out of virtually any space in midtown Manhattan that they have,” Boston Properties President Douglas Linde said on a conference call last month. Boston Properties is also expecting to receive about 490,000 square feet back from Lehman Brothers at 399 Park Ave. as part of the bank’s liquidation. That space “will be a monumental challenge” to fill, said Michael Knott, senior analyst at Newport Beach, California-based Green Street Advisors. “They’re going to have to really bend over backwards on rate, or make the strategic decision to sit on it for an extended period of time.” Zuckerman said in an interview he doesn’t expect the increase in sublets to be a long-term problem for landlords. “You’re not going to be able to get for the space what you were able to get a year ago,” he said. “But in a year or two, in my judgment, the space will be absorbed.” Future Forecast Landlords must be prepared for a slow recovery, said Di Natale of Moody’s Economy.com. Commercial vacancy rates climbed for almost a year and a half after the last recession ended in late 2001. Still, CB Richard Ellis Tri-State Chairman Robert Alexander said New York’s financial community will regenerate. “In the late ‘80s, we lost Drexel Burnham Lambert and we lost Salomon Brothers, and we lost Thomson McKinnon,” Alexander said. “New York City survived.”
