While the Equity Officeis definitely worth noting, this summer is proving to be sizzling in so many other ways for the New York office market. Locally based Insignia/ESG has landed another major tenant for 3 Times Square, while local developer Kipp-Stawski Inc. plans to build an office building at 360 Madison Ave. in the Grand Central district.
Insignia/ESG represented Bank of Montreal in its lease of 102,415 sq. ft. at 3 Times Square, which is currently underand owned by Reuters Group PLC and Rudin Management Co., both based in New York. The Bank of Montreal deal marks the lease up of 3 Times Square's office space. Bank of Montreal will relocate from 430 Park Ave. to occupy floors 26 through 29.
In the Grand Central district, Kipp-Stawski will develop a 25-story, 360,000 sq. ft. Class-A tower. Located on the site of the former Abercrombie & Fitch building, the new 360 Madison Avenue will encompass both new ground-up construction as well as redevelopment. The new building will be completed in the fourth quarter of 2001. Locally based Cushman & Wakefield will lease the building, while Pavarini Construction Co. Inc., also of New York, will serve as construction manager.