While the Equity Office deal is 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 under construction and 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.