Archives of the Mayor's Press Office

FOR IMMEDIATE RELEASE
Date: Monday, April 9, 2001

Release #109-01

 
Contact: Sunny Mindel/Curt Ritter
212-788-2958
  Gregory Miley/Janel Patterson 212-312-3523 (EDC)
  Peter Rosenthal/Rick Matthews 212-843-8030/8007 (Minskoff)




MAYOR GIULIANI ANNOUNCES MINSKOFF TO DEVELOP
OFFICE TOWER AT BATTERY PARK CITY

First Major Downtown Office Project in More Than 10 Years

Will Provide Quality Commercial Space for Approximately 4,500 Employees

Mayor Rudolph W. Giuliani announced today that Edward J. Minskoff Equities, Inc. (EJME) has been selected to develop the approximately 90,565-square-foot, City-owned site in Tribeca known as 5B. The developer plans to build a state-of-the-art, 32-story, office tower at the site on Greenwich Street between Warren and Murray Streets near Battery Park City. This is the first major office building to be built in Lower Manhattan in more than 10 years.

"I am pleased to announce that Edward J. Minskoff Equities has been selected to build this new state-of-the-art office tower," said Mayor Giuliani. "The firm has a track record of successful development projects and I am confident this new tower will play an important role in the continued revitalization of Lower Manhattan."

The proposed black granite and glass tower, which will have the address of 270 Greenwich Street, will consist of more than one million square feet of top quality office space and approximately 25,000 square feet of ground level retail space. The project will include a 30,000-square-foot landscaped plaza on Greenwich Street and below grade parking for 100 cars.

The lower four floors of the tower will contain approximately 73,000 rentable square feet, while the upper 28 floors will contain approximately 43,500 rentable square feet. Construction on the project is expected to begin in approximately 12 months and to be completed in 2004.

"We are very enthusiastic about working on the development of Site 5B -- 270 Greenwich Street -- with the New York City Economic Development Corporation," said Edward J. Minskoff, EMJE President. "The site enables us to bring to the market an institutional quality office building in the most diverse and dynamic city in the U.S. There are very few alternatives for large blocks of quality space and, for this reason, we are confident that 270 Greenwich Street will provide a competitive alternative for companies seeking quality office space."

EJME owns, leases and manages more than four million square feet of commercial property. The company developed 1325 Avenue of the Americas and 101 Avenue of the Americas in Manhattan, the recently completed regional headquarters building for the Federal Aviation Administration in Queens, and owns a condominium interest at 1166 Avenue of the Americas. EJME manages the IBM building at 590 Madison Avenue, 825 Seventh Avenue and Niketown. Edward Minskoff is the former Chief Executive Officer of Olympia & York, which developed many of the office buildings in the World Financial Center and more than 27,000,000-square-feet of space throughout the United States.

Deputy Mayor for Economic Development and Finance Robert M. Harding said, "The addition of more than one million square feet of quality office space to Lower Manhattan's portfolio will make a significant contribution to meeting the growing demand for commercial space in the City. The project's nearly 2,000 construction jobs and 4,500 permanent jobs will help to ensure the continued revitalization of Downtown. It will also generate approximately $434 million in annual revenue for the City."

Minskoff Equities was chosen for the project as a result of a Request for Proposals issued by the Economic Development Corporation (EDC), on behalf of the City, in July 2000. The new tower was designed by Skidmore, Owings & Merrill, the architects responsible for the AOL/Time Warner building at Columbus Circle, as well as the new New York Stock Exchange Tower.

"This important project is testimony to the success of Mayor Giuliani's efforts to revitalize Lower Manhattan. During his Administration this area has experienced phenomenal growth of residential, commercial and retail development," said EDC President Michael G. Carey. "More than 4,000 new housing units have been created and more than 400 companies and organizations have located here to make it an active 24-hour neighborhood. With numerous historic sites, landmarks and museums, Lower Manhattan is also a popular tourist destination, attracting more than 7.4 million visitors a year."

EDC is the City's primary vehicle for economic development services. Using its real estate and financial resources, EDC helps develop businesses and create jobs throughout the five boroughs.

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