"Across from the Port Authority Bus Terminal" is becoming the new benchmark in swank office location. Crain's reports that the New York Times Building (pictured right) designed by Renzo Piano and FxFowle has "breathed new life into the formerly moribund area" across from the Port Authority Bus Terminal.
The proof? Sky-high rents from high-end corporate tenants. While Class A office space in the formerly "tawdry" district rented for about $30 per square foot in the year 2000, the well-appointed floors of the new Times Building are being snapped up for close to $100 per square foot--especially by workaholic law firms such as Covington & Burling, Seyfarth Shaw, and Osler Hoskin.
"The new southern terminus of the acceptable business district has been established," an executive from the real estate firm Newmark Knight Frank told Crain's. Aha! Now we have a nomination for the new neighborhood nickname: AcBuD ("Acceptable Business District").
And just across West 41st Street, another premium office tower will soon begin rising. Eleven Times Square (pictured left), developed by SJP Properties, is also designed by the architects FxFowle.
The developer of the Times Building is Forest City Ratner, a company perhaps better known for its controversial attempts to build a miniature city of high-rise offices, residences, and a basketball arena at the Atlantic Yards site in Brooklyn. The Ratner group has scored big with this midtown tower, having leased most of its 700,000 sq ft for premium rents in a tight market. The remaining 900,000 sq ft are controlled by The New York Times Co. The building is scheduled for full completion within 2007.
Photograph of Eighth Avenue outside the Port Authority by specmotors on Flickr. The Times Building is visible in the upper left corner. Vacant lot in left foregroung will soon house another high-end tower designed by FxFowle.