Two NYC Towers Revitalize Downtown with Stunning Upgrades.. Transforming Urban Landscape Amidst Economic Challenges
Two NYC towers are putting the final touches on major upgrades as they buck downtown malaise. Despite a challenging office market, these buildings are thriving. As of September 2, 2024, the towers at 28 Liberty Street and One Liberty Plaza are seeing significant leasing success and modernization efforts.
Key takeaways:
- 28 Liberty Street is over 89% leased.
- One Liberty Plaza has 83% occupancy.
- New event space, Halo, is under construction.
- Modernization projects are underway in both towers.
NYC Towers 28 Liberty and One Liberty Plaza Thrive Amid Downtown Challenges
Despite a 30% vacancy rate in downtown offices, 28 Liberty Street and One Liberty Plaza are thriving. The owners of these towers are making significant upgrades to attract tenants. At 28 Liberty, Fosun Hive Holdings has modernized the building, achieving high leasing rates. The addition of Halo, a flexible event space, aims to enhance the building’s appeal further.
Modern Upgrades at 28 Liberty Street Enhance Tenant Experience
The upgrades at 28 Liberty Street include a new event space called Halo. This venue will accommodate up to 750 guests, complementing the existing restaurant, Manhatta. The tower is also home to various tenants, including the New York State Attorney General’s office and AIG. With office rents ranging from the mid-$50s to mid-$70s per square foot, the building is positioned well in the market.
One Liberty Plaza’s Renovation Plans and Tenant Success
One Liberty Plaza is also making waves with its modernization efforts. The building is currently 83% leased, featuring notable tenants like Cleary Gottlieb and Aon. A $750 million refinancing package will fund significant upgrades, including redesigned lobbies with high ceilings and custom furnishings.
- New double-height lobby spaces.
- Italian travertine wall cladding.
- Custom furniture by Gachot.
- Art installations by Pierre Huyghe.
In conclusion, both towers are examples of how strategic upgrades and tenant diversification can lead to success in a challenging market.
