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This transaction set the record for the highest price per square foot for an office building. The previous record was from 2007 when the Carillon building was purchased for $140 million, with a price of $298 per square foot. In November 2019 Fifth Third expanded their space in the tower to 100,300 square feet (9,000 m 2).
[25] [143] Office space rented for $3 per square foot ($32/m 2), less than half of the $8 per square foot ($86/m 2) that the building's owners had sought. [ 143 ] [ 145 ] For the first five years of the building's existence, 40 Wall Street Corporation was able to pay the $323,200 interest on the second mortgage-bond issue.
The borough contained over 500 million square feet (46.5 million m 2) of office space in 2015, [8] making it the largest office market in the United States. [9] Midtown Manhattan , with nearly 400 million square feet (37.2 million m 2 ) that same year, [ 8 ] is the largest central business district in the world. [ 10 ]
In fact, the appetite for offices is so low that there may be as much as 1 billion square feet of unused U.S. office space by the end of the decade, according to a 2023 report by Cushman & Wakefield.
Five years later, in June 2007, Somerset Partners bought 450 Park Avenue for $509 million, or $1,566 per square foot ($16,860/m 2). This made it the highest price per square foot paid for an office building at the time in the United States. [4] To pay for the building, Somerset Partners signed a $175 million loan.
Nearly 70 million square feet of office space, making up around 1.7% of the total U.S. supply, has been undergoing conversion projects to create residential-use spaces, or spaces for other uses.
The units were rented for a similar price per square foot as apartments or office space, but cost 35 to 50 percent less to build and maintain. [5] [6] A property management subsidiary called Public Storage Management Inc. was formed in 1973. [6] [8] By 1974, 20 locations had been built. [6] [7]
August 6, 2024 at 4:12 AM. Once upon a time, 100 Executive Drive in West Orange was home to a bustling 400,000-square-foot office park. But just like many other office spaces across the nation ...
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