Photographer: Victor J. Blue/Bloomberg

As Manhattan developers plan millions of square feet of office towers featuring the most modern amenities, some of their biggest potential tenants have decided theyre better off staying in their current homes.

Five of the six largest New York leases since the end of 2012 have been renewals, according to data from brokerage Newmark Grubb Knight Frank. Credit Suisse Group AG (CS), Citigroup Inc. (C) and UBS AG (UBSN) -- the types of large financial companies that traditionally have made up the core of the citys office market -- opted to stay put after considering moves to new skyscrapers.

Major financial institutions are not expanding dramatically, said Joseph Harbert, eastern region president of Colliers International, a commercial-property brokerage with offices in Manhattan. If youre going to lease up a new building, youre going to have to do it with other tenants.

The renewals highlight the challenge faced by developers seeking tenants for the technologically advanced towers planned at Manhattans World Trade Center site and far west side. Financial companies are scaling back space needs or seeking to reduce costs, while many of the technology and media firms that have been the markets most avid office consumers over the last three years have largely chosen older buildings.

Manhattan has more than 25 million square feet (2.3 million square meters) of new office space either just completed, under construction or ready to start, according to Newmark data. Another 6.3 million square feet of offices are in the planning stages.

At the same time, the Real Estate Board of New York, the trade organization for the citys commercial landlords, is pushing for a revival of former Mayor Michael Bloombergs aborted attempt to rezone the office districts surrounding Grand Central Terminal to replace old and obsolete towers.

The group cited a study by the citys Independent Budget Office issued in September that projected that the city needs about 52 million square feet of new office space between now and 2040 to accommodate expected job growth and space that could be lost to conversions and demolitions. The former mayor is founder and majority owner of Bloomberg News parent Bloomberg LP.

Its an open question whether there will be enough appetite for new offices to fill that amount of space, Harbert said. REBNY President Steven Spinola argues that the 2013 data represent current market realities that could reverse abruptly. The average Manhattan office building is more than 70 years old, according to REBNY.

The pendulum goes back and forth, Spinola said in a telephone interview. I think financial institutions are going to get back into expansion mode and will be looking for the kind of space were talking about.

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Manhattans Big Banks Resist Lure of New Office Towers

Aventura, FL (PRWEB) February 12, 2014

Big Dog Construction Services today announced that is has been selected to construct the new Yacht Master's Office at the Williams Island Marina in Aventura, Florida. The office, located in the newly finished Bellini Building at 4100 Island Blvd., will become the base of operations for the marina and include work-out, laundry and office spaces for the marina operations, as well as crew from docked vessels.

"We are proud to be a part of the team selected for this exceptional project," said Big Dog Construction Services President David Rosenof. Big Dog Construction is a full-service general contractor headquartered in Parkland, Florida.

Designed by Miami based Sol-ARCH and Interior Designer Design Momentum, the Yacht Master's facility will be constructed of the highest level of finishes including sea stone quartz, and solid teak woodwork. According to Williams Island Marina President Scott Huizenga, the facility is due to open by the summer.

This new office will be an asset to the local community for years to come, and a vast improvement over the current facility, said Huizenga.

Williams Island Marina offers over 100 slips accommodating yachts up to 160 feet with a 7 foot draft. The Marina takes pride in delivering world-class customer service and full docking benefits to members. A quick jaunt from most residences, boaters can be on the water in minutes. With access to the Ojus Canal and Intracoastal Waterway, Marina members can chart a course to the Atlantic Ocean or a variety of inshore adventures.

About Big Dog Construction Services, Inc.

Established in 2012, Big Dog Construction Services, Inc. is led by David Rosenof. Over three decades, Mr. Rosenof has been involved in over $1 billion of construction. Projects have included more than a dozen market sectors: public assembly, government, education and higher education, warehouse, manufacturing, multi-family (mid- and high-rise condos), high-end residential, office, retail, hospitality, religious, medical, recreation and transportation. Contracts have spanned the gamut of delivery methods: CM at risk, cost plus, design build, master agreement, performance contracting, preconstruction agreement, as well as stipulated sum.

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Big Dog Construction Services Selected to Build New Yacht Masters Office at Williams Island Marina in Aventura, Florida

BUILDING PERMITS

PMT2013-05254 5318 Fifth St.; $1,275,000.00; Ridge Dakota; Markel Homes Construction Co; proposal to construct six-unit townhouses, each unit two stories over an unfinished basement. Each unit has an attached two-car garage. Please refer to TEC2012-00012

PMT2013-06108 2400 Meadow Ave; $1,000,000.00; new single-family dwelling residence to be two stories over basement totalling 7,353 square feet with a 825 square foot attached garage. Residence to include six baths, finished basement, and covered porch.

PMT2013-06303 1374 Glen Court; $200,000.00; William Fitzgerald; second story addition/remodel. Second floor 1,400 square feet., three bedrooms and two baths. First floor 1,776 square feet., kitchen, living, office, dining, playroom and bath. Scope of work also includes new garage, porch and deck.

PMT2013-06318 1310 Meadow Ave.; $100,000.00; Catherine Leuenberger; Habilis Designbuild; new detached garage and studio south of existing residence. Two-car garage to be 484 square feet. in size, studio to be 440 square feet in size with half bath. Foundation insulation and mid-roof inspections required.

PMT2013-06520 3333 Walnut St.; $11,296,193.99; Walnut 3333; Gerald H Phipps Inc; expansion of existing office building to be built to core and shell, existing building to remain as is. Scope of work includes all associated MEPs and sitework (including outdoor lighting). Please refer to TEC2013-00029, TEC2013-00030, and LUR2012-00049.

PMT2013-06812 767 Eighth St.; $60,000.00; Jane Baryames and Paul Baryames; CDC Development/Porchfront Hom; addition of 200 square feet to existing garage on single-story single-family dwelling. Includes associated electrical.

PMT2013-06850 1327 Spruce St.; $523,192.09; Spruce 1327; One Call Construction; tenant interior finish of existing professional offices on three floors to include associated mechanical, plumbing, and electrical work. Minor exterior finish renovation to include new vestibule, enclosed storage area, new front doors,modification to existing awnings, new mechanical screen and new bike rack.

PMT2013-06873 1035 Pearl St.; $718,996.95; End West; tenant remodel of existing 8,955 square feet of fifth floor for new offices. Space to include office and conference rooms as well as breakroom and bathrooms.

PMT2014-00090 1401 Walnut St.; $306,226.06; Walnut 1401; remodel interior basement core of existing five-story office building. Work to include new restrooms, new finishes and fixtures for elevator lobby, corridor areas, and core soffits plus demising walls for proposed office suites.

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Real Estate: Boulder building permits Jan. 27-Feb. 2, 2014

The cost to renovate the former Verizon building into a police station and Conshohocken Borough offices has risen by $1,520,329 from the original construction proposal to $13,145,000 a 13 percent increase.

Borough council members met with officials from Keystone Property Group of Lower Merion Feb. 6 to discuss project financing while the borough and KPG waits for a $4.31 million state Redevelopment Assistance Capital Program grant to subsidize part of the project, said Borough Manager Francis Marabella.

A requirement that workers on the public construction project must be paid prevailing wage rates and additional costs to get state accreditation for the police station boosted the project costs, Marabella said. The area for secured, police vehicle parking and the sally port for transferring police suspects from the vehicles was enlarged to meet accreditation requirements.

Borough officials planned to submit the business plan for the RCAP grant Feb. 10 to the state Office of the Budget.

It is uncertain when the RCAP money will be released by the state, Marabella said.

Council members discussed whether to borrow $10 million to finance the early renovation costs with a bank loan or a 30-year bond issue. A financial adviser, Concord Public Finance of Lancaster, Lancaster County, was hired Feb. 6 for a $22,500 fee to prepare financial information for the loan and negotiate with bank institutions.

Council also hired the law firm Fox Rothschild to determine whether the proposed $10 million loan will be tax exempt for IRS purposes. The Whitpain firm will charge $350 per hour.

The expenses for both advisers will be paid out of the financing package, Marabella said.

Decisions on the faade of the building and the total space requirements for the police station and the borough offices have to be firmed up before site plans are submitted to the planning commission, Marabella said.

Council will hold another special meeting, open to the public, at 7:30 p.m. Feb. 17 to continue working on the Verizon building renovation project. Continued...

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Cost estimates rise for Conshohocken Verizon building renovation

WASHINGTON (AP) Michelle Obama says a construction industry pledge to hire 100,000 veterans by 2019 isn't only the right and patriotic thing to do, but also a smart thing for business.

The commitments by 100 companies and associations in construction were being announced Monday at a conference sponsored by the Labor Department and the initiative Joining Forces, a nationwide effort launched by Mrs. Obama and Jill Biden, the wife of Vice President Joe Biden, to rally the U.S. around military veterans, active duty service members and their families.

Nearly 400,000 veterans and their spouses have been hired under the initiative since it began in 2011, said Mrs. Obama, who was joining Labor Secretary Thomas Perez for the announcement.

"By hiring veterans, businesses won't just be giving American heroes the chances they deserve to keep serving our country," the first lady wrote in an opinion piece appearing in Monday editions of The Wall Street Journal. "And the companies won't just be giving veterans' families the security that comes with a steady paycheck."

"These businesses will also be ensuring that they have the qualified employees they need to keep growing and creating new jobs and strengthening the economy for decades to come," she said. "They will be sending a clear message that we honor those who've sacrificed for us, and are determined to serve them as well as they have served our country."

Since Joining Forces began, companies with household names from Disney and Starbucks to UPS and Walmart have pledged to hire thousands of veterans.

But Monday's announcement is significant because it is the first time an entire industry has pledged to make sure that giving jobs to veterans "is always part of the mix and is really ingrained in the DNA of the business model," Perez said in an interview.

Unemployment among the 9/11 generation of veterans, those returning from Iraq and Afghanistan, has been steadily declining during the past two years and stood at 7.9 percent in January, versus an overall unemployment rate of 6.6 percent. President Barack Obama often says these veterans shouldn't have to fight for a job when they come home after fighting for their country on the battlefield.

The construction industry is growing and is a place where veterans can use their military skills.

Last month, the construction industry had its strongest single month of job growth in the past four years, adding 48,000 jobs.

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First lady praises construction industry hiring

Construction has begun on a new building in the motor sports area of the Washington Fairgrounds.

Darren Dunkle, parks director, said construction of the building began the end of January.

Dunkle said the two-story building will have a concession stand, restrooms, a ticket office and a balcony for judges and announcers to use during motor sports events.

Theres a lot of participants at the motor sports events during the Fair, so that building would serve as a satellite building for concessions, Dunkle said. As of right now, that was not provided in that area on a permanent basis.

Even with weather potentially having an impact on construction, Dunkle said the building is expected to be finished in time for this years Fair in August.

They want to have it completed by the beginning of the Fair, Dunkle said. That shouldnt be an issue whatsoever.

Dunkle said plans for the building have been have been in the discussion stage for more than a year. A formal plan was first presented to the administration/operations committee in June 2013.

Dunkle said the city wont be footing the bill for the building.

The Fair Board is the one who brought this up and theyre the ones who are paying for it, he said. The city is not paying for this building. It will be primarily for Fair use, but other groups can use it.

Dunkle said the building will get most of its use during the Fair, but it will be available to other groups like the Jaycees who use the venue.

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Construction Begins on New Motor Sports Building

The planned construction of a new local office for Yahoo is on the fast track to open this fall.

The weather could have been better, but even the snow and ice couldn't dim the excitement surrounding Wednesday's groundbreaking ceremony at the University of Illinois Research Park.

With UI officials, community leaders and company employees present, Yahoo broke ground on a planned two-story, 40,000-square-foot office building at First Street and Hazelwood Drive. Yahoo is moving from its current 24,000-square-foot quarters to the new facility, which will be south of the I Hotel.

In addition to the construction, the company plans to add about 80 employees over the coming year, bringing its total local workforce to roughly 200. The economic possibilities are many, including great employment opportunities for UI graduates.

Headquartered in Sunnyvale, Calif., Yahoo is a multinational Internet corporation principally known for its Web portal, search engine and related Web services, including email and news sites. Founded in 1994, its explosive growth is reflective of the astonishing advances in tech-related business. It's estimated that roughly 700 million people visit Yahoo websites each month.

That's a lot of eyeballs, explaining, in part, why the company's local office will focus on digital advertising.

Yahoo first moved here in 2007, filling a void created when Motorola closed its local office. So far, it's been a great partnership, one that shows every sign of continuing to grow.

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Big step forward

Posted: 4:49 pm Fri, February 7, 2014 By The AssociatedPress Tags: Jim Knoblach, Lezlie Ott Marek, Minnesota Senate Office, Paul Thissen 4:49 pm Fri, February 7, 2014

A rendering shows the proposed legislative office building to be built next to the Capitol in St. Paul. (AP photo: Administration Department via St. Paul Pioneer Press)

A legal challenge to a new $63 million Minnesota Senate Office building has been dismissed.

Ramsey County Judge Lezlie Ott Marek ruled Thursday against a former Republican legislator who wants to block construction of the new building. The judge said former state Rep. Jim Knoblachs claim that authorization of the building was flawed didnt hold up.

Minnesota Public Radio News reported that the judge found the building was legitimately included in a larger tax bill that lawmakers passed last year.

The project, which includes a separate $27 million parking ramp, still needs one more legislative sign-off. Members of the House rules committee must OK the building design. Democratic House Speaker Paul Thissen says that other less-expensive options should be considered.

This entry was posted on Friday, February 7th, 2014 at 4:49 pm and is filed under Brief. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.

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Judge tosses lawsuit over new Senate offices

This is a rendering of the proposed Senate Office Building, to be built next to the state Capitol in St. Paul. (Courtesy of Minnesota Department of Administration)

A judge Friday tossed out a lawsuit seeking to halt progress on a new state Senate office building.

Ramsey County District Judge Lezlie Marek dismissed the suit brought by former state Rep. Jim Knoblach, R-St. Cloud. While Knoblach argued the law authorizing a $63 million Senate building and a $27 million parking ramp violated the state Constitution's rule that only one subject be included in any law, the judge said the construction projects and other parts of the bill are linked.

The bill, approved by the DFL-controlled Legislature in 2013, containing the projects also dealt with several tax issues. Knoblach and others, especially Republicans, said the Senate project should have been included in a separate bill dealing with construction projects.

The office building and parking ramp project, to be built near the Capitol in St. Paul, still faces a vote in the House Rules Committee. Some officials have asked if the price tag could be lowered.

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Minnesota Senate office building lawsuit dismissed

ST. PAUL - A district court judge tossed out a lawsuit seeking to halt progress on a state Senate office building, in effect tossing the issue back to politicians.

Ramsey County Judge Lezlie Marek ruled Friday that the suit brought by former state Rep. Jim Knoblach, R-St. Cloud, should be dismissed. While Knoblach argued that the law authorizing a $63 million Senate building and a $27 million parking ramp violated the state constitutions rule that only one subject be included in any law, the judge said the construction projects and other parts of the bill are linked.

The bill containing the projects also dealt with several tax issues. Knoblach and others, especially Republicans, said the Senate project should have been included in a separate bill dealing with construction projects.

The office building and parking ramp need one more approval before construction begins. The House Rules Committee must approve it, but leaders in that body are looking for less expensive ways to provide new office and parking space.

Tags: news,updates,courts,minnesota

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Minnesota judge dismisses suit seeking to halt state Senate building work