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32 Old Slip

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Coordinates: 40°42′14″N 74°00′29″W / 40.704°N 74.008°W / 40.704; -74.008

32 Old Slip
One Financial Square 32 Old Slip.jpg
as seen from the East River
General information
Architectural stylePostmodernism
LocationFinancial District, Manhattan
Address32 Old Slip
Town or cityNew York City
CountryUnited States
Coordinates40°42′14″N 74°00′29″W / 40.704°N 74.008°W / 40.704; -74.008
Completed1987
OwnerRXR Realty[1]
Height575 ft 0 in (175.26 m)
Technical details
Floor count36
Floor area1,161,435 square feet (107,900.8 m2)
Lifts/elevators31 (26 passenger, 2 freight, 2 garage, 1 messenger)
Design and construction
Architecture firmEdward Durell Stone & Associates
DeveloperHRO International Ltd.
Other information
Parking108 spaces
Website
32oldslipnyc.com
References
[2][3]

32 Old Slip, also known as One Financial Square, is a skyscraper in the Financial District of New York City. Completed in 1987, the building has 36 floors and stands at 575 ft 0 in (175.26 m). It is home to Daiwa Capital Markets USA, Inc. Convene,[4] the New York Regional Office of the United States Census Bureau,[5] and the ground floor houses the New York City Fire Department (FDNY) Engine Company 4 and Ladder Company 15.[6][7]

History[edit]

The building site originally held the United States Assay Office, the last public gold refinery in the United States.[8] It also melted damaged coins and incinerated damaged paper money. In 1983, the United States Mint put the 42,176 square feet (3,918.3 m2) property up for auction. Beginning at US$3 million, the winning bid was made by New York developer Howard Ronson's HRO International Ltd., at $27 million. The sale established it as the most valuable government estate sold at public auction.[8] The Assay office building was demolished in 1986.[9]

In 1987, HRO built the 36-floor building that stands today, naming the 23-43 Old Slip property One Financial Square.[2][1][9] The Paramount Group purchased the property for $135 million in 1995,[10] financing the purchase with a $96 million loan from now-defunct Japanese bank Sanwa.[11] Paramount signed American International Group to a 10-year, 260,000 square feet (24,000 m2) lease in 2006, which was one of the largest leases in Manhattan that year. AIG occupied seven floors of the building next door to their headquarters at 180 Maiden Lane.[11]

In August 2007, Paramount sold the building to Beacon Capital Partners for $751 million,[1][9] which is one of the largest sales on record of an office building in Lower Manhattan.[12] Beacon financed the acquisition with a $350 million loan from MetLife.[11]

Like many buildings in Lower Manhattan, 32 Old Slip was battered with storm waters during Hurricane Sandy in 2012. In contrast to most in the region, the building was designed to resist a powerful earthquake, which in part made the structure less prone to flooding.[13] Within a year the building's market value declined by 21.6% ($65.7 million).[14] In 2013 a renovation effort began to add improved flood barriers, pumps and piping systems to better ward against future storms.[3]

In January 2013, construction firm Hunter Roberts left Brookfield Place for the building, signing a 37,000 square feet (3,400 m2) lease for the tenth floor.[15] Later the same month, the United States Census Bureau leased 40,000 square feet (3,700 m2) in the building, covering the 8th and 9th floors.[16]

RXR Realty agreed to purchase the building from Beacon Capital Partners in December 2014 for $675 million, over $75 million less than the building was purchased for in 2007.[11] RXR financed the purchase with a $325 million loan from GE Capital.[17]

Shortly after RXR's purchase, health care advertising firm Cement Bloc signed a 55,000 square feet (5,100 m2) lease for the 15th and 16th floors of the building.[18] The American Arbitration Association subleased 47,000 square feet (4,400 m2) on the 33rd and 36th floors in September 2017 from insurance company Axa XL.[19]

In October 2018, law firm Cahill Gordon & Reindel signed a 201,621 square feet (18,731.2 m2) lease to move their headquarters from nearby 80 Pine Street.[20] Under the terms of the lease, the law firm will occupy AIG's old space on floors 17 to 22 for 20 years starting in 2020. The same month, commercial insurance brokerage Alliant Insurance Services signed a 55,938 square feet (5,196.8 m2) lease and creative agency Decoded Advertising signed for a 15,518 square feet (1,441.7 m2) space in the building.[21]

Architecture[edit]

The building is considered to be postmodern. Four sides of granite and silver-tinted glass make up the base, which give way to stepped transitions, eventually resulting in an octagonal, entirely glass curtain wall.[22]

The floor sizes range from 23,404 to 38,750 rentable square feet, totaling 1,161,435 rentable square feet.[3] It consists of columnless interior on each floor and a 40 ft 0 in (12.19 m) lobby.[22] There are 26 elevators in service and a parking garage beneath the structure.[3] The ground level side and rear of the building feature a privately owned arcade and urban plaza.[23]

See also[edit]

References[edit]

  1. ^ a b c "RXR in contract to buy Downtown office building for $675M". The Real Deal. December 8, 2014.
  2. ^ a b "One Financial Square". Emporis. Retrieved August 27, 2014.
  3. ^ a b c d "Building Specifications" (PDF). 32oldslipnyc.com. Archived from the original (PDF) on March 7, 2016. Retrieved August 24, 2014.
  4. ^ Hughes, C. J. (April 23, 2013). "New Hosts Fill Companies' Need for Meeting Space". The New York Times. Retrieved August 24, 2014.
  5. ^ "Directions to the New York Regional Office" (PDF). United States Census Bureau. Archived from the original (PDF) on August 26, 2014. Retrieved August 25, 2014.
  6. ^ Google (August 29, 2014). "42 South St" (Map). Google Maps. Google. Retrieved August 29, 2014.
  7. ^ David W. Dunlap (August 5, 1984). "Zoning Trade-off in Gaining Support". The New York Times. Retrieved October 1, 2014.
  8. ^ a b Shenon, Philip (July 21, 1983). "U.S. Assay Office Site Sold Downtown for $27 Million". The New York Times. Retrieved August 25, 2014.
  9. ^ a b c Pincus, Adam. "1983: Top prices for auctioned government-owned parcels". therealdeal.com. Retrieved August 29, 2014.
  10. ^ Wellborn, Mark. "Sale of One Financial Square Closes for $751 M". New York Observer. Retrieved August 29, 2014.
  11. ^ a b c d Ghighliotty, Damian (January 16, 2015). "Old New York: 32 Old Slip". Commercial Observer.
  12. ^ Stoler, Michael (October 25, 2007). "All Signs Pointing Up in Downtown Manhattan". The New York Sun. Retrieved August 29, 2014.
  13. ^ Geiger, Daniel. "32 Old Slip lands second big tenant in month". crainsnewyork.com. Retrieved August 29, 2014.
  14. ^ Pincus, Adam. "Goldman Sachs HQ Is Worth $176 Million Less Now Than It Was Last Year". Business Insider. Retrieved August 29, 2014.
  15. ^ "Hunter Roberts leaves World Financial Center but stays downtown". The Real Deal. January 15, 2013.
  16. ^ "U.S. Census leases 40,000-sf at 32 Old Slip". The Real Deal. January 22, 2013.
  17. ^ Ghigliotty, Damian (April 16, 2015). "RXR Completes 32 Old Slip Buy With $325M GE Capital Loan". Commercial Observer.
  18. ^ "Beacon Capital signs health care ad firm at 32 Old Slip". The Real Deal. December 22, 2014.
  19. ^ Baird-Remba, Rebecca (September 5, 2017). "Legal Arbitration Group Takes 47K SF in FiDi". Commercial Observer.
  20. ^ Schram, Lauren (October 18, 2018). "Law Firm Cahill Gordon & Reindel Takes More Than 200K SF at RXR's 32 Old Slip". Commercial Observer.
  21. ^ Schram, Lauren (October 29, 2018). "At 32 Old Slip, Alliant Takes 56k SF and Decoded Advertising Nabs 16K". Commercial Observer.
  22. ^ a b "32 Old Slip, One Financial Square". nyc-officespace-leader.com. Retrieved August 29, 2014.
  23. ^ "Privately Owned Public Space". nyc.gov. Archived from the original on November 12, 2011. Retrieved August 29, 2014.

External Links[edit]