Greening New York's most iconic skyscraper
May 7, 2012
By: Nick Zieminski
The Empire State Building has long been a signature feature of Manhattan's skyline. But owners of the iconic edifice, planning a $1 billion initial public offering, hope to convince investors and tenants that it's what's on the inside that really counts.
The 81-year-old New York tower has undergone a massive, 3-year makeover designed to cut energy use, modernize office suites, and attract tenants willing to shoulder higher rents. Building owners and key suppliers on Monday will detail the energy savings they've achieved so far. ...
... While the building is still leasing below comparable properties in Midtown, the gap has narrowed such that the Empire State's average rent is now a third under market, compared with two-thirds below in 2006, according to data supplied by Studley, a real estate services firm representing tenants. ...
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