• 2010 Position: 1
• 2009 Position: 2
•  $118 per square foot

London

• 2010 Position: 2
• 2009 Position: 3
• $100 per square foot

Hong Kong

• 2010 Position: 3
• 2009 Position: 1
• $99 per square foot

Dubai

• 2010 Position: 4
• 2009 Position: 5
• $74 per square foot

Mumbai

• 2010 Position: 5
• 2009 position: 6
• $66 per square foot

New York

• 2010 Position: 6
• 2009 Position: 8
• $64.50 per square foot

Moscow

• 2010 Position: 7
• 2009 Position: 4
• $63.00 per square foot  

Paris

• 2010 Position: 8
• 2009 Position: 7
• $62.80 per square foot

Milan

• 2010 Position: 9
• 2009 Position: 10
• $55.00 per square foot

Zurich

• 2010 Position: 10
• 2009 position: 11
• $54.00 per square foot

For more information on these properties please explore the map below.

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1. Law Firms                                        423 square feet

2. Services                                            394 square feet

3. Government                                   391 square feet

4. Manufacturing                              379 square feet

5. Retailers/Wholesalers               362 square feet

6. Medical                                            345 square feet

7. Agriculture/Utility                    343 square feet

8. Engineers/Architects                328 square feet

9. Accountants                                  327 square feet

10. Finance                                         325 square feet

According to Tishman Speyer’s  website until the late 1970s, Madison Avenue between 53rd and 54th Streets consisted of many small parcels of land with different owners. Tishman Speyer recognized the location as being strategically outstanding for a major corporate headquarters and assembled land parcels totaling 39,000 square feet. Tishman Speyer managed the design, construction, and development of the office tower, which when completed in 1982 represented the first investment-grade, stone-clad office facility constructed in New York City in over a decade. Tishman Speyer still owns this property today.

In 2009 520 Madison Avenue was awarded LEED certification at the Silver level by the U.S. Green Building Council. According to Costar the building is currently 97% occupied and houses an exclusive tenant roster that includes, Fortis, Carlyle Investment Management and Jefferies & Company.

* chart provided by Meghan Smith of Howard Ecker + Company

• Austin: Austin is providing the new headquarters for the Clean Technology & Sustainable Industries Organization (CTSI). CTSI chose Austin because it has a thriving cleantech community, consisting of researchers (including those at the university level), sustainable development and investment. The Innovate Texas Foundation is also located in Austin, and expects to work with CTSI.
• Boston: In 2008, the Boston area saw an investment of $387.17 million in greentech projects. The Boston area also includes a variety of cleantech pioneers, including Aeronautica Windpower, Conservation Services Group, Boston-Power, Inc., Evergreen Solar, GreatPoint Energy and others.
• Denver: Denver continues to be one of the strongest hubs for cleantech companies. The Colorado Clean Tech Initiative ensures that start-up businesses in the state receive some assistance with funding. Meanwhile, Denver also has a blueprint for cleantech use and transportation that focuses on sustainability. The city was one of the first to get an alternative fuel vehicles for public transportation, and boasts the first major airport to reach ISO 14001 standards.
• Seattle: Seattle is on the short list of cities that are likely to receive millions in funding for the purpose of jump-starting alternative energy technology. An annual budget from the federal government, if Seattle is approved as a R&D center, could be as high as $200 million.
• San Francisco: San Francisco regularly hosts the prominent Cleantech Forum, bringing in cleantech leaders from throughout the county to share best practices, while the city also continues to maintain its status as a recognized destination for emerging companies. San Francisco also has a sustainability plan that tackles air quality, biodiversity, energy issues and green economic development.

Credit. It is something that, until recently, had been available and plentiful. As this is no longer the case, many commercial office tenants are suffering from the effect of a tightening credit market. For example, tenants who have recently leased space may be unable to obtain the loans necessary to complete a build out and furnish a space, often resulting in self-financing or even subleasing of space. Likewise, nervous landlords are demanding as many as five years of perfect credit and excessive security deposits before leasing space to tenants. It is clear that landlords no longer intend to act as a lender as they have in the past, at least not in the near term. Troubling events for sure, however rather than hunker down, now is the time for tenants to look at the advantages that they do have in this market and then execute the right moves.

Furnishing a space is also becoming more difficult in this tight market. Getting the credit to furnish a space is one thing, but even those tenants seeking to lease furniture are finding that substantial security is required, even personal guarantees. It may therefore be the time to look into the burgeoning refurbished furniture industry. 

It is also prudent for tenants to think about greening existing operations as well as doing green fit outs. Again, this is all about efficient business operations. It will save money. It will save energy. It will help save our climate. Simply, in these times, green smart is business smart. So, while the markets remain depressed, a key question for a company must now be: Given our current leasing situation, what are the smart moves in these down times that will maximize the opportunities now available?

artwork provided by Steven Wasterval

Although New York City has a number of iconic office buildings, my favorite happens to be the Flatiron Building. Consisting of 22 floors and a surface area of 183,449 square feet, at the time of its completion in 1902, The Flatiron Building was the tallest skyscraper in the world.

At the turn of the 20th century, George Fuller’s construction company commissioned Daniel Burnham to design an office building north of Wall Street that would help create a new business center. Burnham was famous for his work leading up to the World Colombian Exposition in Chicago (1893) and he wanted to design a building that resembled a tall column rather than a large skyscraper.

The skyscraper was built at the intersection between Fifth Avenue and Broadway and, from the outset, its resulting triangular shape led to it being nicknamed the “Flatiron Building” instead of its intended name, “The Fuller Building.”  The Flatiron’s unusual location makes it one of the most recognizable features on the city’s skyline.

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The Flatiron building was the first independent skyscraper equipped with its own fire extinguishing system and with its own power generating station for the production of electricity. The residual steam was used for heating and to drive the original elevator mechanism.

The building is currently 99% occupied and owned by Sorgente Group S.p.A.