Paramount Announces Major Investment Plan To Modernize And Reimagine 60 Wall Street Office Tower
Paramount Group, Inc. (NYSE: PGRE) has announced a comprehensive repositioning project for its 60 Wall Street property, set to begin in summer 2022. The development includes renovating the lobby and atrium, adding a skylight, and installing North America's largest indoor green wall. Enhanced amenities, such as new dining options, will attract potential tenants. The upgrades aim to create a vibrant hub for professionals, while maintaining the building's status as a premier office location in New York City. The architectural firm Kohn Pedersen Fox is tasked with the design.
- Investment in transforming 60 Wall Street is expected to enhance its appeal to top-tier tenants.
- New amenities including a restaurant and cafe will increase foot traffic and engagement in the area.
- The building will feature a skylight and the largest indoor green wall in North America, promoting a modern work environment.
- Upgraded ventilation systems will improve air quality for tenants.
- None.
NEW YORK, May 17, 2021 /PRNewswire/ -- Paramount Group, Inc. (NYSE: PGRE) ("Paramount") today announced plans for an extensive repositioning of 60 Wall Street's base and interiors, including its soaring lobby and vast public atrium. With construction set to begin in summer of 2022, the postmodern building's revitalization includes a transformative opening up of the facade, new triple height windows, the addition of a skylight to cast natural light into the atrium, and the installation of the largest indoor green wall in North America. New lively amenities including a restaurant and cafe are also planned with additional seating in the atrium to transform 60 Wall Street into a destination for professionals and visitors alike. The planned investment will reimagine the building as a focal point for the local neighborhood and a dynamic hub of activity for the new Wall Street, while maintaining its preeminence as one of the newest and highest-quality office towers in New York City. Download conceptual renderings, subject to City approval, here.
"Redesigned to accommodate a variety of top-tier tenants looking to base and build their future offices within the building, 60 Wall Street's modern, column free floor plates, boasting uninterrupted, panoramic views of Manhattan, Downtown Brooklyn and Jersey City, uphold the building's best-in-class legacy. Situated in a neighborhood rich with restaurants and transit options, the building further appeals to tenants' employee pool," said Albert Behler, Chairman, Chief Executive Officer and President of Paramount. "The repositioning will transform 60 Wall Street, providing tenants with the benefits of a new building and the opportunity to create an office that best suits their unique needs."
Reimagined by architectural firm Kohn Pedersen Fox (KPF), the atrium is revitalized as an open, light-filled and verdant place of life and activity. Arriving from the subway, one ascends into the new atrium through a gracious grand staircase, animated by a 100-foot-tall interior green wall that spans the full length of the block. Above, a new skylight cut through the podium dramatically opens the public room to the sky above and generates an experience worthy of this iconic place in Manhattan. The skylight also provides a visual connection between the atrium and the floors above. The grand public space is activated by exciting new dining options and amenities, seamless connectivity with both of the building's modernized lobbies, as well as the energy of Wall and Pine Streets beyond.
On its exterior, the new portico and façade enhance the building's street presence with a modern update, increasing transparency into the activities of the atrium and lobbies through new large-format windows. By retaining the concept of a colonnade screen, popular throughout the district, the new portico reinterprets the formal language into a fresh aesthetic that retains richness and stature while achieving a light and technologically innovative façade.
Additional improvements to the office floors include enhanced ventilation systems that utilize high-efficiency MERV 15 filtration and increased outside air per person with capabilities of providing
"Our goal for 60 Wall Street, particularly in a time of COVID, was to create an environment that brings a sense of wellness to this intense and exciting urban community," said Hugh Trumbull, AIA, KPF Design Principal. "By opening up the atrium, infusing it with greenery, bringing in natural light and visually uniting the two streets, we aim to bring the people of this neighborhood together where hopefully they will share ideas and chart the path to the future."
Originally designed in 1989 by Kevin Roche John Dinkeloo & Associates, 60 Wall Street is one of Manhattan's finest LEED Gold, Class-A office towers. The 1.6 million square foot, 47-story office building offers entrances to its impressive, two-story atrium on both Wall and Pine Streets, uniting the two thoroughfares with a pedestrian promenade. The tower has excellent light and offers spectacular panoramic views from its tower floors. Due to the robust requirements of the previous tenancy, the in-place, modern infrastructure is superior to new construction in many respects.
Global real estate services leader CBRE has been charged with leasing the building with Paul Amrich and Howard Fiddle at the helm. In the ever-evolving landscape of Manhattan, 60 Wall Street is an attractive asset to a variety of tenants seeking flexible space in a variety of industries including media, creative, tech, law and financial firms.
About Paramount Group, Inc.
Headquartered in New York City, Paramount Group, Inc. is a fully integrated real estate investment trust that owns, operates, manages, acquires and redevelops high-quality, Class A office properties located in select central business district submarkets of New York City and San Francisco. Paramount is focused on maximizing the value of its portfolio by leveraging the sought-after locations of its assets and its proven property management capabilities to attract and retain high-quality tenants.
About Kohn Pedersen Fox Associates (KPF)
Kohn Pedersen Fox Associates (KPF) is one of the world's preeminent architecture firms, providing architecture, interior, programming and master planning services for clients that include some of the most forward-thinking developers, corporations, entrepreneurs, and institutions in the United States and around the world. The firm's extensive portfolio spans more than 40 countries and includes a wide range of projects from office and residential buildings to civic and cultural spaces to educational facilities. Driven by individual design solutions, rather than a predetermined style, KPF's mission is to create buildings and places of the utmost quality and contextual sensitivity, providing a valuable impact on the cities they inhabit.
As a global practice with a far-reaching impact, KPF endeavors to design lasting architectural solutions that mitigate their lifecycle impact on environmental resources and that protect and enhance the wellbeing of the communities they serve. For that reason, the firm has joined AIA, RIBA, and many of its peers in a joint effort to develop the capabilities to design and deliver carbon-neutral buildings by 2030.
About CBRE
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world's largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
Media Contact
BerlinRosen: 60Wall@berlinrosen.com
View original content to download multimedia:http://www.prnewswire.com/news-releases/paramount-announces-major-investment-plan-to-modernize-and-reimagine-60-wall-street-office-tower-301292625.html
SOURCE Paramount Group
FAQ
What is the investment plan for 60 Wall Street announced by Paramount Group?
When will construction begin for the 60 Wall Street renovations?
What new features will be added to 60 Wall Street?
Who is responsible for the design of the 60 Wall Street project?
What impact will the renovations have on tenants at 60 Wall Street?
