Amazon selects New York & Arlington, VA for HQ2 ・people, mass transit, sustainability

Amazon has selected New York City (the Long Island City neighborhood of the borough of Queens) and Arlington,Virginia (the Crystal City neighborhood, across the Potomac from Washington, DC) for its HQ2.

In agreements with the local and state governments, Amazon stipulates that the two locations will house at least 25,000 employees each. The new sites will require $5 billion in construction and other investments.

Direct access to rail, train, subway/metro, bus routes (mass transit) at site has been a core preference of Amazon, stipulated in the Amazon HQ2 RFP.

Significantly, Amazon’s HQ2 RFP stipulates that it will develop HQ2 with a dedication to sustainability:

Sustainability: Amazon is committed to sustainability efforts. Amazon’s buildings in its current Seattle campus are sustainable and energy efficient. The buildings’ interiors feature salvaged and locally sourced woods, energy efficient lighting, composting and recycling alternatives as well as public plazas and pockets of green space. Twenty of the buildings in our Seattle campus were built using LEED standards. Additionally, Amazon’s newest buildings use a ‘District Energy’ system that utilizes recycled heat from a nearby non-Amazon data center to heat millions of square feet of office space – a system that is about 4x more efficient than traditional heating. This system is designed to allow Amazon to warm just over 4 million square feet of office space on Amazon’s four-block campus, saving 80 million kilowatt hours over 20 years, or about 4 million kilowatt-hours a year. We also invest in large solar and wind operations and were the largest corporate purchaser of renewable energy in the U.S. in 2016.

Amazon will develop HQ2 with a dedication to sustainability.

Of the cities selected, Emily Badger of The New York Times observes:

Tech companies feed on highly educated and specialized workers, specifically dense clusters of them where workers and companies interacting with one another are more likely to produce new ideas. Washington and New York, as it turns out, are two of the most highly educated regions in the country, with already large pools of tech workers.

Drop a big Amazon headquarters into Washington or New York, and economists expect the 50,000 workers there to be more productive than if the same 50,000 jobs were dropped into Indianapolis. Simply putting them in New York, near so many other tech workers, increases the likelihood that Amazon invents more services, connects to more markets, makes more money.

Those added benefits are so strong, economists say, that it’s worth it to companies like Amazon to pay more — a lot more — for office space and employee salaries in New York City.

‘If you are in the business of making new things — whether it’s a new product, or a new way of delivering things, or a new service — and it’s something that is unique, and it keeps changing and it needs updating, the most important factor of all is human capital,” said Enrico Moretti, an economist at the University of California, Berkeley. “It’s not like making soap, or like making textiles.’”

See:

Amazon HQ2 RFP

Amazon Announces New York and Virginia as HQ2 Picks,” Karen Weise, Technology | The New York Times, 13 November 2018

In Superstar Cities, the Rich Get Richer, and They Get Amazon,” Emily Badger, The New York Times, 7 November 2018

Liu Wei (劉韡): “Sandwiches No. 13” (oil on canvas, 2015)

Born in Beijing in 1972, Liu Wei (劉韡) graduated from the National Academy of Fine Arts, Hangzhou in 1996.

Manhattan-, Hong Kong-, and Seoul-based gallery Lehmann Maupin describes 劉韡‘s work:

Liu Wei “explores 21st century socio-political concepts such as the contradictions of contemporary society and the transformation of developing cities and the urban landscape.

“In many of his sculptural and installation works, he uses found materials that are re-contextualized to draw new meanings out of the materials from which they are made.”

Liu Wei’s works are exhibited and collected globally. Institutional and private collectors include Seoul’s Leeum, Samsung Museum of Art; the M+ in Hong Kong, and the Rubell Family Collection in Miami.

Examine Liu Wei’s entire œuvre. This work documents an eye and sense for the universal appeal of line, color, and composition.

Lehmann Maupin is highlighting Liu Wei’s work during this week’s Art Basel.

Look for the extraordinary “Library V-II” (books, wood, and iron) of 2015-2018.

See: Liu Wei, Lehmann Maupin

#art #artmarket #arthistory #liuwei #beijing #hangzhou #lehmannmaupin #newyork #miami #london #berlin #zurich #vienna #oslo #milan #dubai #hongkong #seoul #tokyo #collection #portfolio #tangibleasset #collector #leeumsamsungmuseumofart #leeumsamsung #M+ #rubellcollection #architecture #design #interiordesign #fashion #urban #urbanliving #modernization #luxury #line #color #abstraction #realestatedevelopment

M Moser Associates’ office in New York’s 1913-vintage Woolworth Building to be retrofit to Platinum WELL Building Standard

International architecture and design firm M Moser Associates is retrofitting and revitalizing their new office space on the 24th-floor of Manhattan’s Woolworth Building.

The Woolworth Building was built in 1913 and was, at the time, the tallest building in the world, engineered to maintain its own electricity, heat, and subway entrance, with windows that could, and still can, be opened when outdoor pollution levels are low.

While acknowledging challenges in retrofitting old office space, such as dealing with old electrical, old plumbing, and old HVAC, M Moser Associates points out that all buildings represent embodied energy and that embodied energy best be recognized and optimized.

As M Moser Associates revitalizes their office space on the 24th floor, the company will pursue both a Platinum Well Building Standard and USGBC LEED certification.

Initiated by Delos and the International WELL Building Institute, the WELL Building Standard is evidence-based, rating the quality of water, air, and light, and is geared toward occupant health, wellness, fitness, and productivity. The WELL Building Standard “marries best practices in design and construction with evidence-based medical and scientific research – harnessing the built environment as a vehicle to support human health and well-being.”

M Moser & Associates brings a similar focus on restructuring and re-engineering office space towards employee health, wellness, and productivity in all of its office spaces, including those in Hong Kong, London, San Francisco, and Guangzhou.

See:

Woolworth Building Office in New York Becomes a Retrofit Lab” | Alyssa Danigelis, Environmental Leader, 30 October 2017

Learning from Plans to Retrofit One of America’s Oldest Skyscrapers” | Adele Peters, Fastcodesign, 30 October 2017

Delos

#architecture #design #officespace #InternationalWELLBuildingInstitute #Delos #health #wellness #fitness #urbanliving #urbanluxury #luxury #realestate #commercialrealestate #CRE #builtenvironment #buildingtech #engineering #H2O #CO2 #HongKong #London #SanFrancisco #Guangzhou #resilience

Blackstone Real Estate is optimizing art as a targeted value-add initiative for its NY real estate portfolio

Blackstone Real Estate is optimizing art as a targeted value-add initiative for its real estate portfolio throughout New York City.

Blackstone is initiating a partnership Hunter College to recognize talented emerging artists while concomitantly giving visitors to its building portfolio throughout the city access to unique works of art.

Last week Jon Gray, Global Head of Real Estate at Blackstone, introduced a new exhibition featuring artwork by students currently enrolled in the Hunter College Master of Fine Arts program: Talia Levitt, Madhini Nirmal, Leonard Reibstein, and Andy Van Dinh.

These works of art, both paintings and large-scale works on paper, will be displayed for a year in the lobby of 5 Bryant Park.

Blackstone is the world’s largest real estate private equity firm with $102 billion of investor capital and $200 billion of gross assets under management.

Blackstone seeks to acquire high quality investments at discounts to replacement cost. The company improves the properties through hands-on management and targeted value-add initiatives.

The breadth of Blackstone’s real estate portfolio provides valuable real-time proprietary market data. Blackstone believes this information enables the company to identify mispriced and/or out-of-favor asset classes more rapidly than its competitors.

Blackstone real estate also operates one of the leading real estate finance platforms, including management of the publicly traded Blackstone Mortgage Trust (NYSE:BXMT).

See:

Blackstone Partners with Hunter College for Student Art Exhibition at 5 Bryant Park” | Blackstone Blog, 12 June 2017

Blackstone Real Estate

#art #realestate #finance #risk #collectionsmanagement #portfoliomanagement #HunterCollege #HunterCollegeMFA #NewYork #Manhattan #Blackstone #privateequity #riskanalysis #risk management #collections

 

 

non-smart luxury | investors & retailers slug it out on Madison Avenue

The Real Deal points out that as of May 2016, the amount of available retail space along Manhattan’s Madison Avenue had been growing. Retailers with financial wherewithal were looking elsewhere.

New owners had  bought Madison Avenue properties at record prices. Investors, partners and banks were preventing the new owners from leasing to retailers below certain “pro-forma” numbers. Rents were increasing steeply.

The effect did other than than satisfy investment requirements. As asking rents broke $2,200 per square foot in prime stretches of Madison Avenue, retailers who might otherwise have taken space there were looking for alternative locations.

Retail insiders said some of the buyers who acquired properties over the last year or two at eye-popping prices have their hands tied by investors, partners or banks who won’t let them lease to retailers below certain target amounts or “pro forma” numbers. That, they say, is exacerbating availabilities.

“New owners who bought at record prices that required record rents are less likely to cut pricing because they can’t satisfy their investment returns,” said Jeremy Ezra, a broker at RKF.

But brokers said this slowdown is different from the recession in 2009 and 2010 when retailers did not have the financial wherewithal to make deals. That’s not the case today.

See:

Madison Avenue retail empties out” | retail spaces on the tony stretch are clearing out as rents get too high and tenants look for cheaper options, Adam Pincus, The Real Deal, 1 May 2016

#luxury #urbanluxury #smartluxury #realestate #retail #resilience #MadisonAvenue #Manhattan #finance

smart luxury | the art market is “ready for an upgrade”

Scheduled to open in Manhattan in July of this year, Arcis Fine Art + Collection Arcis will be a 110,000 sq. ft, purpose-built art storage facility within a federally designated Foreign Trade Zone (FTZ) that is insured to hold up to $3 billion in art.

“The foundation of Arcis is providing real, museum-level sustainable storage to the private sector” to serve the needs of international collectors in Manhattan.

A key factor in obtaining authorizations for the FTZ was a proprietary business model. The West 146th Street site, in contrast to locations in Chelsea, was seen as presenting no “accumulation risk. ” Hence insurance broker Willis Towers Watson allowed the highest possible insurance rating.

Executive director Tom Sapienza and the director of operations, Kevin Lay, partnered with the Van Gogh Museum in Amsterdam and Vidaris, the firm that advised the Whitney Museum regarding the envelope of its new building, to create a sustainable microclimate system. The system filters the air three to six times per hour. LEED and BREEAM environmental assessment certifications are in the works.

See:

Collectors reserve space as New York’s first art freeport prepares for summer launch” | Sarah P. Hanson, The Art Newspaper, 5 April 2017.

Protecting Priceless Art from Natural Disasters” | How Renzo Piano’s New Whitney Museum Protects Its Art from Climate Change, John Whitaker, The Atlantic, 27 May 2015

#art #collecting #collections #collectionsmanagement #luxury #urbanluxury #smartluxury #realestate #resilience #Manhattan #FTZ #climatechange