Tower 45 is a modern Class A office building located at 120 West 45th Street in the heart of Midtown Manhattan. Built in 1989, the 40-story, 458,446 square foot building features boutique floor-plates in the 9,304 to 13,969 range. Tower 45 possesses a number of physical features that enhance its status as a premier boutique office asset.
Constructed in 1989, the property provides tenants with some of the most modern and efficient boutique office space in all of Midtown Manhattan. Continuous ribbon windows and generous 12-foot ceilings create a light and airy environment, while virtually column-free interiors support a variety of efficient layouts. High-speed elevators, a 900-kilowatt emergency generator, and a full-building BMS system all add to the modern appeal of the space. Tower 45's signature 15-story atrium provides an outstanding window-to-floor-area ratio and numerous windowed executive offices.
The Property's modern design has recently received $8.5 million in capital improvements, including enhancements to the atrium, lobby, street front, and elevator cabs. A successful pre-built program was also initiated at that time, when common corridors and bathrooms upgraded to high quality, modern finishes. Nearly 20% of the Property's office space has now been modernized as part of this pre-built program, enhancing market appeal and achievable pricing while mitigating downtime for future availabilities.
The upgrades to the lobby and atrium create a powerful first impression for prospective tenants considering the building. The 175-foot tall entrance atrium is truly one-of-a-kind. It features dramatic illuminated hanging sculptures and a flowing wall of water. The updated lobby is also very impressive, reflecting a fashionably understated elegance that is emblematic of the modern boutique aesthetic.
Rising 40 stories, the Property features outstanding light, air, and views of the entire City throughout the building. A rear courtyard and low-rise buildings to the south allow the Property to leverage its mid-block location to provide open view corridors all the way to the Statue of Liberty, New York Harbor, and the new One World Trade Center.
To the west, a low-rise 10-story building allows spectacular views into the heart of Times Square and the Hudson River beyond. Buildings to the north top out at just 16 stories, while eastern light and air is enhanced by the Property's 15-story atrium, with East River views available from the tower. Continuous ribbon windows and a compact building core maximize views throughout the building.
While the Property's boutique floorplates are ideally suited to full-floor use, floors can also be efficiently divided into two or three light and airy suites, with 13 floors currently divided in this manner. Many of these divided floors have been pre-built to a premium quality standard, enhancing leasing appeal. The Property's floorplates are also large enough to support multi-floor use, with six tenants currently leasing multiple floors. Tenants at Tower 45 currently occupy spaces that range from just 1,611 square feet to 77,574 square feet, demonstrating the Property's ability to accommodate a broad range of space requirements in the heart of Midtown Manhattan.
The Property enjoys a prime Midtown location in immediate proximity to Bryant Park, Rockefeller Center, Times Square, and Fifth Avenue. This central location creates high office demand. The area boasts one of the greatest concentrations of major corporations of any commercial district on earth, with particular strength in the Financial Services, Media, and Legal sectors.
Global corporations occupying more than 500,000 feet in the Property's immediate vicinity include Bank of America, Viacom, NBC Universal, EY, Barclays Capital, Morgan Stanley, UBS, Nomura, HBO, Cravath, Swaine & Moore, Marsh & McLennan, and Paul Weiss.
The district presents Manhattan's premier example of how modern corporations are profiting from synergies between technology and media while drawing upon the legal expertise and new sources of capital available. This synergy across sectors provides significant business opportunities for boutique service firms, driving demand for the convenient and prestigious full-floor office suites at Tower 45.
The Tower 45 Heating, Ventilating and Air Conditioning System uses heat pump technology, New York Steam and energy recycling heat and cool the building. During the summer months, the Cooling Tower removes heat from the condenser water system, thereby providing cooling throughout the building. During the winter months, steam provided by Consolidated Edison warms the condenser water to 85 degrees. In the fall and spring, heat generated by a supercomputer which resides in the building and the other supplemental A/C units warm the condenser water. This greatly reduces our energy use.
On each floor, two systems work in conjunction with one another. There are two 10 Ton water source heat pump units mounted above the ceiling in the men’s and woman’s restrooms. These units provide heating and cooling to the core of the space as well as providing fresh air to the core and perimeter offices. Each unit has a tenant controlled thermostat for full floor tenants.
There are (20 – 30) perimeter console heatpump units on each floor. These units provide heat or cooling to the perimeter offices during the winter or summer months. Each unit has a thermostat which allows independent control of the temperature in each office.
Tower 45 is the home of celebrated steakhouse chain, Bobby Van's. 30-foot-tall windows and outdoor seating intimately connect the restaurant to Times Square, with the world-famous Times Square bowtie located just 400 feet down 45th Street.
Founded in 1969, Bobby Van's now has 9 locations, three of which are in the Times Square district. The steakhouse bridges the gap between fine and casual dining, ideally suited to the tourists, shoppers, and theatregoers that flock to Times Square. The restaurant is also very popular for both lunch and dinner with the tens of thousands of professionals working in and around Times Square.
For boutique tenants in the financial services, legal, and technology sectors, full-floor identity in a modern and convenient building is the preferred office space solution. With only 10 multi-tenant boutique Class A office buildings built after 1988 in all of Midtown, representing just 2% of the overall Class A inventory, the vast majority of Midtown office suites measuring less than 15,000 square feet are located in large corporate office buildings that lack the enhanced security, privacy, and prestige that full-floor occupancy provides.
Tower 45 is located less than a five-minute walk from the Times Square subway hub, the busiest station in the New York City subway system. Connected by an underground pedestrian concourse to the Port Authority Bus Terminal, the Times Square hub includes connections to the A, C, E, N, Q, R, S, 1, 2, 3 and 7 Lines, providing direct access to virtually all points in the City.
Regional transportation convenience is also excellent, with Penn Station and Grand Central Terminal each located within a 10 –12 minute walk of the Property. Port Authority, the busiest bus terminal in the world, is even closer at hand, handling approximately 8,000 buses and 225,000 people on an average weekday. This superior transportation connectivity delivers a critical advantage to the tenants working at Tower 45, reducing commute times and providing easy access to clients and associates.
Development activity in the Property's vicinity includes a major redesign of the public spaces of Times Square itself. In February 2009, traffic lanes along Broadway from 42nd to 47th Streets were de-mapped and transformed into an appealing pedestrian plaza immediately to the west of Tower 45. As a result, there has been a 50% increase in Times Square public space for events, concessions, and outdoor seating. The initiative has been tremendously successful in reducing traffic injuries, improving the visitor experience and increasing overall pedestrian traffic to Times Square.
Additional below-grade improvements to Times Square are now underway, with major upgrades to the infrastructure being completed one block at a time. Up-to-date electric, gas, and steam equipment is being installed, and many of the new granite benches are being outfitted with electric and broadcast plug-in points, cementing Times Square's future as a major global destination for media and cultural events. The infrastructure project is slated for completion in late 2016.
Central Midtown has emerged as one of the leading luxury residential locations in the world, with a host of new "super-tall" luxury towers rising in the Tower 45's vicinity. Midtown's growing residential inventory creates a host of convenient housing options for professionals working at the Property, delivering a key quality-of-life advantage. The residents who inhabit the neighborhood also supplement retail and restaurant demand in the district. The residential population surrounding the Property has grown rapidly in recent years, as summarized in the following table.
| 1/2 Mile | 1 Mile | |
|---|---|---|
| 2020 Projection | 23,502 | 184,128 |
| 2015 Estimate | 22,255 | 175,103 |
| 2010 Census | 20,785 | 164,127 |
| 2000 Census | 17,845 | 141,439 |
| Cumulative % Growth 2000-2020 | 32% | 30% |
Since 2000, average household income grew by an impressive 65% within a half-mile of the Property, reaching $127,760 per year.
| Radius | 1/2 Mile | 1 Mile |
|---|---|---|
| 2015 Average Household Income | $127,760 | $147,278 |
| 2000 Average Household Income | $77,423 | $99,092 |
| % Growth 2000-2015 | 65% | 49% |
The Property's core Midtown location allows a high proportion of nearby residents to walk to work, with 42% of all workers living within a half mile utilizing this method. This is one of the highest walk-to-work rates in the City, adding to foot traffic along 45th Street. In addition, 45% of residents utilize public transportation to get to work, bringing thousands of people past the Property each day on their way to and from the nearby subway stations on Broadway and Sixth a Avenue.