Ad giant WPP to cut NY real estate footprint by 700K-sf

Ad giant WPP to cut NY real estate footprint by 700K-sf

first_imgThe lion’s share of that will come from closing Ogilvy’s headquarters at 636 11th Avenue, where it has about 550,000 square feet, according to the publication, though some of that has been subleased over the years. The ad agency will move to 200 Fifth Avenue, where Grey Group, another WPP subsidiary, is already located.AKQA, a digital design and communication agency, will leave 114 Fifth Avenue and join other WPP companies, including GroupM and Wunderman Thompson, at 3 World Trade Center. And finally, Geometry will vacate 636 11th Avenue as it merges with VMLY&R at 3 Columbus Circle.Ogilvy declined to comment, and a WPP spokesperson did not immediately respond to a request for comment from the news outlet.The advertising sector has been among the hardest hit industries due to the pandemic. Earlier this year, R/GA, a global advertising agency, slashed the size of its 173,000-square-foot headquarters at Brookfield Property Partners’ 5 Manhattan West by 65 percent. [BI] — Akika Matsuda Share via Shortlink WPP global CEO Mark Read (iStock; WPP)As the pandemic rages on and timelines for when workers can return to offices continue to be pushed back, more firms are looking to cut their office real estate holdings.One example: WPP, the British advertising giant that’s the parent company of Ogilvy and GroupM, will reduce its New York City office space by 700,000 square feet, about a third of its footprint, Business Insider reported.The measure is part of the company’s plan to cut its global real estate costs by up to 20 percent in the next five years.Read moreSpike in Manhattan’s office sublease explainedA nationwide sublease surgehttps://therealdeal.com/issues_articles/a-long-road-ahead-for-office-landlords/ TagsCommercial Real EstateOffice LeasingOffice Real Estate Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlinklast_img read more

These NYC neighborhoods lost housing in the past decade

These NYC neighborhoods lost housing in the past decade

first_img Share via Shortlink Tags Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink (iStock/Illustration by Kevin Rebong for The Real Deal)Despite the preponderance of new buildings that have risen in New York in the past 10 years, the city added only 206,000 housing units over that period of time — and in some upscale enclaves, housing was actually lost.A recent analysis from the Department of City Planning, first reported by The City, looked at all housing construction and demolition jobs approved by the Department of Buildings since 2010. The report looked at data through June 2020.According to the analysis, most neighborhoods in the city added some housing units, with those close to transit accounting for much of that growth. Areas that had been rezoned — Hudson Yards, Long Island City, Williamsburg and Downtown Brooklyn — added as many as 65 new units per acre.But wealthier enclaves saw losses. On the Upper East Side, more than 2,000 residential units were built in the past decade, but since many owners combined units, the overall amount of housing decreased.The Upper East Side wasn’t alone; the stretch of the Upper West Side next to Central Park, much of Soho and the West Village lost between half a unit and six units per acre, on average, over the 10-year period, according to the report. Alterations and combinations of units accounted for the losses in those areas, too.“People see housing demand when it spreads vertically — when buildings pop up, when you see new construction — but what they don’t see is that the demand for housing also spreads horizontally,” Howard Slatkin, deputy executive director for strategic planning at the Department of City Planning, told The City. “In the absence of those new additions, as affluent people take more space and larger residences for themselves, what you get is a reduction in total housing units.”The findings come about New York mayoral candidates are making housing production a key talking point in their campaigns. Some wealthier areas of New York are seeing a push for more affordable housing, including Soho, where a proposed rezoning could allow for more residential housing.[The City] — Keith Larsen Residential Real Estatesohoupper east sideWest Villagelast_img read more

Rockrose investment values Nomad office building at $235M

Rockrose investment values Nomad office building at $235M

first_img Tags Message* Share on FacebookShare on TwitterShare on LinkedinShare via Email Share via Shortlink 11 East 26th Street with Henry and Justin Elghanayan (Google Maps, Getty)UPDATE, April 30 2021, 11:25 a.m.: At least one developer is looking at the office market through rose-colored glasses.Rockrose Development purchased a 14 percent interest in a 218,000-square-foot office building at 11 East 26th Street in Nomad for $32.9 million. The investment values the pre-war building at $235 million, down only slightly from its pre-pandemic valuation of $246 million.The purchase gives Rockrose a 42.5 percent tenant in common interest in the building, according to property records, which is a non-controlling share. Adams & Company’s David Levy, whose firm is the managing agent for the building and first bought into it in 1968, said he expects no major changes to the property.ADVERTISEMENTThe 21-story building, which faces Madison Square Park, has retained most of its value even as the broader office market struggles. Current tenants include Anbau Enterprises, Ford Models, the National Museum of Mathematics and Bluewolf, owned by IBM.Read moreManhattan office market’s 25% drop is ominous sign for landlords Google will bring some employees back to offices this month Deutsche Bank eyes hybrid model while JPMorgan plans office return Share via Shortlink In 2018, Rockrose purchased a 7.5 percent interest in the property, which valued the building at roughly $110 million. The offices notched a $246 million valuation in March 2020, when limited liability company Steep Hill, an affiliate of Rockrose, acquired an 11 percent interest in the building for $16 million. The change in valuation — from $110 million to $246 million in two years, and the post-pandemic decline to its current $235 million — “reflects where the market is today and where it was,” said Levy.The pandemic has hammered the office market, particularly in Manhattan, where availability hit an all-time high of 16 percent in the first quarter of 2021. While some companies are starting to bring their workers back to offices, others including Google and Facebook have made provisions for their employees to work from home forever. And more large office tenants are expected to reduce their footprint in the months and years ahead.“We’re all looking to see what happens in the next six to twelve months,” said BMO real estate analyst John Kim. “Utilization of office space is low despite many people getting vaccinated, and some employees are likely to resist a return to the office.”Still, newer properties with long-term tenants are trading at or above pre-pandemic prices, according to Kim, who cited the late 2020 deal for SL Green’s 410 10th Avenue, which sold to 601W Companies for $950 million. Amazon signed on in 2019 as the anchor tenant, and the building is currently undergoing a major redevelopment.Rockrose’s New York City portfolio consists mainly of residential buildings concentrated in Long Island City, though it also owns a boutique office building next door to the 26th Street property. The company did not reply to a request for comment.UPDATE: This story has been updated to reflect Rockrose’s full tenant in common interest in the building at 11 East 26th Street. The story previously stated that Adams & Company had a controlling interest in the building; the company is the managing agent for the building. Contact Orion Jones Email Address* Full Name* midtown office marketnomadReal Estate Financerockrose developmentlast_img read more

The occurrence of Mesozoic oceanic floor and ancient continental crust on South Georgia

The occurrence of Mesozoic oceanic floor and ancient continental crust on South Georgia

first_imgThe Larsen Harbour Formation of southern South Georgia is part of an ophiolite sequence of submarine lavas and sheeted dykes emplaced into metasedimentary country rocks. The metasediments are remnants of a pre-Cretaceous continental crust which had been subject to regional metamorphism and polyphase deformation prior to intrusion by a variety of acid and basic igneous rocks (roots of the ophiolitic sequence). It is proposed that the segment of continental crust and the Larsen Harbour Formation formed the floor of a back-arc basin which was infilled during Early Cretaceous time by a thick sequence of volcaniclastic sediments (Cumberland Bay Formation).last_img

Thermodynamics of the interaction between ice shelves and the sea

Thermodynamics of the interaction between ice shelves and the sea

first_imgAn ice shelf is a floating ice sheet, attached to land where ice is grounded along the coastline. Nourished both by surface snow accumulation and by glaciers and ice sheets flowing off the land, ice shelves can reach a considerable thickness, varying from up to 1 300 m when the ice starts to float to 200 m or less at the seaward edge (known as the ice front). Nearly all the world’s ice shelves are found in Antarctica, where they cover an area of about one and a half million square kilometres. The two largest are the Ross Ice Shelf and the Filchner-Ronne ice shelf, each with an area of about half a million square kilometres. Smaller ice shelves fringe other parts of the Antarctic coastline.last_img

Diffusion and location of hydrochloric acid in ice: Implications for polar stratospheric clouds and ozone depletion

Diffusion and location of hydrochloric acid in ice: Implications for polar stratospheric clouds and ozone depletion

first_imgWe have carried out experiments to study the incorporation and movement of HCl within the structure of ice. These involved freezing HCl solutions, and observing them in a scanning electron microscope fitted with an X‐ray microanalysis system. We are able to show that HCl is not easily incorporated into ice crystals, but is strongly partitioned towards the grain boundaries. Furthermore, the diffusion of HCl through ice crystals is slow. These results contradict the interpretation of earlier experiments. They mean that if HCl is to be available for reaction on polar stratospheric cloud particles, as required by current theories of Antarctic ozone depletion, then it must be present in some form other than a solid solution.last_img

Annual survival of Sparrowhawks Accipiter nisus breeding in three areas of Britain

Annual survival of Sparrowhawks Accipiter nisus breeding in three areas of Britain

first_imgAnnual survival of breeding female Sparrowhawks Accipiter nisus was estimated by a capture-recapture procedure in three different areas, Eskdale and Annandale in southern Scotland and Rockingham Forest in east-central England. In Eskdale, where the breeding population remained fairly stable during a 19-year study, annual survival averaged 59% (s.e. = 4%). In Annandale, where the breeding population declined during a 10-year study, annual survival averaged 66% (s.e. = 4%). In Rockingham, where the breeding population increased during an 11-year study, annual survival averaged 72% (s.e. = 4%). In this area, survival declined during the study as numbers rose. The apparent density-dependence in survival was therefore confounded with a time trend. In all three areas, annual variations in survival were negatively related to the number of rain days during October-April, but the relationship was significant only in Eskdale. This area had the longest run of data and the greatest variation in the number of winter rain days. The relationship with rain days could partly account for the differences in mean survival between areas, with lowest survival in the wettest area and highest survival in the driest.last_img read more

Interannual variability in krill abundance at South Georgia

Interannual variability in krill abundance at South Georgia

first_imgInterannual variability within the pelagic marine environment around South Georgia is a well-recognised phenomenon. A key aspect of this variability is interannual fluctuation in the abundance of Antarctic krill Euphausia superba. Here we describe a new acoustic survey programme to monitor krill abundance in the South Georgia region. We present biomass estimates for 2 survey boxes, located over the shelf-break to the northeast and northwest of the island, derived from the first of these surveys conducted in January 1996. We contrast these with the most recent previous estimates for the region obtained in January 1994. Weighted mean krill density (and weighted variances) estimates for the 1996 surveys were 40.57 g m-2 (13.37) and 26.48 g m-2 (54.30) for the eastern and western boxes respectively. These are high compared with those obtained in January 1994, when estimates for similar areas were 1.87 g m-2 (0.14) and 7.43 g m-2 (1.33) respectively. The greater than 20-fold difference between surveys reveals a very large interannual variability in krill abundance at South Georgia. In 1994 the low abundance resulted in greatly reduced breeding success in most habitual krill predator species there. In the 1996 season, however, breeding success of these species was normal. Instantaneous estimates of krill abundance using acoustic techniques are therefore consistent with measurements from predators, whose breeding performances provide a longer-term indication of prey abundance in the surrounding pelagic ecosystem in a particular season.last_img read more

Inland Thinning of Pine Island Glacier, West Antarctica

Inland Thinning of Pine Island Glacier, West Antarctica

first_imgThe Pine Island Glacier (PIG) transports 69 cubic kilometers of ice each year from ∼10% of the West Antarctic Ice Sheet (WAIS). It is possible that a retreat of the PIG may accelerate ice discharge from the WAIS interior. Satellite altimetry and interferometry show that the grounded PIG thinned by up to 1.6 meters per year between 1992 and 1999, affecting 150 kilometers of the inland glacier. The thinning cannot be explained by short-term variability in accumulation and must result from glacier dynamics.last_img

Slot region electron loss timescales due to plasmaspheric hiss and lightning-generated whistlers

Slot region electron loss timescales due to plasmaspheric hiss and lightning-generated whistlers

first_imgEnergetic electrons (E > 100 keV) in the Earth’s radiation belts undergo Doppler-shifted cyclotron resonant interactions with a variety of whistler mode waves leading to pitch angle scattering and subsequent loss to the atmosphere. In this study we assess the relative importance of plasmaspheric hiss and lightning-generated whistlers in the slot region and beyond. Electron loss timescales are determined using the Pitch Angle and energy Diffusion of Ions and Electrons (PADIE) code with global models of the spectral distributions of the wave power based on CRRES observations. Our results show that plasmaspheric hiss propagating at small and intermediate wave normal angles is a significant scattering agent in the slot region and beyond. In contrast, plasmaspheric hiss propagating at large wave normal angles and lightning-generated whistlers do not contribute significantly to radiation belt loss. The loss timescale of 2 MeV electrons due to plasmaspheric hiss propagating at small and intermediate wave normal angles in the center of the slot region (L = 2.5) lies in the range 1–10 days, consistent with recent Solar Anomalous and Magnetospheric Particle Explorer (SAMPEX) observations. Wave turbulence in space, which is responsible for the generation plasmaspheric hiss, thus leads to the formation of the slot region. During active periods, losses due to plasmaspheric hiss may occur on a timescale of 1 day or less for a wide range of energies, 200 keV < E < 1 MeV, in the region 3.5 < L < 4.0. Plasmaspheric hiss may thus also be a significant loss process in the inner region of the outer radiation belt during magnetically disturbed periods.last_img read more