Savanna is planning a massive renovation at One Court Square in Long Island City following the departure of Citigroup.
The banking giant is reducing its space in the building to 400,000 s/f, the New York Post reported, with its lease on the upper 31 floors set to expire in 2020.
It’s departure will open up one million square feet of the tower that Savanna is offering across the upper 31 floors of the iconic office tower.
It marks the first time that this Class A office space has been available to the open market, as the property
has been 100 percent occupied by Citibankt since it was developed and opened in 1989.
Savanna is completely revamping the asset, making significant investment in capital improvements focused on tenant amenities, building systems, and technical infrastructure.
“One Court Square was purpose-built by a major corporation to the highest possible standards,” said Nicholas Bienstock, Co-Managing Partner of Savanna. “With our planned amenity package and updates to what already is fundamentally excellent space, we’re delivering new construction quality, large column-free floorplates of over 33,000 square feet, and the top quality live-work environment that is increasingly required by New York space users.
“ When combined with the property’s sweeping 360-degree views of the New York City skyline, the product will be a truly special office space.”
One Court Square will be among the first trophy-quality office offerings to reach the commercial market in Long Island City, after a decade-long wave of large-scale residential development and industrial to office conversions have begun the transformation of the area. As a part of the offering,
According to Savanna, multiple as-of-right tenant incentives can reduce the annual cost of occupancy by up to $25 per square foot, with the REAP incentive alone reducing effective rents by up to $20 per square foot per year for tenants relocating from Manhattan or outside of New York.
Savanna’s capital improvement plan includes the addition of a tenant amenity program, primarily centered around the 150,000 s/f retail annex adjacent to the 53-story office tower.
The annex will incorporate 5 levels of food, fitness, and lifestyle elements as well as a new conference center to support the office tower tenancies.
The area is being completely redesigned by Gensler, and will feature a showcase, custom designed architectural stairwell interlinking all five levels and an approximately 17,000 s/f food hall concept.
In the office tower, Savanna will modernize the lobby and related common areas, and improve building systems with a focus on system redundancy and other key needs of modern tenants. The lobby and elevators have the potential to be reconfigured to accommodate major users requiring a separate entry or building-within-a-building solution.
Redevelopment plans include the addition of ground floor retail and related shared spaces to activate the lobby and provide a more dynamic experience for building tenants.
Savanna has engaged JLL’s Mitchell Konsker, Matthew Astrachan, Michael Berg, Daniel Turkewitz and Clark Finney to head the leasing campaign.
“At this early stage of marketing, there has been exceptional interest in One Court Square,” Konsker said.“LIC is arriving on the map for commercial tenants. It’s easy for them see how compelling this particular property is, with large blocks of Manhattan-quality Class A space at highly competitive rents, further offset by substantial, as of right incentives. Savanna’s investment strategy will only make the property more attractive to a wider array of potential tenants.”