Strong Demand at Bush Tower as Area Undergoes Rapid Transformation

March 30, 2013

Businesses Eager to Occupy Modern Spaces in Centralized Location

With as many as five new lease signings and three expansions within the existing tenancy this year alone, Bush Tower, the landmark Times Square Building designed by Harvey W. Corbett, is quickly becoming a choice destination for media, technology and financial firms drawn to the building for its modern, spacious and light-filled offices, as well as its proximity to prominent businesses situated along Avenue of the Americas.

The influx of new tenants to the Bush Tower, located at 130 West 42nd Street, mirrors the dramatic reshaping of the entire swath of 42nd Street near Sixth Avenue, which now includes two new hotels and a new retail complex dubbed “The Cubes.”

“The entire block is in total transition,” said Paul Walker, first vice president at CBRE and leasing agent for Bush Tower. “This is one reason why interest in the building has been so high.”

One of the most notable spaces for lease at the Bush Tower is on the 17th floor, a full-floor office with 5,200 square feet of space.

“This is a rare private floor,” Walker continued. “For 5,200 square feet in a larger building, most tenants would have to share the floor. This provides the opportunity to be a big fish.” Other building vacancies include: ninth-floor office space with 3,200 square feet and private bathrooms – another rarity – and seventh-floor office space with 6,000 square feet and expansive 13-foot ceilings.

Completed in 1918, Bush Tower – named for its founder Irving T. Bush – was originally known as the Bush Terminal Building. The son of an oil-refinery tycoon, Mr. Bush built the sprawling Bush Terminal transportation, warehousing and manufacturing facility in Brooklyn. Later, he envisioned that the Bush Terminal Building would serve as an epicenter for international trade, a gathering place and showroom where manufacturers could meet with potential buyers and strike deals.

Today, though no longer a manufacturing showroom, the Bush Tower is a prominent office building, a stunning Neo-Gothic landmark credited with helping to set the standard for Manhattan’s tall, skinny mid-block high-rises. Its most famous features include trompe l’oeil brickwork, crowning pavilion and two-story tall arched windows.

Two years ago, the building’s present owner, American Properties, completed an extensive renovation, which included restoration of the granite/limestone façade; refurbishment of original architecture details, such as gargoyles; and complete gut renovation of the lobby. For the lobby, designers chose natural woods in light cherry, marble and granite, adding a contemporary and elegant aesthetic to the landmark property. Additional improvements involved outfitting the building with state-of-the-art systems, including modern elevator cabs with video display monitors, tiled and carpeted elevators, high-speed Internet with Wi-Fi access, and marble restrooms on every floor.

“This building really offers the best of both worlds,” said Nicholas Ghattas, CEO of American Properties. “Working here, you get the feeling of being immersed in New York City history. But you also have a fully modern environment that is conducive to virtually any type of enterprise.”

With the completion of the exterior and lobby, American Properties is in the midst of renovating individual office spaces, remodeling interiors as tenants vacate. Unique design elements include glass partitions, light wood floors and innovative, spacious layouts that make use of substantial natural light.

Centrally located, Bush Tower contains 250,000 square feet of office and retail space, and offers same-block access to 14 subway lines.

 

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