Hedge funder Ken Griffin has closed on a massive penthouse at 220 Central Park South, paying a record-shattering $238 million, according to sources familiar with the deal.
The Citadel founder has long been rumored as the buyer of the condominium’s most lavish spread — a 23,000-square-foot quadplex encompassing the 50th through 53rd floors of the limestone tower, developed by Vornado Realty Trust and designed by Robert A.M. Stern. The asking price was $250 million.
— The Real Deal
After Ken Griffin dropped a sweet quarter billion on his new NYC digs, he didn't appear entirely penniless and recently secured a few other neat places to crash when traveling to London, Chicago, or Miami. "Earlier this week, he reportedly scooped up a house in London for around $122 million,"... View full entry
Architecture firm billings growth softened in December but remained positive for the fifteenth consecutive month, according to a new report released today from The American Institute of Architects (AIA). AIA’s Architecture Billings Index (ABI) score for December was 50.4 compared to 54.7 in November. Despite the positive billings, a softening in growth was seen across several regions and sectors, as well as in project inquiries and design contracts. — AIA
“Given the concerns over the ongoing tariff situation, it is not surprising to see a bit of a slowdown in progress on current projects,” said AIA Chief Economist Kermit Baker, PhD, Hon. AIA. “Growing anxiety over unstable business conditions and the partial shutdown of the government may... View full entry
The rapid transformation of downtown Los Angeles’ skyline is being fueled in good measure by huge investments from Chinese companies eager to burnish their global brands and capitalize on L.A.’s real estate boom.
Now some of those projects have become a focus of federal agents seeking evidence of possible bribery, extortion, money laundering and other crimes as part of a corruption investigation at City Hall.
— Los Angeles Times
The FBI search warrant lists a number of high-profile property developers and real estate companies from mainland China that have considerably shaped the skyline of Downtown Los Angeles with monumental high-rise projects in recent years, such as Shenzhen New World Group, Shenzhen Hazens... View full entry
Amazon could be a new tenant in the Chrysler Building, already increasing its upcoming presence in New York.
The tech giant, which is bringing half of its second headquarters to Long Island City, is close to signing a lease for about 10,000 square feet in the famed property, according to the New York Post. The building’s owners, Tishman Speyer and Abu Dhabi Investment Council, are putting the landmark tower at Lexington Avenue and East 42nd Street up for sale.
— The Real Deal
The intention of the Chrysler Building owners to sell the iconic property at 42nd Street and Lexington Avenue made headlines last week. Securing a commercially attractive retail tenant, such as Amazon, would certainly improve the aging skyscraper's market value. View full entry
The LA-based practice Hodgetts + Fung and Seattle-based practice Mithun have announced that they will merge, effective today. The Culver City office has updated its name, reflecting the new change, to Mithun | Hodgetts + Fung. Hollywood Bowl / Los Angeles, CA [H+F project; image courtesy of... View full entry
Deep in a provincial region of northwestern Turkey, it looks like a mirage -- hundreds of luxury houses built in neat rows, their pointed towers somewhere between French chateau and Disney castle. Meant to provide luxurious accommodations for foreign buyers, the houses are however standing empty in what is anything but a fairytale for their investors. — Daily Mail
A city of castles has sprung up in Northwestern Turkey. Burj Al Babas, the 732-home and shopping center development built by the Sarot Group, cost a whopping $205 million and may not be inhabited in the foreseeable future. In recent years, the country's high inflation and currency crisis have... View full entry
The We Company will be comprised of three main business units: WeWork, its main office business; WeLive, a fledgling residential unit; and WeGrow, a still-evolving business that currently includes an elementary school and a coding academy. Although the company could not provide specifics, it says plans are in the works to build out its residential and education units this year. Also — Fast Company
Early this week, WeWork's CEO Adam Neumann revealed significant changes to the infamous co-working space that took the globe by storm when it opened their first workspace in 2010. Quickly becoming one of "the fastest-growing lessee of new spaces in America," by 2014, the company seemed... View full entry
Abu Dhabi, the Persian Gulf Emirate that’s the Chrysler Building’s majority owner, is considering a sale of the 77-story tower after about a decade of ownership, people with knowledge of the matter said Wednesday. Abu Dhabi Investment Council, the government’s sovereign wealth fund, paid $800 million for a 90 percent stake in 2008. — Bloomberg
Roughly ten years after changing ownership to an Abu Dhabi sovereign wealth fund, the iconic Chrysler Building is back on the market again. But what is a trophy worth?, asks Bloomberg. Gorgeous automobile-inspired facade details, symbols of a bygone industrial era. Image via Wikipedia.Strictly... View full entry
Governments can help nudge the industry to use more wood, particularly in the public sector—the construction industry’s biggest client. That would help wood-building specialists achieve greater scale and lower costs. Zero-carbon building regulations should be altered to take account of the emissions that are embodied in materials. This would favour wood as well as innovative ways of producing other materials. — The Economist
The Economist compares the environmental impact of the industrialized world's most common building materials, cement and steel, with that of carbon-trapping wood, and how an earnest effort to reach the emission goals outlined in the Paris Climate Agreement cannot ignore building with timber on a... View full entry
...the new property is not to sell products. Instead, Shinola aims for the hotel to be a place where Detroiters and out-of-town visitors can bond with each other, the city, and the brand in an organic way. — Hour Detroit
The Detroit-based watch company is a fundamental entity within the city. Founded in 2011, the humble watch company built its first factory by transforming 30,000 square feet of unused space inside Detroit's historic Argonaut Building. A brand built on quality, hard work, and the spirit of Detroit... View full entry
The new year is upon us! There are plenty of things the architecture community can learn from 2018. With trends rising and falling out of style, to practices learning how to embody an ethical and inclusive model, industry leaders are looking to start the new year on the right foot. This week's job... View full entry
It is clear not everyone is tightening the purse strings in tougher economic times following a year of record-smashing home sales in 2018. Despite global boom-time economies starting to wane, the big spenders were still out in force snapping up some of the most expensive properties on the planet right up until the end of the year. — The Spaces
A round-up of the world's five priciest homes sold in 2018, plus another three that are still on the market in case you're looking for a swanky new abode in 2019. View full entry
For years, suburbia has offered these companies acres of disposable, cheap, anonymous office parks: mostly one- or two-story concrete structures surrounded by loads of surface parking. These sites minimized costs, maximized security and allowed companies to scale up, contract or split into different units quickly — at the same time they promoted sprawl and traffic jams and transformed once-quaint bedroom communities south of San Francisco into phenomenally expensive places to live. — The New York Times
Even though Amazon's search for its new headquarters' locations has ended all the talks and negotiations about the company's potential impact on the cities it will settle in — New York and Crystal City, Virginia—have only begun. In ways, the choice comes as no surprise as tech platforms... View full entry
Architecture, creativity, and community. These are the themes that best summarize Apple retail in 2018. Over the past year, Apple has worked in new ways to expand its global and local reach. The company has challenged the traditional definition of brick-and-mortar stores during an uncertain time for many retailers. — 9to5mac
The multi-billion dollar company made moves this year with its heavy presence of retail stores through out the globe. From their new and newly remodeled stores every flagship highlights elements of accessibility, natural light, and energy efficient initiatives present. This year alone, nine brand... View full entry
In August, in our "From the Ground Up" series, we looked at some very early projects by Maya Lin, Barbara Bestor and Tod Williams & Billie Tsien. The Panel House. Image via Bestor Architecture WebsiteOn August 15th we reported about an article in the New Statesman, pointing out the white... View full entry