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OFFICE
ABC/Capital Cities
Firm members conceptualized and negotiated a program of incentives valued at $26 million (through a $12 million sales tax abatement on equipment and a PASNY power allocation) to enable the retention and expansion of certain ABC operations in New York City. Approval for the project was predicted on a theory developed by them that benefits should be provided to stabilize and expand strategic industries or companies whether or not such companies have imminent relocation plans. This project became the basis for a broader City policy applicable to a number of projects in a variety of industries.
Cantor Fitzgerald
Firm members represented Cantor Fitzgerald in the re-establishing of its operations after the tragedy of September 11th. This task included assisting Cantor in evaluating a number of potential relocation projects, from a zoning, financial and development perspective. The firm also assisted Cantor in obtaining a "portable" package, i.e., for use anywhere in the City, of $6 million under the Jobs Creation and Retention Program and a special federal allocation of $23.5 million.
Citicorp Projects
Firm members assisted Citicorp in obtaining benefits in a number of jurisdictions as part of that companies' regionalization program. This included a new corporate campus in Kansas City where firm members arranged for $4 million of benefits for an initial building of 120,000 square feet for credit card collection operations, and $8 million of benefits for a planned expansion building of 120,000 square feet. Firm members did this by conceptualizing, negotiating and assisting in implementing the expansion of a State Enterprise Zone to the Citicorp site. Firm members also assisted Citicorp in obtaining infrastructure and tax credit benefits for a new corporate campus in Hillsborough County (Tampa area), Florida and for various other projects in New York, Kentucky and New Mexico.
Conde Nast - Site 4, Times Square
Development of the first new office tower in Times Square, based on the lease of 500,000 square feet by Conde Nast for its global headquarters. Firm members representing Conde Nast structured and negotiated a package of incentives, including a real estate tax abatement (in excess of the abatements build into the ground lease) and sales tax abatement on tenant work, with a value of $10.75 million.
Empire/Leucadia
Firm members negotiated an incentives package worth $9.5 million from the City of New York to facilitate the company's relocation of back office operations to Renaissance Plaza in downtown Brooklyn. They pioneered a technique under which a company leasing only a portion of a larger project, but positioned as a project anchor, can "capture" the incentives potentially available to the entirety of a much larger development. In this case, project-related benefits, such as mortgage recording tax, sales tax, and real estate tax benefits, available to the entire project (800,000 square foot office, plus a hotel and parking facility), "were obtained by" Empire/Leucadia even thought it was to occupy only 200,000 square foot in the complex.
Hearst Communications
Reconstruction of the existing landmarked Hearst headquarters at 57th and 8th Avenue in New York City, and the addition of a new 36 story highly contemporary office tower designed by Lord Foster. Firm members conceptualized and obtained a $26 million package of discretionary incentives, and conceptualized and obtained approval of a new interpretation of the ICIP real estate tax program to enable its use on a portion of the new tower.
HSBC Projects
Firm members arranged for incentives through the Industrial Development Agency, for a new 35,000 square foot data center in Amherst, New York. They conceptualized and obtained approval of the approach of utilizing sales tax abatement for ongoing capital purchases over a 15 year period, which resulted in a benefit of $4 million. The firm also arranged for a "strategic package" of $15-30 million of incentives, covering all of HSBC's other operations in Erie County (including Buffalo), totaling over 1,064,000 square feet.
Metropolitan Life
Adaptive re-use of a 404,000 sq. ft. industrial building in Long Island City, Queens, and the construction of a new 251,812 sq. ft. office building adjacent to it, for the relocation of most of MetLife's operations in New York City. Firm members conceptualized and obtained $26 million of discretionary incentives, plus $18.2 million of as-of rights benefits, for the company, including a new form of real estate tax benefit to offset the problem that insurance companies are not eligible for REAP benefits, the primary as-of-right benefit for that area. They also obtained a rezoning of the new construction site, in the record time of 5 months. The firm also assisted MetLife in obtaining ongoing public capital improvements and area security.
National Association of Security Dealers, Inc. (NASD)
Retention and expansion of NASD, NASDQ, and AMEX in New York City, including the leasing and renovation of 426,000 square feet in Lower Manhattan and the substantial upgrading of the trading floor, also in Lower Manhattan. Firm members arranged for a base package of $58.6 million of incentives for retention and limited growth, and an additional $21.4 million for further growth. They subsequently negotiated an amendment splitting the incentives package among the three component firms to enable each firm to better develop its own capital and ownership structure.
NBC
Retention and expansion of NBC in Rockefeller Center. Representing the landlord (Rockefeller Group, Inc.), firm members arranged for incentives, which included, among other significant benefits, tax abatement and electricity cost reduction, which made the site competitive with proposals from The Trump Organization and various New Jersey sites. This was the first time that the Industrial Development Agency provided sales tax exemptions on equipment purchases in a commercial project.
New York Life - White Plains
Relocation of administrative operations from New York City to 383,000 square feet in an existing facility in Mt. Pleasant, New York. Firm members arranged for $20 million in incentives from the Westchester County IDA, and $600,000 of benefits from the Empire State Development Corporation.
Reuters - Site 3, Times Square
Firm members represented Reuters America Holdings Inc. in identifying and developing a new facility for its U.S. headquarters, initially evaluating the potential incentives and negotiating preliminary offers for a number of alternative sites in New York, New Jersey and Connecticut. They then conceptualized and negotiated an incentive package of $26 million NPY in sales tax abatement on equipment and other capital purchases.
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