THE chairman of AT&T, C. Michael Armstrong finally saw his stock move higher this week – and now he is, too.
Armstrong is moving into a luxurious 6,000 square-foot suite on the tippy-top of the 72-story Trump Building at 40 Wall Street.
That beats his current 25-story high office at the AT&T long lines building, now owned by the Rudins. They’re doing a little structural housekeeping at 32 Avenue of the Americas – dubbed the “Global Connectivity Center” by Ma Bell.
But what were they going to do with Armstrong during all that commotion when their own buildings were full?
The solution was to rent him the Trump suite. While the lease may have an AT&T logo, the $65-a-foot tab is getting picked up by the Rudins.
An AT&T spokesperson said Armstrong would be displaced for only three months, and the location wasn’t a consideration, because “he travels a lot, and his office is whereever he is.” That’s sort of like the president of the United States – but no one follows with a suitcase carrying Armstrong’s cell phone.
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HIP hopes it’s hopping. When Vornado bought the 446,000 square foot building at 7 West 34 St. last fall for $128 million, the investment trust had an idea of how to add value to the building.
“They decided the non-profit HIP, which has a long-term under-market lease through 2012, was in way over its class,” explained one real estate source.
But now it’s HIP that’s dangling the 200,000 square-foot listing on MrOfficeSpace.com, hoping to lure a fresher and more lucrative fish, at which point they could perhaps get Vornado to pay them to vamenos.
Brian Givens of GVA Williams represents HIP, but he was out of town, and didn’t return calls for comment.
HIP still has to find a home.
Bill Lewis of HIP corporate facilities, confirmed the search. “We have retained our own real estate professionals to test the market out there for us to see what sort of value there might be to HIP, given our location. We have no offers in hand and no place to go.”
One place he did rule out was another state. “Being a long-time NewYork corporation, I’m sure all the decisions would be geared to staying in New York.”
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We’re outing Philip Pilevsky as the upcoming owner of most of 800 Second Ave. The contract is signed and he’ll soon plunk down $33 million to Ampal American for the UN-area building. We say “most,” because in January 1997, condominum floors 10 through 18 were bought by the Government of Israel for $31 million, fetching $430 a foot.
Two years later, Pilevsky will get the remaining 215,000 feet for $155 a foot.
The skillful dealmaker is also closing this Thursday on 40 Rector St. That 449,000 square footer is selling for $78 million or $180 a foot.
And if you look ringside at Madison Square Garden on Jan. 27, you might catch Pilevsky rooting for Tokumbo Olajide. In his spare time, Pilevsky manages the undefeated middleweight.
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Another deal being closed this week is the sale of 180 Maiden Lane. The CNA building is being turned over to the Paramount Group for $330 million, which comes to $300 a foot for the 1.9 million square footer. Paramount is in turn owned by the Otto Group, whose other business children include Eddie Bauer.
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