THE EVOLUTION OF New York City Buildings

Eighty percent of buildings in NYC are over 70 years old ...

1960’s Vintage Building - 38,000 RSF +/-FI

FTH

AVE

NU

E

E 59TH STREET

H.C.

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H.C.

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47 SF

Attorney- Large Office

Attorney- Small Office

Attorney- Shared Office

Administrative Support

Conferencing

Files & Storage

Food Service

Eighty percent of buildings in NYC are over 70 years old ... ... and older buildings are restrictive.

+/- 38,000 RSF

+/- 38,000 RSF

FIFT

H A

VEN

UE

E 59TH STREET

H.C.

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47 SF

Attorney- Large Office

Attorney- Small Office

Attorney- Shared Office

Administrative Support

Conferencing

Files & Storage

Food Service

1. Convectors at perimeter take away valuable real estate.

... and older buildings are restrictive.

+/- 38,000 RSF

FIFT

H A

VEN

UE

E 59TH STREET

H.C.

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WOMEN

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WOMENSTAIR #W

H.C.

STAIR #Y

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WOMEN

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WOMENSTAIR #W

47 SF

Attorney- Large Office

Attorney- Small Office

Attorney- Shared Office

Administrative Support

Conferencing

Files & Storage

Food Service

2. Punched windows do not maximize daylight and views and make offices feel smaller.

... and older buildings are restrictive.

+/- 38,000 RSF

FIFT

H A

VEN

UE

E 59TH STREET

H.C.

STAIR #Y

STAIR #Z

MEN

WOMEN

STAIR #X

MEN

WOMENSTAIR #W

H.C.

STAIR #Y

STAIR #Z

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WOMEN

STAIR #X

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WOMENSTAIR #W

47 SF

Attorney- Large Office

Attorney- Small Office

Attorney- Shared Office

Administrative Support

Conferencing

Files & Storage

Food Service

3. Columns decrease plan efficiency and and hinder future flexibility to replan.

... and older buildings are restrictive.

+/- 38,000 RSF

FIFT

H A

VEN

UE

E 59TH STREET

H.C.

STAIR #Y

STAIR #Z

MEN

WOMEN

STAIR #X

MEN

WOMENSTAIR #W

H.C.

STAIR #Y

STAIR #Z

MEN

WOMEN

STAIR #X

MEN

WOMENSTAIR #W

47 SF

Attorney- Large Office

Attorney- Small Office

Attorney- Shared Office

Administrative Support

Conferencing

Files & Storage

Food Service

4. Columns block sightlines.

... and older buildings are restrictive.

+/- 38,000 RSF

FIFT

H A

VEN

UE

E 59TH STREET

H.C.

STAIR #Y

STAIR #Z

MEN

WOMEN

STAIR #X

MEN

WOMENSTAIR #W

H.C.

STAIR #Y

STAIR #Z

MEN

WOMEN

STAIR #X

MEN

WOMENSTAIR #W

47 SF

Attorney- Large Office

Attorney- Small Office

Attorney- Shared Office

Administrative Support

Conferencing

Files & Storage

Food Service

5. Non-ADA restrooms require additional square footage to be taken up by ADA compliant facilities.

... and older buildings are restrictive.

ADARestroom

ADA

+/- 38,000 RSF

FIFT

H A

VEN

UE

E 59TH STREET

H.C.

STAIR #Y

STAIR #Z

MEN

WOMEN

STAIR #X

MEN

WOMENSTAIR #W

H.C.

STAIR #Y

STAIR #Z

MEN

WOMEN

STAIR #X

MEN

WOMENSTAIR #W

47 SF

Attorney- Large Office

Attorney- Small Office

Attorney- Shared Office

Administrative Support

Conferencing

Files & Storage

Food Service

6. Multiple openings at core necessitate secondary circulation at core, which is less efficient.

FIFT

H A

VEN

UE

E 59TH STREET

H.C.

STAIR #Y

STAIR #Z

MEN

WOMEN

STAIR #X

MEN

WOMENSTAIR #W

H.C.

STAIR #Y

STAIR #Z

MEN

WOMEN

STAIR #X

MEN

WOMENSTAIR #W

47 SF

Attorney- Large Office

Attorney- Small Office

Attorney- Shared Office

Administrative Support

Conferencing

Files & Storage

Food Service

... and older buildings are restrictive.

• multiple office sizes• convectors at perimeter• vacant secretarial stations• large interior spaces• secondary circulation• secretarial to attorney ratio = 1 : 2.5• partner to associate ratio = 1 : 3.4

DN

FIFT

H A

VEN

UE

E 59TH STREET

DN

H.C.

STAIR #Y

STAIR #Z

MEN

WOMEN

STAIR #X

MEN

WOMENSTAIR #W

H.C.

STAIR #Y

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WOMEN

STAIR #X

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WOMENSTAIR #W

367 SFCONF (14)

241 SFATTY

127 SFATTY

124 SFATTY

124 SFATTY

126 SFATTY

253 SFATTY

249 SFATTY

124 SFATTY

246 SFATTY

202 SFATTY

126 SFATTY

253 SFATTY

254 SFATTY

243 SFATTY

201 SFATTY

128 SFATTY 126 SF

ATTY127 SFATTY

126 SFATTY

127 SFATTY

128 SFATTY

128 SFATTY

173 SFATTY (2)

172 SFATTY (2)

172 SFATTY (2) 172 SF

ATTY (2)

172 SFATTY (2)

244 SFATTY

128 SFATTY

171 SFATTY (2)

172 SFATTY (2)

173 SFATTY (2)

172 SFATTY (2)

168 SFATTY (2)

130 SFATTY

126 SFATTY

244 SFATTY

129 SFATTY

123 SFATTY

126 SFATTY

253 SFATTY

126 SFATTY

126 SFATTY

238 SFATTY

203 SFATTY

125 SFATTY

242 SFATTY

201 SFATTY

125 SFATTY

126 SFATTY

127 SFATTY

127 SFATTY

127 SFATTY

254 SFATTY

127 SFATTY

126 SFATTY129 SF

ATTY

95 SFADM

123 SFADM

114 SFADM

115 SFADM

98 SFADM

115 SFADM

129 SFATTY

132 SFATTY

131 SFATTY

244 SFADM

98 SFADM

85 SFADM

92 SFADM

236 SFADM

104 SFADM

68 SFADM

69 SFADM

76 SFADM

77 SFADM

62 SFADM

74 SFADM

123 SFADM

93 SFADM

28 SFADM

117 SFADM

47 SFSTOR

88 SFPANTRY

167 SFADM

90 SFADM

79 SFADM

80 SFADM

81 SFADM

78 SFADM

90 SFADM

269 SFADM

128 SFADM

88 SFADM

80 SFADM

83 SFADM

80 SFADM

97 SFADM

114 SFADM

140 SFATTY

129 SFADM

69 SFADM

114 SFADM

138 SFATTY

134 SFADM

139 SFATTY

135 SFATTY

130 SFADM

135 SFADM

82 SFADM

101 SFADM

91 SFADM

104 SFADM

107 SFADM

109 SFADM

110 SFADM

89 SFADM

75 SFADM

68 SFADM

74 SFADM

81 SFADM

81 SFADM

74 SFADM

77 SFADM

555 SFADM

109 SFADM

Legend

Attorney- Large Office

Attorney- Small Office

Attorney- Shared Office

Administrative Support

Conferencing

Files & Storage

Food Service

TRADITIONAL LAW FIRM PLANNINGRSF/

aTTORNEY

900+

Traditional law firm planning in older-era buildings

Loss of space in older-era buildings adds up ...

2,400

350,000

250

180

1,500

2,600

6,930

69,300

Convectors

Columns

ADA unisex restrooms

Circulation due to columns

Circulation due to secondary circulation at core

Total Rentable Area

rsf

rsf

rsf

rsf

rsf

rsf

rsf

rsf

x 10 floors

Restrictions in older buildings can result in 15% - 20% of unusable space...

NOTE: Numbers represent vintage 1968 building.

15-20%OF UNUSaBLE

SpaCE

Manhattan West solves the problems of the past.

No convectors

Floor-to ceiling windows

Column-free floor plan

aDa restrooms

Minimal openings at core

Manhattan West can be a blank canvas.

NEW PLANNING CONCEPTS TRaDITIONaL OFFICE LaYOUT

593RSF/

aTTORNEY

• (3) attorney office sizes• secretarial to attorney ratio = 1 : 7• partner to associate ratio = 1 : 2.5

RECORDS / STORAGE / LIBRARY / SUPPORT

COPY

COPY

STOR

WORKROOM

TEL

TEL

CL

COPY

COPY

PL

PL

PL

PL

PL

PL

PL

PL

TEAM ROOMFLEXIBLE SUPPORT SPACE

SUPPORT

SUPPORT

SUPPORT

SUPPORT

FLEX

IBLE

SUP

PORT

SPA

CE

FLEXIBLE SUPPORT SPACE

aTTORNEYS

59INTERIOR ASSOCIATES

• (3) attorney office sizes• secretarial to attorney ratio = 1 : 5.6• partner to associate ratio= 1 : 2.7• associates in perimeter offices• increased number of associates

in interior offices

NEW PLANNING CONCEPTS TRaDITIONaL OFFICE LaYOUTINCREASEd NumbER Of INTERIOR ASSOCIATES 514

RSF/ aTTORNEY

COPY

COPY

COPY

COPY

STOR

WORKROOM

TEL

TEL

CL

RECORDS / STORAGE / LIBRARY / SUPPORT

PL

PLPL

PL

FLEXIBLE SUPPORT SPACE

FLEX

IBLE

SUP

PORT

SPA

CE

TEAM ROOM

FLEXIBLE SUPPORT SPACE

aTTORNEYS

68

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NEW PLANNING CONCEPTS TRaDITIONaL OFFICE LaYOUT

NEW PLANNING CONCEPTS ONE-SIZE OFFICE LaYOUT

RSF/ aTTORNEY

460

• (1) attorney office size (150 sf)• secretarial to attorney ratio = 1 : 6.3

COPY

COPY

COPY

COPY

STOR

WORKROOM

TEL

TEL

CL

RECORDS / STORAGE / LIBRARY / SUPPORT

COPY

COPY

COPY

COPY

PL

PL

FLEXIBLE SUPPORT SPACE

FLEX

IBLE

SUP

PORT

SPA

CE

TEAM ROOM

FLEXIBLE SUPPORT SPACE

PL

PL

aTTORNEYS

76

NEW PLANNING CONCEPTS ONE-SIZE OFFICE LaYOUT

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NEW PLANNING CONCEPTS TEaM CONCEpT/pROGRESSIVE

RSF/ aTTORNEY

372

• secretarial to attorney ratio = 1 : 7.8• attorneys in perimeter offices and

teaming areas

STOR

WORKROOM

RECORDS / STORAGE / LIBRARY / SUPPORT

aTTORNEYS

94

NEW PLANNING CONCEPTS TEaM CONCEpT/pROGRESSIVE

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2272_4400 version 131217Manhattan West, New York City | Team Concept

Manhattan West opportunities

FUTURE-FOCUSED BENCHMARKING: REaL ESTaTE SaVINGS

900 800 700 600 500 400 300 200 100 0RSF / ATTORNEY

Insurance BankingInvestment

TechnologyConsulting

Current target planning for law firms inolder era buildings

GREaTER EFFICIENCIESNEW CONSTRUCTION BIGGER SaVINGS

Existing for many law firms today • No convectors

• No columns• No additional circulation

due to core & columns• Increased capacity due

to flex zone

w/ amenities (add 70- 100 rsf/attorney)

$ $ $ $ $ $ $

NEW PLANNING CONCEPTS aMENITIES FLOOR

CLaSS ROOM & MEETING ROOMS 85 SEaTS

BOaRDROOM 80 SEaTS

aUDITORIUM 168 SEaTS

paRTNER LUNCHES 168 SEaTS

Starting Base Rent/PSF

Total Aggregate Costs/ NPV ($ millions)Total Savings/ NPV ($ millions)

7% annual discount rateIncludes OT AC savings

$78

593296,500

$85$256$117

$373

450,000900 372514 460

EXISTING BUILDING V. MANHATTAN WEST- RENT SAVINGS ANALYSIS

15 YEAR TERMS

EXISTING BUILDING-TRADITIONAL LAYOUT

MW- ONE SIZELAYOUT

MW- TRADITIONAL(INTERIOR

ASSOCIATES)MW- TRADITIONAL MW- TEAMING

Total Leased RSFRSF/Attorney

257,00$85$222$151

230,000$85$199$175

186,000$85$161$213

EXISTING BUILDING V. MANHATTAN WEST: RENT SaVINGS aNaLYSIS

Thank you