Public Spaces That Aren t Just an Afterthought

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1 NY REAL ESTATE COMMERCIAL Public Spaces That Aren t Just an Afterthought Developers invest more in what were initially zoning concessions Rendering of the renovated public space at 180 Maiden Lane. PHOTO: PERKINS EASTMAN By KEIKO MORRIS April 8, :39 p.m. ET 0 COMMENTS The glass-enclosed plaza at an office tower in Manhattan s Financial District used to be a nice place for people to pass through on their way to someplace else. Soon, though, the building s owner plans to turn the public space into what might be best described as a mini-bryant Park.

2 Plans call for the 26,000 square feet to have a 5,000-square-foot turf lawn for picnicking and games, an art gallery with a curator, a café-type kiosk, a large movie screen and plenty of seating. We wanted to create an environment that was inviting, not vanilla, said David Sturner, principal and chief operating officer at MHP Real Estate Services, which bought the property at 180 Maiden Lane with Clarion Partners in January. We re enhancing the plaza not just for the public but the new clientele we are trying to attract. Exterior rendering of the renovated public space at 180 Maiden Lane. PHOTO: PERKINS EASTMAN Using a privately owned building s public spaces to land tenants isn t unique to MHP and Clarion. Developers across the city and the nation are refocusing attention on these settings as more workplace designs emphasize nontraditional environments that foster social interaction among employees and passersby, said urban-design and real-estate experts. There s a lot of rich potential for cross-company interactions that can happen in those places if it s supported, so imagine a building with a mixing zone on the ground floor, said Miguel McKelvey, co-founder and chief creative officer of WeWork Companies Inc., which provides shared office space largely to startups.

3 A public plaza at 75 Wall St. PHOTO: MARK ABRAMSON FOR WALL STREET JOURNAL In New York City, zoning rules allow developers to put up bigger buildings in exchange for including public space in their designs. There are about 525 of these privately owned public spaces in New York City, according to the Municipal Art Society of New York. The most famous may be Zuccotti Park, site of the 2011 Occupy Wall Street camp. ENLARGE Developers and the city have been trying different approaches to enliven these spaces, said Edith Hsu- Chen, who leads the city planning department s Manhattan office. For example, the city used midblock pedestrian crosswalks to connect a series of public spaces between office buildings on Sixth and Seventh Avenues from West 51st to West 57th streets, she noted. Changes in regulations governing how they are maintained also now demand more from landlords. Anecdotally, we are seeing an increase in interest by property owners to improve, animate and program spaces, Ms. Hsu-Chen said. Fosun International Ltd. is planning to restore the plaza at its 28 Liberty, the former One Chase Manhattan Plaza; the China-based Fosun intends to offer events and activities to create a neighborhood destination. RFR redesigned its public plaza at 17 State St. a few years ago, replacing the paving and adding new lighting, trees and benches as well as sculptures by Keith Haring and an art piece by Carsten Höller.

4 At 180 Maiden Lane, the revamped plaza construction is under way and much of the work is scheduled to be completed by mid-september is part of a $28 million renovation of the tower that includes a new conference center, a fitness center and a cafeteria offering restaurant-quality fare. A public plaza at 17 State St. in Manhattan's financial district. PHOTO: MARK ABRAMSON FOR WALL STREET JOURNAL About two-thirds of the budget is being spent on the plaza, where the interior will be redone in glass and gray stone. Chrome will replace the brass finish that framed the glass, creating a lighter, airier feel, Mr. Sturner said. As before, there will be trees throughout the plaza. The redesign is being led by planning, design and consulting firmperkins Eastman, and was started by the tower s sellers, a joint venture of SL Green Realty Corp. and the Moinian Group. The new owners, however, have included an art gallery where plans had called for a green wall. Ronni Anderson, co-owner of the Mayson Gallery, which exhibits new work in pop-up spaces, will run the gallery, to be calledanderson Contemporary. It will feature a broad range of both known and lesser-known artists, she said. The emphasis on amenities such as the plaza is also driven by a millennial workforce many companies want to attract.

5 The Elevated Acre, an urban oasis behind 55 Water Street in Manhattan. PHOTO: MARK ABRAMSON FOR WALL STREET JOURNAL Today, the millennium generation care much about the quality of life, about green spaces and break areas in which to engage their co-workers, said Tara Stacom,executive vice chairman at Cushman & Wakefield Inc., which is leasing 180 Maiden Lane with MHP. About 800,000 square feet of 1.1 million rentable square feet is available. The appreciation for smaller public spaces reflects the increased use of the city s waterfront for recreational purposes, and the popularity of projects such as Manhattan s High Line park, created with plantings on elevated train tracks, said Michael Tegnell, director of planning and urban design at HLW International. Upscale restaurants and shops are now open near some of the plazas and arcades, making them very desirable spaces, said Margaret Newman, executive director of the Municipal Art Society of New York, a longtime advocate for revitalizing these public settings. I think there is a growing understanding of how to make these profitable spaces, Ms. Newman said. It s a mixture of civic interest and pure economic value. The Alliance for Downtown New York, a business-advocacy group, has sponsored activities such as shuffleboard and a giant Connect Four game at public spaces along Water Street during the summer.

6 At 55 Water Street, the park known as the Elevated Acre boasts river views and stadium seating. The building s owner, the Retirement Systems of Alabama, schedules regular lunchtime bands during good weather and plans to create a small bar venue catering to the public on the third floor adjacent to the park. It s not just the office square footage upstairs, said Ms. Hsu-Chen, the city planning official. Public space is tremendous asset. Write to Keiko Morris at Keiko.Morris@wsj.com