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PLYMOUTH IN THE PRESS Back to Main Press Page
commercial real estate
 

As seen in
Philadelphia Daily News
September 20, 2001

High rise loses allure

by CHRIS BRENNAN

Iris Alfonso-Fontani loves heights and likes to stick her head out the window of her office on the 79th floor of the Empire State Building from time to time to take in the expansive view of Manhattan and New Jersey.

But Alfonso-Fontani, a law firm office manager and North Philadelphia native, doesn’t like working in a building that could be viewed as a target for terrorism. Her firm is thinking seriously about moving out after last week’s attacks that demolished the World Trade Center.

"From when the incident happened, everybody’s just been talking about getting out of here, sooner, rather than later," she said. "Our lease is up in a couple of months, but they’re thinking about sooner than that."

At 1,454 feet, with 80 floors of office space and 880 tenants, the Empire State Building has reluctantly regained its place as the tallest building in New York City.

But the heyday of the "trophy building" has been replaced for many by frayed nerves in those lofty offices.

Jack Brod runs Empire Diamond Corp. from the 76th floor of the Empire State Building. His firm moved into the brand new building 70 years ago.

"As far as I’m concerned, it doesn't bother me at all," said Brod, 91.

"But one of my employees hasn’t come in since the accident. And we’ve had a quite a few customers postpone visits," he said.

James Meiskin has been busy since Sept. 11, helping companies left homeless by the destruction of the World Trade Center find new places to do business.

Meiskin, president of Plymouth Partners, a New York City commercial real estate firm, said many of those clients are now looking at New Jersey, Westchester County, N.Y. and Fairfield County, Conn. for new offices.

"Most of them do not even want to stay downtown if they decide to stay in Manhattan," Meiskin said. "It’s largely impossible to work downtown. It’s extremely difficult to get around."

Companies may start looking south to Philadelphia as a calmer place to relocate, he said.

"It’s close enough to New York, New Jersey and Washington," Meiskin said.

"Nice people. Good politics. Good infrastructure," he said.

The Sears Tower in Chicago, at 1,450 feet, is the tallest structure in America.

The 1,483-foot-tall Petronas Towers in Kuala Lumpur, Malaysia, are the tallest buildings in the world.

So who will want to work in a trophy building after last week?

Michael Silver, president of Equis Corporation, a Chicago-based commercial real estate firm, says local companies that lack offices around the world will seek perches in trophy buildings to show how important they are.

International companies, Silver said, are already spreading out their assets to prevent major losses like last week.

"I don’t believe the trophy building is dead," Silver said. "I believe companies will rethink the concentration of important assets. Not just people, but technology. The terrorism accelerates that thinking."

And what about putting a company name at the top of a big trophy? Silver says naming rights will be losing their allure.

"I think major corporations will shy away from using the building as an advertisement or a billboard," Silver said.   

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