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Article: Largest building's rebirth helps downtown rebound; Renovations, big leasing deals at 55 Water St. add to area's recovery.(Real Estate Report)
- Article from:
- Crain's New York Business
- Article date:
- February 19, 2007
- Author:
CopyrightCOPYRIGHT 2007 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Kerry Murtha
In the aftermath of the terrorist attacks of Sept. 11, much of downtown became a virtual no-go zone for blue-chip office tenants. Many people wondered if the area would ever fully recover.
Not Retirement Systems of Alabama. Rather than sitting on its hands, the big pension fund continued to pour money into its New York trophy building at 55 Water St., the city's largest property when ranked by floor space. Since buying the building in 1993, the fund has spent over $200 million--much of it in the last five years--doing everything from renovating the public plazas to replacing 83 elevator cabs and installing 11 backup power generators. ...
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