“2008 was a big year in a number of ways,” Tishman says, and the metrics indeed show an active contractor. The company’s regional-best $2.8 billion of construction in place was spread across 60 projects in the tri-state market. It also logged another $1.9 billion of work in another 65 projects around the country.
Just in the New York region, Tishman was building more than 15 million sq ft of commercial space and 2.5 million sq ft of residential space across 1,500 units last year. It also was adding 4,000 hotel rooms in the region at a time when many hospitality projects are stalled.
Tishman also spread into smaller assignments, with more than 20% of its roster in jobs valued at less than $10 million last year. But there was no shortage of signature projects, starting with its role building three skyscrapers at the World Trade Center, including the 1 World Trade Center and the 2.3 million-sq-ft 150 Greenwich Street, also known as Tower 4.
2008 also saw major progress on One Bryant Park Tower for Bank of America and the Durst Organization, a 2.2-million-sq-ft, $1 billion project that was the nation’s first LEED Platinum commercial high rise. Long-noted for its commitment to sustainable building - Tishman has built 50 million sq ft of green projects - One Bryant Park marked another in a long line of collaborations between Tishman and Durst, starting with the city’s first green high-rise, 4 Times Square in 1999.
“Tishman Construction was with us at the beginning,” says Durst Organization Co-President Jody Durst. “One Bryant Park is the most complex building we have ever built. [Tishman’s] commitment to innovation, embrace of environmentally responsible construction practices made them a perfect partner.”
Another landmark completion was the $400 million renovation and reinvention of the Plaza Hotel into a 282-unit luxury hotel and condominium building.
“What stands out most about Tishman is the type of projects you see them doing year in and year out,” says Larry Silverstein, whose Silverstein Properties is developing the World Trade Center site and who hired Tishman to build the original 7 World Trade Center more than 20 years ago. “They’re building projects of scale, projects of complexity. They’re building them all over the country. And they build them exceptionally well.”
The firm also completed the Water Club, a $325 million, 39-story hotel at the Borgata complex in Atlantic City, N.J., for MGM Mirage and Boyd Gaming – a project on which Tishman partnered with W.G. Yates & Sons. And it finished a “classic” with the $71 million renovation of the Hoboken Ferry Terminal in Hoboken, N.J. – including reconstruction of an historic clock tower.
Tishman also continued work on a battery of newer efforts, including 123 Washington, a $300 million project that will become the 57-story W New York Downtown Hotel & Residences for Moinian Group, as well as 510 Madison, a 30-story commercial tower that it topped out for Harry Macklowe Real Estate. And it is nearing completion of the $2.4 billion, 43-story Goldman Sachs headquarters in Lower Manhattan.
Other projects were in earlier stages, such as the $2 billion Revel Resort & Casino, a 5.8-million-sq-ft complex in Atlantic City, as well as its construction management role for New Jersey Transit on an $8.7 billion cross-Hudson River passenger rail tunnel, which broke ground in June.
And all the while, the company was also managing projects from offices in Boston, Chicago, Los Angeles, Washington D.C., Philadelphia, Newark and Las Vegas, where it is finishing one of the largest private construction efforts ever launched in the 18.5-million-sq-ft, $8.8 billion City Center for MGM Mirage and Dubai World.