Video: Final Beam Rises at 4 World Trade in New York

The 4 World Trade Center tower was a step closer to completion Monday when the final steel beam was placed atop the Lower Manhattan building.

Office Tower Sells at More Than Twice 2010 Price

Harbor Group International has sold a 22-story office building at 4 New York Plaza for more than $265 million — more than doubling the $107 million price it paid for the Lower Manhattan tower less than 2 ½ years ago.

Spire’s Antenna Spurs Towering Spat

As construction of One World Trade Center in Lower Manhattan moves toward completion, the building’s owners are sparring with their architects.

Bank of America in Deal to Sell New York Office Tower

CoStar Group
Bank of America has agreed to sell 222 Broadway, a 31-story building in Lower Manhattan.

Bank of America Corp., in its latest move to shed some of its real estate, has reached a deal to sell one of its Manhattan office buildings to an investment group for about $230 million, according to multiple people familiar with the matter.

A team of Beacon Capital Partners LLC, a large U.S. office landlord, and L&L Holding Co., a New York developer, has agreed to buy 222 Broadway, a 31-story building in Lower Manhattan, and lease part of the building back to the Charlotte, N.C.-based bank, the people said. The price comes to just under $300 a square foot, the people said.

Bank of America has been selling some of its real estate holdings as part of an effort to sell off operations it doesn’t consider essential to its business. In February, it reached a deal to sell 100 Federal Street in Boston to Boston Properties for $615 million.

Earlier this year, Bank of America said it was seeking to sell two towers in the Charlotte area, and it tapped Jones Lang LaSalle Inc. to begin seeking buyers for 222 Broadway, a 1960s boxy tower across from City Hall Park.

The sale of the building, which hasn’t yet closed, would give the Beacon venture an ability to find new tenants for the top floors of the building, which the bank would be vacating, the people familiar with the matter said.

Beacon also owns 1211 Avenue of the Americas, which houses the headquarters of News Corp., the parent company of The Wall Street Journal.

One World Trade Center Hits 100 Stories, Helped by Funny Math

Associated Press
One World Trade Center in New York, shown on Feb. 27.

The steel skeleton of One World Trade Center reached 100 stories this week, according to the Port Authority, with beams on the tower now soaring about 1,240 feet above the ground.

But just last week, the tower had only reached 93 stories.

What gives?

Floors 94 through 99 simply don’t exist in the tower, allowing for the seamless jump from 93 to 100. (The tower at Ground Zero in Lower Manhattan will ultimately reach 104 stories.)

Such is the strange world of real-estate math, where developers number their own floors, often opting for the arbitrary over the actual. (See a related example: the 80-story Time Warner Center at Manhattan’s Columbus Circle.)

“It is fairly common practice in the design of high-rise towers to see variable floors counts,” a spokesman for the Port Authority said.

At One WTC, part of this funny math has to do with the height of the upper floors of the tower. While a typical office floor in the building has a height of about 13 feet, 3 inches, the final office floors, ending at 90, have higher ceilings. In addition, 91 through 93 are floors for mechanical equipment, with significantly higher ceilings than normal.

And more of the odd numbering comes from the uninhabitable 186-foot base of the tower that acts as a fortified—and windowless—block, for security reasons, with a lobby on the ground floor. So when people take an elevator to the top of this base structure, they’re actually on the second “useable floor” (in addition to the ground floor), but it’s officially numbered the 20th floor. Make sense?

In the end, it more or less works out to what the stories should be. The roof of the 104-story tower is slated to be 1,368 feet. Given typical office floors of a bit more than 13 feet, that’s about where 104 stories would end, in reality.