In the Market

Google Eyes More NYC Space

Renderings of 450 West 33rd Street

Internet giant Google is in the market for up to 600,000 square feet of office space in Manhattan—enough to hold more than 3,000 employees, The Wall Street Journal reported.

Google could potentially expand to 450 West 33rd Street or St. John’s Terminal at 550 Washington Street, according to sources cited by the Journal. Brookfield’s 450 West 33rd Street boasts floor plates of 100,000 square feet and is being renovated to the tune of $200 million. Read More

Power Broker

Ready to Launch: Jerry Larkin’s Vision for Manhattan West


Earlier this year, a machine known as The Launcher got to work on the foundation upon which Brookfield Office Properties’ 7.2-million-square-foot mixed-use Manhattan West project will rise.

So far, the metallic-yellow workhorse has methodically placed three of 16 concrete bridge spans atop a set of uncovered Amtrak tracks that lead to Penn Station, the rest of which are expected to be in place by year’s end.

As The Launcher continues to work ahead of schedule at the task, the “neighborhood of the future” is becoming more and more of a reality, as marketing efforts to land an anchor tenant for the development’s first commercial tower intensify. Read More

The Plan

The Plan: 250 Vesey Street

The floorplan

Last year, Brookfield Office Properties signed about 580,000 square feet of tenants at 250 Vesey Street, which is part of Brookfield Place. This is a data point that Brookfield is very proud of, said Matt Cherry, the company’s director of investor relations and communications. One of the contributing factors to the leasing success was that Brookfield built Read More

Lease Beat

Revlon Relocates to 1 New York Plaza


Revlon has reportedly signed a 15-year lease for the top two floors at Brookfield Office Properties1 New York Plaza in a relocation from 237 Park Avenue, joining a flight of value-seeking firms to recently head Downtown.

The 91,194-square-foot lease covers floors 49 and 50, the latter of which is a glass box-style penthouse with 15-foot ceilings, according to the New York Post, which first reported the deal earlier this week and noted that former occupant Goldman Sachs removed columns from the space to accommodate their trading floor. Read More

Lease Beat

NAIC Follows Revlon to 1 New York Plaza


The National Association of Insurance Commissioners will relocate its Capital Markets and Investment Analysis Office to 1 New York Plaza from 48 Wall Street, Commercial Observer has learned.

The regulatory organization has signed a 13-year lease for a 19,218-square-foot portion of the 42nd floor of the Brookfield Office Properties’ building and will pay rent starting in the low-$40s per square foot, according to data from CompStak. Read More

Lease Beat

Hudson Yards Move on the Horizon, SAP Subsidiary Signs Short-Term Renewal


Ahead of SAP’s scheduled move to Hudson Yards, Sybase, a subsidiary, has signed a short-term renewal for its 31,285-square-foot space on the 32nd floor of the Grace Building, The Commercial Observer has learned.

The software developer has signed an early renewal one one year and three months, according to data from CompStak, and will pay rent in the low-$90s per square foot. The company, acquired by SAP in 2010, first signed a lease at the Brookfield Office Properties’ building in 2004, then paying in the mid-$50s per square foot.

Read More

Lease Beat

Insight Venture Partners Inks Deal at Grace Building


Insight Venture Partners has signed a 31,285-square-foot lease for a relocation to a space on the 36th-floor at the W.R. Grace Building on Bryant Park at 1114 Avenue of the Americas.

1114The private equity and venture capital firm struck a 15-year deal at rents starting in the low-$90s per square foot with landlord Brookfield Office Properties and is relocating from the 26-story Buchmann Tower at 680 Fifth Avenue, The Real Deal reported. Read More

Lease Beat

Davis Brody Bond Inks at 1 New York Plaza

One New York Plaza.

Davis Brody Bond has signed a deal for an office in the Financial District. 

The architectural design firms will be taking 26,354-square-feet in the Brookfield Office Properties-owned 1 New York Plaza. The deal, according to data from Compstak, is set to span across a portion of the 42nd floor of the building. 

Read More

Sales Beat

CME Sells NYMEX Building to Brookfield for $200M, Will Lease Back Space


CME Group has sold the NYMEX Building at One North End Avenue to Brookfield Office Properties for $200 million.

As part of the deal, the seller will lease back 449,000 square feet of space at the building on a two-year term, according to a statement from the buyer.  After 24 months, CME Group will consolidate to approximately 220,000 square feet, including the NYMEX trading floor, on floors two through eight for a further 13 years. 

Read More

Lease Beat

Bain & Co. Relocating to the Grace Building


Bain & Co. is relocating to the Grace Building at 1114 Sixth Avenue from 3 Times Square, the Wall Street Journal reported. The term of the lease is 16 years, according to a spokesperson from the landlord, Brookfield Office Properties, who confirmed the deal.

The consulting firm has committed to take nearly 100,000 square feet on three upper floors at building, where asking rents are approximately $100 per square foot, and will relocate in mid-2014, according to the report.

“We have been looking for a while,” Bill Neuenfeldt, managing partner and head of Bain’s New York office, told the Journal. Read More

Lease Beat

Institute of Culinary Education Inks 71K at Brookfield Place

Courtesy of Brookfield Properties

The Institute of Culinary Education (ICE) has inked a new space downtown.

One of New York City’s leading culinary institutes will be moving from 50 West 23rd Street to 225 Liberty Street, otherwise known as Brookfield Place. ICE’s current lease in the Flatiron District spans approximately 42,000-square-foot across seven floors and includes numerous kitchens and learning facilities.

The new facility, scheduled Read More