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.
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.
World Trade Center
The underground concourse that passes underneath the World Trade Center site is open to pedestrians for the first time since 9/11.
The passageway links businesses and ferry service to the west of the site to PATH trains and Lower Manhattan to the east.
The 600-foot underground concourse within the 800,000-square-foot transportation hub, which, according to Read More
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
Burberry. Salvatore Ferragamo. Ermenegildo Zegna. Michael Kors. Scoop. Hermes. Judith & Charles. Calypso St. Barth.
It’s an impressive list of retailers. What’s more striking is that Brookfield Office Properties cut deals with all of them this year, and they’ll be sharing a home at the revamped Brookfield Place beginning next year, forming an unprecedented shopping destination Downtown.
2013 Owners Magazine
This year’s 2013 Owners Magazine includes 42 questionnaires and profiles from New York City’s most active landlords weighing in on politics, culture, and real estate. Read More
Mergers and Acquisitions
Brookfield Property Partners, which spun off from Brookfield Asset Management earlier this year, has offered to buy the remaining shares of Brookfield Office Properties it does not already own in a transaction valued by the company at $5 billion.
In the planned tender offer, BPO shareholders would receive $19.34 per share–a 15 percent premium on the stock’s price at Friday’s market close and a 17 percent premium to the 30-day volume-weighted average price. Shares in BPO traded up over 16 percent to $19.54 in early morning trading on the New York Stock Exchange.
Newmark Grubb Knight Frank has been hired as the leasing agent for One Liberty Plaza, landlord Brookfield Office Properties announced today.
“We are pleased to have the Newmark Grubb Knight Frank team in place to help us lease the upcoming block at One Liberty Plaza,” said Jerry Larkin, the senior vice president of leasing at Brookfield, in a prepared statement. “The building’s direct access to Fulton Street Transit Center and the World Trade Center Transit hub, its column-free space, ample infrastructure and spectacular views provide a unique value opportunity for prospective tenants.”
A string of recent large office building sales reflects increased investor hunger for safe, long-term bets, amid a post-recession environment characterized by lower commercial mortgage delinquencies, higher confidence and streaming lines of credit.
Published reports show that on Friday two foreign investors bought a 40 percent stake in the General Motors Building, valued at $3.4 Read More
Time Warner is “leaning towards” selling its 1.1-million-square-foot headquarters at 60 Columbus Circle and moving to Hudson Yards, Following the cue from anchor tenant Coach, last month SAP and L’Oréal cut deals to lease 115,000 and 402,000 square feet at Related Companies’ South Tower, respectively, bringing it to 80 percent occupancy.
A media company with the influence and scope of Time Warner would be a game-changer for the Yards, some believe.
“The next tenant is an important moment for the district because it starts to build real momentum with tenants from other parts of the city,” Derek Trulson, a broker at Jones Lang LaSalle, who represents Extell Development Co. in leasing its site in the area, told the Journal.
A newly created company, Brookfield Property Partners, has completed its spinoff from Brookfield Asset Management, it was announced yesterday. The new company owns substantially all of Brookfield’s commercial real estate assets across the company’s global portfolio.
“Brookfield Property Partners public listing opens an exciting new chapter in the growth of a leading global commercial property company, with the scale and expertise needed to deliver superior long term performance,” said Ric Clark, chief executive officer at Brookfield Property Partners, in a prepared statement.
Midtown Manhattan, the biggest and most expensive U.S. office market, is still adapting to New York’s post-financial-crisis economy, as technology and new media companies flood into the more affordable areas and banks remain wary of expanding in higher-priced real estate.
With construction getting under way on millions of square feet of planned Class A offices on the West Side, much of the leasing action for the year to date has centered on neighborhoods like Murray Hill, the Penn Station area and the Garment District, which are attracting companies that have been priced—or crowded—out of the technology hub in Midtown South, brokers said. Financial companies, traditionally the biggest occupiers of Midtown real estate, remained conservative, pursuing greater efficiency in their use of real estate rather than growth.
“The days of bigger is better are gone,” said Eric Thomas, senior vice president of Cresa, a specialist in tenant representation. “Capital preservation is still key. That’s why renewals still reign in many cases.”
A giant gorilla-like creature scales the Empire State Building, clutching a beautiful blond woman. Fighter jets circle, machine guns shooting to kill. He pounds his chest, roaring, refusing to go down without a fight.
The final scene from the 1933 production of King Kong gripped viewers and put them on the edge of their seats Read More
Brookfield Office Properties announced today that it has signed leases with eight fast casual restaurants at Brookfield Place (formerly World Financial Center) in the Financial District.
The on-trend restaurants are: Chop’t Creative Salad Company, Dig Inn Seasonal Market, Dos Toros, Little Muenster, Num Pang, Skinny Pizza, Sprinkles Cupcakes and Umami Burger. The locations will operate on a 600-seat dining terrace that is currently under construction at the complex, which is in the midst of a $250 million overhaul.
The Commercial Observer reported last summer that Brookfield was in negotiations with several retail tenants they’d hoped would fill a 200,000-square-foot portion of the four-building, eight-million-square-foot compound at the edge of Battery Park City. The dining terrace will go above a 24,000-square-foot marketplace reminiscent of Eataly.
What's in a Name?
Dear Google, please refresh your cache: the city’s largest residential brokerage has dropped “Prudential” from its name.
The former Prudential Douglas Elliman returned to its roots as Douglas Elliman last month after it was reportedly unable to strike a new licensing agreement for the name “Prudential.”
The Douglas Elliman name, originated along with the firm in 1911, has been adopted by all of the company’s businesses, including its commercial real estate arm, and the firm redistributed a statement today saying so, perhaps as a rebuttal to multiple media failings to follow suit on the change.