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.
Brookfield Office Properties has unveiled plans for a $200 million renovation of its office tower at 450 West 33rd Street on the West Side.
Scheduled for completion in 2016, the redevelopment of the building will include a new pleated glass façade, a redesigned lobby, upgraded and expanded elevators, and enhanced systems.
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.
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
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.
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.
World Trade Center
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.
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
2013 Owners Magazine
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.
Mergers and Acquisitions
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
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.