Lease Beat

DEA Moving to Brookfield Place

250 Vesey Street.

The Drug Enforcement Administration’s New York Organized Crime Drug Enforcement Task Force (OCDETF ) Strike Force reportedly signed a lease for 56,000 square feet at 250 Vesey Street, one of the five office towers that make up Brookfield Place.

The OCDETF Strike Force is taking the entire 19th floor and will move upon the expiration of its current lease at 85 10th Avenue. Read More

Food & Drink

Mighty Quinn’s Takes West Village Space

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Fast casual barbecue restaurant Mighty Quinn’s will be expanding to the West Village after signing a long-term, 2,760-square-foot lease at 75 Greenwich Avenue.

The space, formerly occupied by Bone Lick BBQ, will be designed in the image of Mighty Quinn’s East Village flagship at 103 Second Avenue. Read More

World Trade Center

World Trade Center’s PATH Concourse Unveiled

Platform A Opened on Tuesday. (Credit: Getty Images)

The Port Authority of New York and New Jersey has officially opened the first platform of the new World Trade Center PATH station.    

The new station, Platform A, will ultimately replace the interim station currently serving riders at the World Trade Center and is the centerpiece of the approximately $4 billion transportation hub project occurring at the site, the Wall Street Journal reported.

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ICSC 2013

Retail’s Redemption

(An interior rendering of the retail space slated for Brookfield Place)

More than a decade ago, with just 30,000 people living south of Chambers Street and the neighborhood largely silent at night and on the weekends, high-end, luxury retail in lower Manhattan was at best a pipedream and at worst a failed enterprise. 

Today, with some $20 billion being spent on new construction between the upper stretches of Battery Park City and Broadway, the residential community has doubled to 60,000 and continues to grow. That affluent community of residents, not to mention increased tourist traffic, has upped the demand for luxury retail.

Burberry, Hermès, Ferragamo, Michael Kors and Zegna are some of the luxury names to have signed on at Brookfield Place, while J. Lindeberg and Tory Burch head the list of names rumored to be in talks for space at Westfield’s World Trade Center retail corridor.

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Sales Beat

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

nymex2

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. 

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Boomtown

Business Improvement Districts See Budget Windfalls

The Garment District has one of several BIDs reporting budget gains.

Seven of the largest business improvement districts in the city are taking advantage of expanding budgets this year, thanks in part to an imminent changing of the guard at City Hall.

The Garment District witnessed one of the biggest gains, with an assessment-budget increase of $2 million, or nearly 35 percent, to $7.8 million for the coming year. The Alliance for Downtown New York’s yearly assessment surged 21 percent, to $15.8 million in 2013. The lower Manhattan BID expects 400 stores to open in the coming years as new retail space at Brookfield Place and Pier 17 fill up.  Read More

Lease Beat

Regus Renews at 14 Wall Amid Downtown Rebirth

14 Wall Street

Office space provider Regus has signed a 10-year lease renewal at Alex Rovt’s 14 Wall Street for 37,000 square feet across the building’s entire 20th floor.

The deal, arranged by CBRE at asking rents of $45 per square foot, comes as brokers said the building’s appeal, paired with the rebirth of Downtown, has tenants giddy Read More

World Trade Center

Trade Center Concourse Cost $225 M.

(Photo: Fox News)

The price tag apparently matches the grandeur of the new underground concourse that passes underneath the World Trade Center site, which opened to pedestrians for the first time since 9/11 two weeks ago.

The Port Authority of New York & New Jersey passageway told Next City that the passageway cost approximately $225 million.

The 600-foot Read More

Grand Openings

Brookfield Place Entry Hall Pavilion Opens

WFC, Entry Pavilion3

Plaza Construction has announced the opening of a new entry pavilion at the recently renamed Brookfield Place (formerly the World Financial Center) that can hold an estimated 100,000 commuters each day.

The Entry Hall Pavilion, which is part of the first phase of landlord Brookfield Office Properties‘s $250 million renovation of the property, allows PATH and subway commuters easy access to Brookfield Place and Goldman Sachs headquarters. The ambitious renovation plans also include a marketplace and food vendors that have drawn comparisons to Mario Batali‘s Eataly. 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

Cover Story

Downtown Manhattan, Uptown Chic

(Photo: lowermanhattan.info)

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. Read More

3Q2013

Sunshine by the Square Foot

Aerial Photographs of New York City - Archive Images

While it did not rival what some recalled as a “blistering” second quarter, the Manhattan commercial real estate office market continued to gain momentum in the third quarter, and most real estate observers took the growth as a sign of more to come.

Positive absorption and rising rents throughout Manhattan are on track to rain in a strong end to the year, as Midtown remained steady, Midtown South shined, and Downtown turned heads.

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