The World Trade Center site has been closed off from lower Manhattan and the rest of the city for 12 long years. But by this time next year, the site will be fully reintegrated back into the streetscape, and New Yorkers will reclaim the Downtown they once knew. It’s no coincidence that major developments at Read More
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.
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.
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
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
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.
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.
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.
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.
Though the city lost hundreds of millions of dollars in tourism revenue following the terrorist attacks of Sept. 11, 2001, a steady rebound in tourism and the closely tied retail market has occurred, perhaps best personified by the rebirth of Lower Manhattan.
“There’s a lot going on Downtown that shows it is stronger and better Read More
Pranks and Parodies
A new Twitter handle mocking the absence of tenants at 51 Astor Place has popped up under hashtag “Destroyer of neighborhoods. Unloved. Empty inside. Midtown South,” reads the satirical description on the page, which has racked up 51 followers so far.
The person or persons behind the handle poke fun at Edward Minskoff’s Read More
Sprinkles Cupcakes has signed a 7,000-square-foot lease extension and expansion at 780-782 Lexington Avenue, giving the shop an additional 1,000 square feet for the launch of an ice cream undertaking next to its existing Manhattan cupcake operation.
An “ATM machine” outside the shop will allow customers to order cupcakes 24 hours a day, according to Read More
Brookfield Properties is prepping to buy the 16-story tower next to Brookfield Place for more than $190 million, The 560,000-square-foot building at 1 North End Avenue is partially occupied by the New York Mercantile Exchange, which built the property in 1997.
NYMEX would reportedly remain in the building but plans to downsize at the location, Read More
Equinox is buffing up its Lower Manhattan portfolio with the addition of a fitness center at 225 Liberty Street in Battery Park City.
The upscale fitness center will open a 35,000-square-foot, state-of-the-art facility at Brookfield Place, Brookfield Office Property‘s monstrous eight-million-square-foot urban campus.