Brookfield to Pay $190 M. for 1 North End Avenue
By Al Barbarino August 13, 2013 5:37 pmreprints
Brookfield Properties is prepping to buy the 16-story tower next to Brookfield Place for more than $190 million, Crain’s reported.
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, leaving Brookfield with roughly 300,000 square feet of vacant space.
Sources told Crain’s that Brookfield is eager to make the building the fifth Brookfield Place tower, as they fit together well architecturally and would consolidate the Canadian firm’s control over the western edge of lower Manhattan’s commercial office neighborhood.
Brookfield renamed the former World Financial Center late last year and is investing $250 million to overhaul the property. Earlier this year the firm announced it had signed leases with eight fast casual restaurants within its renovated retail space.
Brookfield did not return calls seeking comment.