J. Crew Hones in on BNY Mellon’s HQ at Brookfield Place
By Lauren Elkies Schram March 7, 2018 5:20 pm
reprints
J. Crew has zeroed in on Bank of New York Mellon’s 300,000-square-foot space at Brookfield Place for its new corporate headquarters, sources with knowledge of the situation told Commercial Observer. The apparel, shoes and accessories giant would take the entire space in the Brookfield Property Partners building via a sublease.
J. Crew’s headquarters spans over 350,000 square feet in 770 Broadway between East Eighth and East Ninth Streets, as CO previously reported. But it has tapped JLL (JLL) to find it new digs as landlord Vornado Realty Trust (VNO) is in talks to buy out the tenants to accommodate growth for Facebook, The Real Deal reported last month. A spokesman for Vornado declined to comment, but in a Feb. 13 earnings call, Vornado’s Steve Roth said that the week prior the company had completed a lease with Facebook for an additional 78,000 square feet, bringing the social networking service to 513,000 square feet in the building.
Meanwhile, BNY Mellon said last month that after a few years into a 20-year lease at 225 Liberty Street in Brookfield Place it would be moving out, as per The Wall Street Journal. The investment company leases floors 17 to 22 at 225 Liberty Street and the space is available for sublet. The employees, the WSJ said, would join other staff at 101 Barclay Street.
It moved to the 44-story office tower between West Street and the Hudson River following the 2014 sale of its headquarters at One Wall Street to a joint venture led by Macklowe Properties for $585 million. The rent is $425 million over the 20-year term, according to another WSJ story.
A spokeswoman for J. Crew would only say: “J.Crew is always looking at various real estate opportunities, but we have no plans in place at the moment.” A spokesman for Brookfield declined to comment and a spokesman for JLL didn’t immediately respond with information.
