Scotiabank Subleases From Hudson’s Bay at Brookfield Place
Toronto-based financial institution Scotiabank has subleased 50,000 square feet at Brookfield Place from Canadian retail conglomerate Hudson’s Bay Company.
Scotiabank, also known as the Bank of Nova Scotia, took a full floor from Hudson’s Bay at 250 Vesey Street, where it already occupies 100,000 square feet on the 23rd and 24th floors. The new floor wasn’t immediately clear, but the 186-year-old firm took the space that is contiguous with its current offices, according to The Real Deal, which first reported news of the lease.
Asking rent was $60 a square foot, TRD reported, but the length of the lease wasn’t available.
Hudson’s Bay and Scotia Bank didn’t immediately return requests for comment.
Scotia Bank first moved into 250 Vesey Street in 2013, after decamping from another Brookfield Property Partners-owned office tower, 1 Liberty Plaza.
Hudson’s Bay, which is the parent company of Lord & Taylor and Saks Fifth Avenue, signed on for 166,000 square feet at 250 Vesey and 233,000 at 225 Liberty Street in 2014. However, it has been quietly shopping four floors at 250 Vesey after announcing plans to lay off 2,000 employees, TRD noted.