Leases  ·  Office

Brookfield Inks Two Tenants Totaling 101K SF at Brookfield Place


Brookfield Property Partners has signed two tenants to its Brookfield Place complex that together total 101,000 square feet, Commercial Observer has learned.

In one transaction, nonprofit research organization MDRC signed a 55,000-square-foot lease at 200 Vesey Street at the intersection of West Street, according to information provided to CO by the landlord. MDRC, which is dedicated to improving the lives of low-income people via its research, is planning to occupy the entire 23rd floor of the 53-story building.

SEE ALSO: Giorgetti to Bring Luxury Italian Furniture to D.C. Region

The lease is for 10 years and the asking rent in Brookfield Place ranges from the mid-$50s per square foot to the low $70s per square foot.

MDRC is relocating from 16 East 34th Street between Fifth and Madison Avenues in Midtown South in the middle of the year. Eric Deutsch and Jason Pollen of CBRE handled the deal for MDRC. The CBRE brokers declined to comment via a spokeswoman.

“This is part of a larger trend of tenants that have relocated from other parts of the city—predominantly from Midtown and Midtown South—to Downtown,” Brookfield’s Mikael Nahmias, who represented the landlord in the transaction in-house, told CO. “And that’s because it’s a new world down here.”

Nahmias was referring to the resurgence of the Downtown area with the new World Trade Center buildings, Westfield World Trade Center mall and Brookfield Place, which underwent a $250 million makeover in 2015. Nahmias and his colleague David McBride handled the deal in-house with JLL’s John Wheeler and Paul Glickman. A spokesman for JLL referred CO to Brookfield.

In the second transaction, IQVIA, a company that uses analytics and data science tests to help health care companies innovate patient solutions, completed a 46,000-square-foot lease at 300 Vesey Street.

The company is planning to occupy the entire 13th floor of the 15-story, 522,000-square-foot building, which is located between North End Avenue and the Hudson River (and has an alternate address of 1 North End Avenue.) IQVIA is relocating from Midtown East. The lease is for 10 years.

IQVIA changed its name in November 2017 from QuintilesIMS, which was created when IMS Health Holdings and Quintiles Transnational Holdings merged in October 2016. Today, IQVIA has more than 55,000 employees and operates in more than 100 countries. Its customers are biotech, medical and pharmaceutical companies, as well as researchers and government agencies.

Robert Lowe, Nicholas Dysenchuk and Andrew Behymer of Cushman & Wakefield (CWK) handled the deal for IQVIA. The brokers did not return a request for comment via a spokesman. And a spokesman for IQVIA was not immediately available.