The Real Deal New York

Posts Tagged ‘brookfield office properties’

  • 245-park

    245 Park Avenue and Dennis Friedrich, CEO of Brookfield Office Properties

    An asset management firm grabbed nearly 38,000 square feet at Brookfield Office Properties’ 245 Park Avenue, at 47th Street.

    New York-based Wisdom Tree Investments signed a 15-year lease for the full 35th floor, which is nearly double the size of its current space at 380 Madison Avenue. The firm’s current lease expires in January, a month before the Madison Avenue building undergoes an extensive renovation. [more]

  • Mitch Rudin (Photo by STUDIO SCRIVO)

    Mitch Rudin (Photo by STUDIO SCRIVO)

    From the August issue: Mitch Rudin is president and CEO of U.S. commercial operations at Brookfield Office Properties. He joined Brookfield in 2011 from the brokerage CBRE, where he’d been president of U.S. Transaction Services. Currently, Rudin is overseeing Brookfield’s $250 million renovation of the World Financial Center and the construction of Manhattan West, a 5.4 million-square-foot office, residential and hotel development near Hudson Yards in Manhattan. Rudin attended Franklin & Marshall College and Boston College Law School. [more]

  • A rendering of Brookfield Place, Dennis Friedrich and the NYMEX building at 1 North End Avenue

    A rendering of Brookfield Place, Dennis Friedrich and the NYMEX building at 1 North End Avenue

    Brookfield Office Properties is in the final stages of acquiring a 16-story tower next door to its Brookfield Place (formerly the World Financial Center) office and retail complex, Crain’s reported. The Toronto-based real estate investment trust will likely pay north of $190 million for the 560,000-square-foot property. [more]

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  • Brookfield Place

    Brookfield Place

    With larger financial companies still shrinking, landlords in Lower Manhattan have shifted their marketing away from their traditional tenants and are now courting the media and technology tenants that have been pushing up rents in the Midtown South market, Bloomberg News reported.

    Facing a massive glut of space as Nomura departs Brookfield Office Properties’ Brookfield Place, in tandem with the hundreds of thousands of square feet available at the World Trade Center towers, landlords have had to switch out the gold and marble splendor that attracted the finance crowd for hipper amenities such as bike parking and electric car-charging stations. [more]

  • Dennis Friedrich and a rendering of Brookfield Place

    Dennis Friedrich and a rendering of Brookfield Place

    Brookfield Office Properties has shifted its attention to its international real estate holdings, marking a quiet period for its New York City real estate activity, with the exception of a $1 billion refinancing deal at the 8 million-square-foot Brookfield Place. The Toronto-based real estate investment trust may also look to convert some of the lower-level office space at its namesake complex to other use, such as retail. [more]

  • Brookfield CEO Dennis Friedrich, Phil Wharton, director of development, and Manhattan West

    Brookfield CEO Dennis Friedrich, Phil Wharton, director of development, and Manhattan West

    Brookfield Office Properties has begun major construction of a 120,000-square-foot deck for its Manhattan West project, the New York Post reported.

    After years of promises by both Brookfield and the Related Companies – the other major developer in the area with its Hudson Yards project – Brookfield’s move kicks off the first platform over the Amtrak rail yards between Ninth and 12th avenues. [more]

  • A rendering of Brookfield Place

    A rendering of Brookfield Place

    Brookfield Office Properties has secured $1 billion in financing for its Brookfield Place megaproject, the company announced in a release yesterday. [more]

  • The CEOs of the major New York REITs- Clockwise from top: Marc Holliday, Michael Fascitelli, Owen Thomas, David Neithercut, Dennis Friedrich, Timothy Naughton

    The large New York-focused real estate investment trusts struggled in the first quarter of 2013, unlike their national counterparts, with only SL Green Realty outperforming both the MSCI US REIT Index and the Standard & Poor 500 Stock Index.  [more]

  • From left: The groundbreaking ceremony and a rendering of the Hudson Yards

    The multibillion-dollar Hudson Yards development has been making a major push to woo prospective corporate tenants, the New York Times reported. Hudson Yards — which will span from 30th to 42nd streets, between Eighth Avenue to the Hudson River — is expected to create roughly 25 million square feet of office space, 3,200 hotel rooms and 20,000 residential units, a quarter of which have already begun construction. The project’s major players — including Related Companies, Brookfield Office Properties, Extell Development Company, the Moinian Group and Alloy Development — have started to put money into marketing. … [more]

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  • One Liberty Plaza

    Brookfield Office Properties inked a lease for 134,000 square feet of space at One Liberty Plaza to a reinsurance firm, Real Estate Weekly reported.Transatlantic Reinsurance Company will occupy three floors for 15 years at the 2.3-million-square-foot Lower Manhattan tower, Real Estate Weekly said. [more]

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    World Financial Center
    In preparation for Brookfield Office Properties’ $250 million renovation of the World Financial Center, Cosi Sandwich Bar and the fashion jeweler Erwin Pearl have closed, according to the development’s website. The World Financial Center, located on the Hudson River waterfront in Lower Manhattan, contains more than eight million square feet of office space. The mammoth renovation effort aims to transform the center’s retail and public space into a shopping and dining destination with a European-style marketplace and waterfront dining…. [more]

  • From left: Steven Baker, Kenneth Hochhauser, Joshua Siegelman and One New York Plaza

    Winick Realty Group has been tapped by Brookfield Office Properties to market exclusively the 40,000-square-foot retail concourse at One New York Plaza, according to a Winick press release. The marketing team comprises Winick President Steven Baker, Kenneth Hochhauser, executive vice president and Joshua Siegelman, associate director.

    The space is sub-level and vacant, according to published reports, and the release says the concourse has entryways to Whitehall, Broad and Water streets. It was also damaged during Hurricane Sandy with 23 million gallons of floodwater, necessitating a gut renovation. [more]

  • From left: Wade McDevitt and the World Financial Center

    Brookfield Office Properties is pushing back the opening of its revamped World Financial Center retail space by nearly a year, retail insiders say; the relaunch had been scheduled previously for the fall of 2013.

    The reopening date for the vast majority of the 200,000-square-foot, $250 million retail project is now August 2014, sources familiar with Brookfield’s plans, said. Two small portions of the project, the dining terrace and the Pavillion, an underground passageway that connects the PATH train station to the World Financial Center, are still slated to open in 2013. [more]

  • Warren Buffett

    Following statements of confidence in the U.S. housing market, investor Warren Buffett is entering his holding company Berkshire Hathaway into a venture with Toronto-based private equity firm Brookfield Asset Management, Bloomberg News reported. The deal gives Berkshire Hathaway a controlling interest in the Prudential and Real Living brokerages, but the companies plan to launch their own realty brand, Berkshire Hathaway Home Services, by next year.

    Berkshire Hathaway has been actively acquiring businesses related to the housing market, including a brick manufacturer, the loan portfolio of the bankrupt mortgage lender Residential Capital and real estate brokerages in Oregon and Connecticut. Buffett is counting on low interest rates, inventory and prices to spur a housing rebound, according to Bloomberg. [more]

  • World Financial Center

    Mayor Bloomberg has not minced words when it comes to evacuating residential buildings in the city neighborhoods most vulnerable to flooding. But in addition to the hundreds of thousands of New York residents ordered to leave their homes, tens of millions of square feet of commercial real estate in Manhattan is also within the evacuation zone. And that has some major landlords closing up their buildings.

    The largest landlord in Lower Manhattan, Brookfield Office Properties, has sandbagged openings at the World Financial Center and at One New York Plaza. Brookfield also removed outdoor furniture and brought elevator cars to upper levels, a company spokesperson said. [more]

  • From left: Mitch Rudin of Brookfield and the World Financial Center

    Brookfield Financial has a new name in store for the World Financial Center located in Lower Manhattan, the New York Observer reported. The property will bear the name Brookfield Place, according to several unnamed sources, and the Observer said the change appears to be part of an effort to guide the complex’s image away from a place for financial tenants in a time of low leasing demand.

    “It’s not going to happen overnight,” one unidentified source told the Observer. “But Brookfield plans to phase in the new name increasingly over time.” [more]

  • Brookfield could struggle filling WFC

    August 01, 2012 10:00AM

    Green Street Advisors' Michael Knott (top), JLL's Peter Riguardi (bottom) and the World Financial Center

    While industry insiders don’t expect Brookfield Office Properties to encounter many problems finding retailers for the revamped World Financial Center, the same can’t be said for the complex’s 3 million square feet of vacant office space. Brokers told the New York Times that the soft leasing market, competition from the World Trade Center and the consolidation of the area’s financial firm industry will pose challenges to the landlord no matter how appealing architect Cesar Pelli’s upgrades to the complex prove to be. [more]

  • From left: Mitch Rudin, CEO of Brookfield Properties, and 4 World Financial Center

    Brookfield Properties, Lower Manhattan’s largest landlord, has completed a $270 million refinancing of 4 World Financial Center, with loans from a syndicate led by Deutsche Bank, the New York Observer reported.

    The mortgage is for less than half the deductive value of the tower, which is set at approximately $634 million, based on Brookfield’s purchase last year of a 49 percent interest in the building. Bank of America, a tenant at 4 World Financial Center, sold that stake to Brookfield. [more]

  • Brookfield President Dennis Friedrich, and the firm's recent London acquisitions 125 Old Broad Street and Leadenhall Court

    Manhattan real estate’s high prices and shortage of inventory has forced at least one high-profile landlord to invest its money elsewhere. The Wall Street Journal reported that Brookfield Office Properties’ recent buying sprees outside its core market are a direct response to the poor conditions in Manhattan.

    “In New York, we’ve looked at everything,” said Brookfield President Dennis Friedrich, who will soon become the firm’s CEO. “There’s not a lot on the market that’s intriguing, and pricing is certainly very weighty.” [more]

  • From left: Bruce Mosler, Manhattan West rendering and 450 West 33rd Street

    In an effort to better integrate its existing West 33rd Street tower with its forthcoming multi-billion-dollar Manhattan West project, Brookfield Office Properties is considering undertaking a massive renovation of the former home of the New York Daily News, according to the New York Observer. The 1.7 million-square-foot tower, at 450 West 33rd Street, is adjacent to the rail yards where Brookfield will begin construction in the coming months on a $300 million deck that will serve as the base of a four-tower development. [more]