The Real Deal New York

Posts Tagged ‘World Financial Center’

  • Saks’ parent close to going Downtown

    September 09, 2014 08:30AM
    From left: Saks Fifth Avenue shopping bags and Brookfield Place

    From left: Saks Fifth Avenue shopping bags and Brookfield Place

    Hudson’s Bay Co. — the parent company of luxury department store Saks Fifth Avenue — is reportedly deciding between two possible locations for its Downtown office headquarters. [more]

  • culinary

    Chef Fehmi Samanci at the Institute of Culinary Education and Brookfield Place rendering

    To diversify its palate beyond a bevy of luxury retailers, Brookfield Office Properties has added the Institute of Culinary Education to Brookfield Place in Lower Manhattan. [more]

  • Brookfield Place

    Global law firm Jones Day is close to signing a long-term lease for 400,000 square feet at Brookfield Place, formerly known as the World Financial Center, sources told Crain’s.

    The Washington, D.C.-based firm would move from its Midtown office at 222 East 41st Street to a 34-story tower at 4 Brookfield Place, the website said. Real estate investment trust Brookfield Office Properties owns the 1.7 million-square-foot complex in the Financial District. [more]

  • WFC signs restaurateur for 30,000 sf space

    February 25, 2013 01:30PM

    The World Financial Center and Peter Poulakakos

    The World Financial Center is set to see a toothsome new tenant. Restaurateur Peter Poulakakos, the operator of the Financier Patisserie coffee chain, has inked a deal for a 30,000-square-foot food marketplace and restaurant at the 8 million-square-foot, four-building complex, the New York Post reported. [more]

  • A rendering of the new retail shops at Brookfield Place

    Brookfield Office Properties announced yesterday that it has inked deals with eight casual eateries for its marquee Brookfield Place complex.

    The restaurants that have signed leases are: salad shop Chop’t Creative Salad Company; vegetable market Dig Inn Seasonal Market; Mexican eatery Dos Toros; grilled cheese shop Little Muenster; Cambodian sandwich shop Num Pang; pizzeria Skinny Pizza; dessert shop Sprinkles Cupcakes; and gourmet burger joint Umami Burger.  [more]

  • Regus signs World Financial Center lease

    February 05, 2013 06:00PM

    World Financial Center

    Office owner giant Regus has signed a 40,000-square-foot lease encompassing the entire 24th floor of Brookfield Properties’ 3 World Financial Center, Crain’s reported. Regus will pay rents in the mid-$50s for the 10-year lease. Regus, which has 10 other locations around the city, including space at 254 Park Avenue, is also owned by Brookfield. [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: 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]

  • The amount of space available in the Downtown market rose to its highest level in nearly two years, as more than 2.9 million square feet officially hit the leasing market, figures released today by commercial firm CBRE Group show.

    As expected, the availability rate for the Downtown market rose in October to 13.7 percent, up from 10.6 percent in September with the addition of more than 2.5 million square feet of space at Brookfield Office Properties’ World Financial Center and other properties, falling within 12 months of availability last month, the CBRE reports says. [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]

  • Fulton Street Transit Center rendering

    The Metropolitan Transportation Authority is issuing a request for proposals Thursday to find a manager for 70,000 square feet of high-end retail space under construction at the Fulton Street Transit Center. While the Wall Street Journal noted that this is just some of the nearly 1 million square feet of new retail space being prepared for the area, retail brokers believe there is enough demand to fill the flood of new supply. [more]

  • From left: Jerry Larkin and the World Financial Center

    Brookfield Properties is close to several deals for the under-renovation 200,000-square-foot retail space at the World Financial Center, the New York Observer reported. Jerry Larkin and David Cheikin, two top leasing executives at Brookfield, said that a transaction is close with an Eataly-style food operator who will take 30,000 square feet inside the space for a gourmet market. [more]

  • From left: Bill Thompson, Milstein Properties Chairman Howard Milstein, and Brookfield Chairman John Zuccotti

    A pair of deals mayoral candidate Bill Thompson oversaw as chairman of the Battery Park City Authority that aid Lower Manhattan developers has helped line his campaign coffers while stripping the city of much-needed revenue, according to the New York Daily News. Thompson stepped down from the post this month to focus on his mayoral campaign, but in the last year he’s helped overturn scheduled fee increases for Battery Park City condominium owners and secured valuable rent breaks for Brookfield Office Properties’ planned redevelopment of World Financial Center retail. [more]

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  • After much speculation that they would move to Brookfield Properties’ largely vacant World Financial Center in Lower Manhattan, law firm Milbank Tweed, Hadley & McCloy LLP may stay at 1 Chase Manhattan Plaza, the New York Observer reported. The firm occupies 375,000 square feet on several floors at the property owned by JP Morgan Chase.

    Brokers told the Observer that lease negotiations with Brookfield were so advanced that Brookfield was representing an approximately 300,000 square foot space as “spoken for,” in their negotiations with other companies. But sources said that the firm is now in negotiations to renew their existing lease at 1 Chase Manhattan, on the corner of Liberty and William streets in Lower Manhattan. … [more]

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    Renderings of the Fulton Street Transit Center (source: MTA)

    Unlike its Grand Central Terminal, where the Metropolitan Transportation Authority directly leases space to tenants and has become known as something of a difficult landlord, the MTA will lease all the space in the forthcoming Fulton Street Transit Center to one company and let that firm manage it. According to the Wall Street Journal, the agency hopes to make it a shopping and dining destination.

    Once complete in 2014, the three-story glass and steel structure at the corner of Fulton Street and Broadway will have 70,000 square feet of retail space. … [more]

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    Brookfield Office Properties CEO Ric Clark and 4 World Financial Center
    Brookfield Office Properties has struck a deal with Bank of America to take its 49 percent stake in 4 World Financial Center and will own the entire property, the Wall Street Journal reported. Bank of America simultaneously renewed its lease for 750,000 square feet in the tower.

    The largest landlord in the neighborhood, Brookfield has committed to Lower Manhattan with this deal and its recent promise to spend $250 million to upgrade the retail at the World Financial Center. However, with layoffs looming at financial firms and millions of vacant square feet being delivered in the World Trade Center, Brookfield has reason to be concerned. … [more]

  • Time Warner is moving forward with its plan to possibly move out of the Time Warner Center and consolidate its operations at new headquarters elsewhere to save costs, the Wall Street Journal reported. In a memo to all New York-based employees yesterday, the company said it would be undertaking a broad reevaluation of its real estate, with a formal plan expected next year. Time Warner moved to Columbus Circle in 2004, where it had partnered with Related Companies to build the David Childs-designed building that is its company headquarters now. … [more]

  • There are more opportunities than challenges in the current Lower
    Manhattan real estate market, Mitch Rudin, the new president and CEO
    of Brookfield’s U.S. commercial property holdings told
    Brookfield recently announced its $250 million redevelopment plan for
    the World Financial Center. With $20 billion in public-private
    investment in the area, Rudin said the neighborhood is changing beyond
    just a hub for the Financial District, as the entertainment,
    publishing (such as Conde Nast) and legal industry move in.
    “If there is a decline in any particular industry, you are able to
    position that by bringing in new,” he said. The area is now a “24-hour
    environment,” he added, with its retail and residential growth, as he
    noted that he thinks the World Financial Center “is going to be one
    of the most exciting neighborhoods in the city.” [GlobeSt]

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  • Leasing executives from the commercial services firm CB Richard Ellis championed some of the strongest statistical numbers seen in more than a decade for the Downtown district during a media briefing this morning, just weeks after Bank of America announced it would give up nearly 3 million square feet in Lower Manhattan, increasing competition for the area’s landlords. 
    The net absorption — which measures the change in the square feet of space occupied during a particular period — for the Downtown market in June was 1.23 million square feet, the statistics show. That’s far ahead of numbers seen, not only in recent months, but in recent years.

    “Absorption is positive,” Sheldon Cohen, senior managing director at CBRE, said. “You have to go to 1998 to get absorption at that [monthly] level.” … [more]