Big office lease finally in works at 1 New York Plaza

TRD New York /
Mar.March 20, 2012 02:00 PM

It might be an old city staple that finally shakes the office leasing market out of its nearly year-long slumber.

The New York Post reported that Morgan Stanley has advanced “beyond the term-sheet stage” in negotiations to convert its 800,000 square feet at One New York Plaza, which it currently subleases from Wells Fargo, to a direct lease. What’s more, Morgan Stanley wants to add another 300,000 square feet to its footprint.

That’s welcome news for landlord Brookfield Office Properties, which is working to fill the 24.5 percent of the 2.6 million-square-foot tower that is unoccupied.

But it’s also a good sign for the office leasing industry as a whole.

“Everyone’s waiting on this one,” said a broker who’s not involved in the negotiations cited by the Post. “It’s great that downtown now has media companies and other kinds that aren’t ‘Wall Street’ — but it’s nice to know financial firms still want to stay there and grow.”

Brian Waterman of Newmark Knight Frank is Morgan Stanley’s lead broker in the deal. [Post, 3rd item]


Related Articles

arrow_forward_ios
RFR Realty's Aby Rosen, Brookfield's Ric Clark and the Lever House at 390 Park Avenue (Credit: Getty Images and Google Maps)

Aby Rosen’s new landlords move to take control of Lever House

1412 Broadway (Credit: Google Maps)

Isaac Chetrit lands $210M refi for Garment District office building

55 Hudson Yards, Facebook CEO Mark Zuckerberg (Credit: Google Maps and Getty Images)

Here’s how much Facebook is paying at Hudson Yards

Hamptons Cheat Sheet: Southampton properties merged into $73M mega listing, Peconic Bay fund earns $99M in real estate taxes … & more

Hamptons Cheat Sheet: Southampton properties merged into $73M mega listing, Peconic Bay fund earns $99M in real estate taxes … & more

Digital marketing firm to take 95K sf office penthouse at Grace Building

Digital marketing firm to take 95K sf office penthouse at Grace Building

Morgan Stanley fund pays $47M for easement rights to Con Ed substation

Morgan Stanley fund pays $47M for easement rights to Con Ed substation

Morgan Stanley lends Werner and partners $150M for Pfizer HQ buy

Morgan Stanley lends Werner and partners $150M for Pfizer HQ buy

Credit research firm inks 28K sf lease in Midtown South

Credit research firm inks 28K sf lease in Midtown South

arrow_forward_ios
Loading...