Brookfield weighs massive renovation of former Daily News headquarters

June 19, 2012 09:30AM

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. Brookfield has yet to lay out specific plans for the potential renovation, although Jerry Larkin, Brookfield’s senior director of leasing, noted that it could include installing an all-glass facade, a new lobby and upgrading other building systems.

However, the developer does have the potential benefits of that renovation fully planned out. It would allow the Cushman & Wakefield team marketing Manhattan West to offer potential tenants the ability to take some pricier space in the brand new office towers and complimentary cheaper space at 450 West 33rd Street.

“A tenant could take a 40,000-square-foot tower floor and then lease the rest of their space in 450 West 33rd Street and average down their costs,” Cushman Chairman Bruce Mosler said. That could give Manhattan West a leg up over Related’s Hudson Yards. [NYO]