The Real Deal New York

Scotiabank moves downtown but sticks with Brookfield

July 19, 2013 04:00PM

Scotiabank is moving offices downtown, from 1 Liberty Plaza to nearby 4 Brookfield place, both of which are owned by Brookfield Properties, Crain’s reported. Scotiabank, based in Toronto, will take about 100,000 square feet in the new location, where asking rents are in the $50s per square foot.

Brookfield, also based in Toronto, is one of the largest public real estate companies in North America and also a client of Scotiabank. The bank handles many of Brookfiend’s debt and stock underwriting issues.

Brookfield is also busy arranging another sizeable transaction at the tower for roughly 400,000 square feet with the law firm Jones Day for the top floors of the 34-story, 1.7 million-square-foot tower – also said to be in the $50s per square foot.

To fill the space left behind at Scotiabank’s former 1 Liberty Plaza locale, Brookfield has tapped a brokerage group from Newmark Grubb Knight Frank, led by the company’s New York area president David Falk, to manage dealmaking in the 53-story, 2.3 million-square-foot building.

Falk just inked a deal to expand the office of financial company Angelo Gordon at 245 Park Avenue, another tower Brookfield owns. He will, however, be giving up his role as a broker at 450 West 33rd Street – another Brookfield property – an assignment that will go to Bruce Mosler of Cushman & Wakefield. [Crain’s]Julie Strickland