Brookfield Office Properties’ acquisition of the New York Mercantile Exchange Building from Chicago-based CME is officially complete. The commercial real estate giant signed a contract to pay $200 million, or roughly $385 per square foot, for the 16-story office building at One North End Avenue earlier this week.
The building is on a long-term lease from the Battery Park City Authority until June 2069. Previous owner CME is expected to lease the property for two years before rearranging its energy market trading operation into the lower 220,000 square feet of the building, for 13 years at an expected $50 per square foot.
The setup would leave Brookfield with roughly 300,000 square feet to lease out on the upper floors.
Jimmy Kuhn and Jennifer Schwartzman of Newmark Grubb Knight Frank, along with Holly Duran Real Estate Partners of Chicago, were marketing the building on CME’s behalf. A spokeswoman for Brookfield, Melissa Coley, and Mira Matic for Newmark, declined comment to the New York Post, which reported the closing. [NYP] — Julie Strickland