The Real Deal New York

Cushman inks lease at Forest City Ratner’s 1 Pierrepont Plaza

Commercial brokerage is leaving former Massey Knakal building behind
March 15, 2016 10:38AM


From left: Ron Lo Russo, MaryAnne Gilmartin and 1 Pierrepont Plaza in Downtown Brooklyn

Cushman & Wakefield is heading to NYC’s version of Hillaryland, moving to Forest City Ratner’s 1 Pierrepont Plaza, where the former secretary of state has her presidential campaign headquarters.

The commercial brokerage signed a 10-year, 15,100-square-foot lease at the building in Downtown Brooklyn. 

Cushman is moving from Midtown Equities’ 205 Montague Street, which used to be home to Massey Knakal Realty Services. Cushman acquired Massey Knakal in 2014 for $100 million.

Cushman plans to take a part of the ninth floor of the 19-story, around 726,000-square-foot building at 1 Pierrepont Plaza, the New York Observer reported.

The asking rent for the deal was not disclosed. Average asking rents for office space in Downtown Brooklyn are now $52 per square foot, according to Newmark Grubb Knight Frank.

Jonathan Serko, Joseph Caridi and Betty Castro represented Cushman in-house. Ali Esmaeilzadeh, a senior vice president at Forest City, represented the landlord in-house.

Midtown Equities hired Cushman to market the building as a development site that could yield a 300,000-square-foot property with 62 stories.

Morgan Stanley and Hillary Clinton’s presidential campaign headquarters are also at 1 Pierrepont Plaza. [NYO]Dusica Sue Malesevic