The Real Deal New York

Brookfield, Swig Co. sign ground lease for 1100 Sixth Ave

Nickerson family owns land under the Bryant Park building
March 07, 2017 05:05PM

1100 Sixth Avenue and Ric Clark

Brookfield Property Partners and the Swig Company signed a long-term ground lease for a Midtown office building at 1100 Sixth Avenue.

As part of the deal, the partners will begin to redevelop the property in 2019, after HBO moves out to Hudson Yards along with its parent company Time Warner.  The Nickerson family owns the land under the 350,000-square-foot, 15-story building at the corner of Sixth Avenue and 42nd Street. Crain’s first reported the deal.

“Our family has owned the land for over 150 years and will continue to own the land throughout the term of the lease,” William Nickerson said in a statement. “We are confident that working with Brookfield and Swig will be the best way to maximize the advantages of our outstanding location.”

CBRE’s TRData LogoTINY Darcy Stacom and Bill Shanahan represented the landlord in the deal.

California-based Swig Company (not to be confused with Kent Swig’s Swig Equities) developed the Grace Building at Nearby 1114 Sixth Avenue.

Brookfield is currently shopping an office tower 245 Park Avenue and a 49-percent stake in Brookfield Place. The Canadian company recently said it wants to raise between $1 billion and $2 billion from asset sales in 2017.  — Konrad Putzier