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

Nickerson family owns land under the Bryant Park building

New York /
Mar.March 07, 2017 05:05 PM

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


Related Articles

arrow_forward_ios
Freshly CEO Michael Wystrach and 28 East 28th Street (Photos via Twitter; Google Maps)
Freshly inks big lease in NoMad
Freshly inks big lease in NoMad
From left: Isaac Zion with JMC Holdings' Matthew Cassin (left) and David Taylor (right) (Photos via SL Green; JMC)
Former SL Green exec Isaac Zion joins Acram Group
Former SL Green exec Isaac Zion joins Acram Group
(Photo illustration by The Real Deal)
Inside mall owner Namdar’s rapid growth story
Inside mall owner Namdar’s rapid growth story
15 Park Row (Google Maps)
J&R Music founders sell Park Row apartment tower for $140M
J&R Music founders sell Park Row apartment tower for $140M
Claudio Del Vecchio has owned Brooks Brothers since 2001. (Getty)
Brooks Brothers’ Madison Ave store could give way to Midtown East tower
Brooks Brothers’ Madison Ave store could give way to Midtown East tower
Gov. Andrew Cuomo (Getty)
Industry reacts to Cuomo’s proposed commercial eviction ban
Industry reacts to Cuomo’s proposed commercial eviction ban
Merchants Hospitality Inks Club Deal at Cachet Hotel (Google Maps, Playboy Club)
Nightlife veteran John Blair inks deal for Hell’s Kitchen club
Nightlife veteran John Blair inks deal for Hell’s Kitchen club
Financial disclosures show extent of Trump Org losses
Financial disclosures show extent of Trump Org losses
Financial disclosures show extent of Trump Org losses
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...