Real estate firms lead cautious return to NYC offices

Brookfield, RFR, ESRT and Silverstein are bringing workers back

New York /
Jun.June 22, 2020 12:46 PM
Brookfield Property Partners' Brian Kingston, Silverstein Properties' Larry Silverstein and Empire State Realty Trust's Anthony Malkin (Getty)

Brookfield Property Partners’ Brian Kingston, Silverstein Properties’ Larry Silverstein and Empire State Realty Trust’s Anthony Malkin (Getty)

Real estate companies are leading the way as New York City allows some workers to return to their offices.

Brookfield Property Partners expects a quarter of its 700 New York employees to return to the office Monday, while RFR wants its 60 employees to work from the company’s Midtown office four days a week.

“We felt it was really important, as the largest office landlord in the world, that we demonstrate leadership in returning to the office,” Brian Kingston, chief executive of Brookfield, told the Wall Street Journal.

Empire State Realty Trust, which owns the Empire State building, said it expects about one-third of its employees to return to company offices within a week.

Silverstein Properties may have the most detailed plan, dividing workers into three groups before they return. Each group will have two days to work from the office followed by four days of required remote work, chief operating officer Dino Fusco told the Journal.

Plexiglass shields were also installed at check-in desks and antimicrobial film placed on frequently touched surfaces, like doors and turnstiles, Fusco said.

Most industries other than real estate, however, will likely return more slowly. Mary Ann Tighe, chief executive at CBRE Group, said many of its company’s clients are looking at Labor Day as a potential return date, provided that schools have reopened.

While restaurants are allowed to seat customers outdoors as part of the city’s Phase 2 reopening plan, those in Midtown that depend on office clients aren’t likely to fill up immediately.

In April, the New York City Independent Budget Office estimated that 475,000 jobs could be lost beginning in the second quarter through the following 12 months, and it projects a loss of 36.4 percent of sales-tax revenue compared to its 2021 projection before the pandemic. [WSJ] — Orion Jones


Related Articles

arrow_forward_ios
Brookfield Asset Management’s Bruce Flatt (iStock)
Brookfield posts record FFO in Q1 — but not because of real estate
Brookfield posts record FFO in Q1 — but not because of real estate
60 Guilders' Kevin Chisholm, Brookfield's Brian Kingston and 12 Metrotech. (Brookfield, Chisholm ph: Larry Ford)
Brookfield to sell DoBro office condo for $130M
Brookfield to sell DoBro office condo for $130M
WATCH: How climate change puts real estate at risk
WATCH: How climate change puts real estate at risk
WATCH: How climate change puts real estate at risk
Illustration of Amazon's Jeff Bezos (Photo illustration by Kevin Rebong for The Real Deal)
No room in the warehouse: Amazon fuels shortage
No room in the warehouse: Amazon fuels shortage
Katie Kurtz and Silverstein Properties chairman Larry Silverstein (Silverstein, Getty)
Silverstein Properties hires Katie Kurtz as new CFO
Silverstein Properties hires Katie Kurtz as new CFO
President Joe Biden (Getty)
Biden’s proposal to cut 1031 exchanges may be “tremendous blow” to real estate: experts
Biden’s proposal to cut 1031 exchanges may be “tremendous blow” to real estate: experts
The Plaza Hotel, St. Regis Hotel, and Waldorf Astoria (iStock)
Outlook for hotels improves — from awful to merely bad
Outlook for hotels improves — from awful to merely bad
Bill Gates and 619 West 54th Street (Getty, Taconic Partners)
Bill Gates-backed bio startup expanding in NYC
Bill Gates-backed bio startup expanding in NYC
arrow_forward_ios

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

Loading...