Brookfield puts One Liberty Plaza up for sale

2.3M sf tower is 94% occupied

One Liberty Plaza and Brookfield's Ric Clark
One Liberty Plaza and Brookfield's Ric Clark

Brookfield Property Partners is looking to sell its 2.3 million-square-foot office tower at One Liberty Plaza in Lower Manhattan, which could trade for as much as $1.6 billion.

Brookfield hired Cushman & Wakefield to market the tower, which is 94 percent leased, according to Real Estate Alert. At the $1.6 billion price tag, the listing works out to $695 per square foot. Brookfield is open to selling the entire tower or a partial stake, REA reported.

The Financial Industry Regulatory Authority is the second-largest tenant with 225,000 square feet running through 2021.

Brookfield’s seen a lot of leasing activity at the property as of late, with the New York City Economic Development Corp. recently taking 220,000 square feet, a signing first reported by The Real Deal in June.

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Cosmetics company New Avon, insurance giant Aon and media company Business Insider have all inked deals in the building this year.

Convene, the common-spaces manager that raised $68 million earlier this year in a Series C funding round led by Brookfield, is rumored to be in talks to lease retail space at the base of the tower for a conference facility that would be marketed as an amenity for tenants, according to REA.

In August, Brookfield refinanced the tower with an $850 million loan from Morgan Stanley. The tower is part of the Olympia & York portfolio Brookfield acquired out of bankruptcy in 1996.

Other properties in the portfolio include 245 Park Avenue, which HNA Group purchased in May for $2.21 billion, and the complex known today as Brookfield Place. The owner tapped Eastdil Secured last year to market a 49 percent stake that would value the 8 million-square-foot complex at $5 billion.  [REA] – Rich Bockmann

(To view more of Brookfield Property Partners’ office leasing transactions, click here)