Repositioned Brookfield Place Drives Downtown Absorption

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COW New York May 15 15

  • Formerly marketed as the World Financial Center, the downsize by Bank of America I Merrill Lynch at the 8.9 million-square-foot office complex resulted in a 2.6 percentage point increase in Downtown vacancy in 2012.
  • New leases by Time Inc., Hudson’s Bay, BNY Mellon, Jones Day, and others drove the vacancy lower, from 39.9 percent in 2012 to 5.0 percent in 2014, at the complex.
  • The downsize of NYMEX by 319,644 square feet at 300 Vesey Street (formerly 1 North End Avenue) resulted innegative absorption at the repositioned five-building Brookfield Place to begin 2015.