Tag Archives: Lower Manhattan

Downtown’s superior commutability

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Density and new transit hub in Downtown Manhattan office market yield superior commutability
  • Lower Manhattan is served by the brand new, Oculus/Fulton Center transit hub, a subterranean network of rail stops accessing the New Jersey PATH system as well as eleven MTA subway lines. These transportation resources make the market highly accessible to both New Jersey
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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
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More than 2 million square feet of new or repositioned retail slated for Lower Manhattan

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New York Chart of the Week

PowerPoint Presentation

 

Brookfield Place:
40 retailers totaling 200,000 s.f. will open by spring 2015, including Saks Fifth Avenue, Hermès, J.Crew, Theory, Le District French marketplace, and Hudson Eats – a collection of 14 fast-casual eateries

World Trade Center:
150 retailers totaling 350,000 s.f. will open in summer 2015, including… Read More

JLL completes 57,018-SF lease for AKF Group at One Liberty Plaza in New York

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Engineering firm signs 15-year lease to occupy entire 22nd floor, portion of 23rd floor at Class A, 2.3 MSF commercial office building

JLL recently completed a new, direct lease for AKF Group LLC at One Liberty Plaza in Lower Manhattan. The engineering firm signed a 15-year lease for 57,018 square feet at the Class A, 2.3 million-square-foot commercial office building owned by Brookfield.

The tenant was represented by Paul Mas and Michael Shenot, managing directors; Ruby Hwang, senior vice president; and Roxanne Tehranian, associate, all with JLL.

Brookfield was represented in-house by Jeremiah Larkin, senior vice president and director of leasing, and Duncan McCuaig, vice presidents of leasing, along with Newmark Grubb Knight Frank team of David Falk, principal and president of the New York tri-state region; Peter Shimkin, executive managing director; Hal Stein, managing principal; and Nick Berger, managing director.

“AKF Group is relocating its entire New York operations from the Times Square district to Lower Manhattan,” said Shenot.

“Lower Manhattan continues to attract a diverse range of tenants from outside of the traditional financial services sector. We’ve seen similar commitments this year from media firms, technology groups and across all business service sectors.”

AKF Group inked the 15-year lease and will occupy the entire 44,378-square-foot 22nd floor and a portion of the 23rd floor at One Liberty Plaza, located directly across from the World Trade Center between Liberty and Cortlandt streets in Lower Manhattan. The engineering firm is consolidating its presence Downtown from locations at 1501 Broadway and 330 West 42nd Street in Midtown.… Read More

New York office market posts lowest overall vacancy rates in two years

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Big deals by BNY Mellon, Time push down Lower Manhattan vacancy rates
Midtown South rents break record for 2nd consecutive quarter

NYCTenants signed a slew of deals for large blocks of space across Manhattan in the second quarter of 2014, a marked change from the steady stream of renewals the city recorded during the past two… Read More

JLL Relocates ICD to 123 William Street in New York

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Nonprofit organization to occupy entire 5th floor at Class B, 569,160-SF office building; JLL sold original headquarters at 407 First Avenue to fund relocation, establish endowment

JLL has completed the relocation of The Institute of Career Development to 123 William Street. The nearly 100-year-old nonprofit organization signed a 10-year lease for 24,391 square feet at the Class B, 569,160-square-foot commercial office building.

The tenant, ICD, was represented by Paul Mas, managing director, and Ellen Herman, executive vice president, both with JLL. The building owners, East End Capital Partners and GreenOak US, were represented by Howard Fiddle, vice chairman, and Bradley Gerla, executive vice president, both with CBRE Inc.

“JLL advised ICD on property management issues it faced as the owner of its original 77,000-square-foot headquarters at 407 First Avenue, and then arranged the sale of the property this past year,” said Mas. “We were able to find an ideal new home for ICD at 123 William Street and then assisted the organization in building out its new space on the fifth floor of the building.”

ICD, formerly known as the International Center for the Disabled, signed a 10-year lease for 24,391 square feet of space and will occupy the entire fifth floor at 123 William Street, which is located between John and Fulton streets in Lower Manhattan. The institute is relocating to the building from its previous offices at 407 First Avenue.

“ICD was extremely pleased with the competency and professionalism displayed by JLL,” said Les Halpert, executive director, with ICD. “I have worked with three separate divisions of the organization and each group was available, responsible, efficient, knowledgeable and helpful. It was a refreshingly rewarding experience.”

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