247 Local Media247 Local Media

    Subscribe to Updates

    Get the latest creative news from FooBar about art, design and business.

    What's Hot

    An Overview of Online Casinos vs Traditional Casinos

    December 8, 2022

    Types of Specialists for Erectile Dysfunction

    October 31, 2022

    When students’ basic needs are met by community schools, learning can flourish

    September 27, 2022
    Facebook Twitter Instagram
    • Home
    Facebook Twitter Instagram
    247 Local Media247 Local Media
    Subscribe
    • Home
    • Automotive
    • Business
    • CBD
    • Crypto
    • Education
    • Entertainment
    • Fashion
    • Finance
    • Health
    • Home Improvement
    • Law \ Legal
    • News
    • Shopping
    • Sports
    • Technology
    • Travel
    • Contact US
    247 Local Media247 Local Media
    Home»Business»Brookfield Place defies pandemic pains to thrive downtown with new lease deals
    Business

    Brookfield Place defies pandemic pains to thrive downtown with new lease deals

    By July 25, 2022No Comments3 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Brookfield Place defies pandemic pains to thrive downtown with new lease deals
    Share
    Facebook Twitter LinkedIn Pinterest Email
    Brookfield Place defies pandemic pains to thrive downtown with new lease deals


    Steve Cuozzo

    Brookfield Place survived 9/11 (which buried the complex in ash) and the Great Recession (which drained some large office tenants). Superstorm Sandy hardly laid a glove on it.

    Now, the 14-acre commercial complex that was originally called the World Financial Center is weathering the worst calamity of all, the pandemic, with remarkable grace even as much of downtown’s commercial scene struggles.

    The complex’s four 1989s-vintage office towers and a more recent addition are all but full. Its gleaming shopping and dining portion is thriving with new leases and dramatically increased foot traffic.

    Three new long-term office deals at 225 Liberty St. — formerly Two World Financial Center — brought its 1.739 million square feet to 97 percent leased. The commitments total over 67,000 square feet for Simon-Kucher & Partners, a global strategy and marketing consulting firm; DRW Holdings LLC, a trading firm; and an unidentified investment management firm.

    Neighboring 250 Vesey St. and 300 Vesey St. (a smaller 1996 tower originally built for the New York Mercantile Exchange) are 100 percent leased, while 200 Liberty St. and 200 Vesey are both 90 percent leased.

    Meanwhile, the 360,000 square-feet shopping and dining mall, centered around the glass-wrapped, palm trees-filled Winter Garden, is 94 percent leased. Its success stands in stark comparison to Unibail-Rodamco-Westfield’s limping World Trade Center Oculus-centered mall to the east which is linked to Brookfield Place underground.

    Brookfield Place features a 360,000-square-foot shopping and dining mall, centered around the glass-wrapped, palm trees-filled Winter Garden.
    Brookfield Place features a 360,000-square-foot shopping and dining mall, centered around the glass-wrapped, palm trees-filled Winter Garden.

    Although URW doesn’t divulge vacancy levels, huge portions of the WTC mall stand vacant, such as the retail base of Three World Trade Center. (However, the office towers owned by the Durst Organization and the Port Authority and by Larry Silverstein are doing very well. Like Brookfield Place, they’re a rare downtown bright spot amidst a sea of under-leased older buildings.)

    Brookfield’s retail complex has drawn 17,000 square feet of new stores and eateries since early 2021 — among them, Adam Grooming Atelier, Plaza M Spa and The Wonder. Several new “chef-driven”  spots have opened as well at Hudson Eats, Brookfield’s fast-casual food hall.

    Foot traffic in the mall is up 53 percent since 2021 and 200 percent from the doldrums of 2020, according to Brookfield. Lululemon just signed a new lease to double the size of its store to 5,000 square feet.

    Brookfield’s complex has added many new stores and eateries, including new pop-up Portside.

    Brookfield this month launched a pop-up called Portside that offers snacks, drinks and free public events on the plaza overlooking the harbor.

    The complex looked to be in trouble after the 2008 recession when some large office tenants including Merrill Lynch left or downsized and the entire area was regarded as a shopping backwater. Its World Financial Center name sounded as stodgy as its overall image.

    But its smart rebranding as Brookfield Place, and $250 million the developer spent to redesign the public areas in 2014 and 2015, plus later redesigns of office tower lobbies and systems upgrades, helped to lure scores of new tenants. Among them: Time Inc., Jones Day and Northwestern Mutual.

    The developer declined to share current rents. We reported the asking rent at 200 Liberty was in the mid-$70s per square foot back in ancient 2019.



    Source link

    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

    Related Posts

    Beyond Meat, Impossible struggle due to ‘woke’ perception: analysts

    September 26, 2022

    Developer hustles to build ‘Bustle’ in Penn Station area

    September 26, 2022

    Amazon rolls out second Prime Day this year for first time ever

    September 26, 2022
    Add A Comment

    Comments are closed.

    Editors Picks
    Recent Posts
    • An Overview of Online Casinos vs Traditional Casinos
    • Types of Specialists for Erectile Dysfunction
    • When students’ basic needs are met by community schools, learning can flourish
    • Walmart and Target Are Hiring 140,000 Seasonal Workers
    • 7 Ways to Get Affordable Dental Care for Adults and Children
    Archives
    • December 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • September 2021
    Facebook Twitter Instagram Pinterest Vimeo YouTube
    • Home
    © 2022 - 247 Local Media- All Rights Reserved.

    Type above and press Enter to search. Press Esc to cancel.