The newly unveiled deal is largely the result of an incentive offered by the New York City Economic Development Corp., which moved to keep Brown Brothers Harriman from defecting to New Jersey's Gold Coast, as many others have done. About 850people will re-locate in the move.
"It's a testament to the strength of the Downtown market that Brown Brothers will remain in lower Manhattan," says Scott Gamber, a seniormanaging director at Insignia/ESG, who with Douglas Lehman negotiatedthe 20-year lease for Brown Brothers. "But in efforts to retain such animportant banking institution as Brown Brothers Harriman,the EDC structured and incentive plan that kept these jobs inManhattan."
Catherine Ernst and Roger Silverstein acted for Silverstein Properties and Morgan Stanley Real Estate Fund III; RadfordW. Klotz managed the negotiations at Brown Brothers Harriman.
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