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Brookfield Closing in on Large 3 WFC Lease

NEW YORK CITY-Brookfield Properties is negotiating with tenant for a large amount of space at 3 World Financial Center. The firm expects the occupancy rate will rise from the current 65% to 80% at the end of the third quarter.

By Barbara Jarvie | Updated on July 31, 2005

NEW YORK CITY-By the end of the third quarter, Brookfield Properties Corp. expects to add a new tenant to the roster at 3 World Financial Center. Ric Clark, president & CEO of Brookfield, said during the company’s second-quarter conference call that he’s “pretty confident” the occupancy rate will be up to 80% by the end of the third quarter. The site is currently 65% leased.

“It’s been a solid and interesting quarter for Brookfield,” Clark said. In the second quarter, the firm’s largest New York City transaction was a 12-year lease of 52,000 sf with McCarter & English at 245 Park Ave. “We are witnessing increased activity in almost all of our markets.” So far the firm has completed more than two million sf of leasing this year.

Additionally, Brookfield is exploring the possibility of constructing a mixed-use environment on its development site at 401 West 31st St. The site, which has a potential for 2.5 million sf of development, is located directly across from the Moynihan Train Station project recently won by the joint venture of Vornado and the Related Cos. Clark said the venture’s plans will be a “catalyst for redevelopment” in the area. He said a residential component will attract immediate interest as opposed office space in the area. “It’s very likely to be mixed use,” he said. In fact, Clark added that the firm is giving considerable thought to adding residential component to other development projects as well.

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