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Brookfield: $100 PSF Manhattan Lease Deals In Pipeline

NEW YORK CITY-After achieving 2.7 million square feet of leasing throughout its portfolio in Q4 2011, CEO Ric Clark said during a company earnings call that several large lease transactions in its New York City properties will be announced in the coming weeks.

By Jacqueline Hlavenka | Updated on February 10, 2012

NEW YORK CITY-After securing 2.7 million square feet of leases portfolio-wide in the fourth quarter of 2011, owner, manager and developer Brookfield Office Properties is set to capitalize on the recovering leasing market and the favorable borrowing environment in 2012. During the company’s Q4 2011 earnings call, Brookfield CEO Ric Clark predicted that eight million square feet of new deals will be signed by year’s end–and rental rates, in turn, will increase.

“In Midtown Manhattan, we have some leasing discussions underway and hope to announce this year deals achieving rental rates that average about $100 per square foot,” Clark said during the call. “All of these things are positive anecdotes in light of not always positive economic news.”

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