(Save the date: RealShare New York comes to the Grand Hyatt, New York, NY, October 9.)
NEW YORK CITY-The slowdown in the pace of transactions is being felt in the lease-up progress on a number of available blocks, particularly at the World Financial Center, Brookfield Office Properties’ chief executive Dennis Friedrich said during its second quarter earnings call today.
The company is facing a large vacancy when Bank of America/Merrill Lynch vacates 3.1 million square feet at the WFC upon lease maturity in September 2013, and Brookfield’s original goal of having 50% of the space leased by year-end 2012 –roughly 1.5 million square feet – is becoming “unlikely,” he added.
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