NEW YORK CITY—Brookfield Property Partners has signed law firm Skadden, Arps, Slate, Meagher & Flom to a 20-year lease for 550,000 square feet at 1 Manhattan West. As a result of the agreement, Brookfield will start construction on One Manhattan West, a 2.1 million-square-foot office tower located at the southwest corner of Ninth Avenue and 33rd Street.
A JLL team led by Peter Riguardi, Kenneth Siegel and Matthew Astrachan represented Skadden. Brookfield's in-house team of Jerry Larkin, Duncan McCuaig and David McBride, as well as a Cushman & Wakefield team including Bruce Mosler, Josh Kuriloff and Mikael Nahmias represented the landlord.
Mosler and Kuriloff tell GlobeSt.com, "Skadden's anchor tenant commitment to One Manhattan West further solidifies the neighborhood and Manhattan West as the gateway to Hudson Yards." JLL representatives did not respond to requests by GlobeSt.com for comment by press time.
Wells Fargo Bank, N.A., Deutsche Bank AG New York Branch, the Bank of New York Mellon, and the Toronto-Dominion Bank are co-leading $1.25 billion in construction financing for the tower. Brookfield is investing $850 million in the project, bringing the total cost to $2.1 billion.
Skadden will take the 28th to 43rd floors of the tower, one of two planned commercial buildings at Brookfield's seven-million-square-foot Manhattan West project. The esteemed law firm reportedly will relocate from its current headquarters at 4 Times Square upon the expiration of its lease in 2020, according to the New York Daily News.
“When this building opens in 2019 it will be home to Skadden and other exceptional companies from New York and around the world, and Manhattan West will have established itself as a dynamic, vibrant mixed-use community,” says Dennis Friedrich, CEO of Brookfield Property Partners' office division. “This is an exciting time to be building an entirely new neighborhood anchored by class A office towers that will redefine the west Midtown skyline.”
"We look forward to moving to a state-of-the-art building at Manhattan West, and to being part of New York City's most dynamic new neighborhood," adds Skadden executive partner Eric Friedman.
When completed, the $4.5 billion Manhattan West development will include two new class A office towers, retail, rooftop gardens, restaurants and cafes and a luxury residential building. A two-acre public park will transect the site.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
