Brookfield Office Properties Inc. executed a monster lease with Morgan Stanley signing up for 1.2 million sq. ft. at One New York Plaza in Lower Manhattan.
Under an existing sublease with Wells Fargo for approximately 782,000 sq. ft. and a direct lease with Brookfield for 34,000 sq. ft., Morgan Stanley currently occupies approximately 816,000 sq. ft. at One New York Plaza. Under the terms of the new direct lease with Brookfield, Morgan Stanley will expand its premises in the building by approximately 337,000 sq. ft. for a total of 1,153,000 sq. ft., expiring in 2029.
It’s one of the largest Manhattan leases signed since 2008. Condé Nast’s signed a 1.05 million sq. ft. deal at One World Trade Center in 2011 and then later exercised an option for another 116,000 sq. ft. of space.
"Re-letting this large block of space at One New York Plaza was a major strategic priority for Brookfield and we are thrilled that Morgan Stanley will remain in the building and be taking additional space," Jerry Larkin, senior vice president and director of leasing of U.S. commercial operations at Brookfield. "This lease commitment is another example of the appeal and long-term viability of Lower Manhattan as a coveted market in which to do business."
Morgan Stanley was represented in lease negotiations by Barry Gosin, Brian Waterman and Romel Canete from Newmark Grubb Knight Frank. Jerry Larkin and Duncan McCuaig represented Brookfield in house.
One New York Plaza is a 2.6-million-sq.-ft. class-A office tower located on the southern tip of Manhattan, adjacent to Battery Park.