Brookfield Office Properties Inc. announced that it has signed a 20-year lease with global law firm Jones Day for 330,000 s/f at 250 Vesey Street, one of the four towers within the eight-million-square-foot Brookfield Place campus in Downtown Manhattan.
Jones Day — which will be relocating its New York offices from east Midtown — will occupy floors 27 to 34 at 250 Vesey St., which offer views of the Hudson waterfront and Statue of Liberty and direct access to New York’s most connected transit hub.
The 330,000 s/f block was previously leased to Bank of America/Merrill Lynch under a lease that expired in October 2013. “Jones Day’s decision to relocate from Midtown is yet another example of a firm migrating downtown for its unique lifestyle and transit offerings, paired with appealing economics,” said Dennis Friedrich, chief executive officer of Brookfield Office Properties.
“Enhanced transportation and infrastructure, along with luxury retail and new restaurants from world-renowned chefs, have transformed and energized this area. Jones Day is a highly valued, prestigious tenant and we are pleased to welcome them to Brookfield Place.”
Wesley Johnson, partner-in-charge of Jones Day’s New York office, said: “We are delighted to announce our decision to lease the top eight floors of 250 Vesey Street. This decision reflects Jones Day’s commitment to the sustained growth of our New York office and practice, and our conviction that New York City will continue to be the hub of the world’s most sophisticated and high value legal work in the years ahead.
“We also think it is important to participate in the revitalization of downtown Manhattan. The Brookfield complex, completely upgraded, will permit us to design an efficient and state of the art facility, where we will practice for decades to come.”
Studley’s chairman and CEO Mitchell Steir, along with executive vice president David Goldstein, executive vice president Matthew Barlow, corporate managing director Jason Perla and senior vice president L. Stanton Towne, represented Jones Day in the leasing transaction. Jerry Larkin and David Cheikin of Brookfield Office Properties represented the landlord.
Leading the transaction, Steir noted the business implications associated with the law firm’s move saying, “By moving to Brookfield Place, Jones Day will be in the heart of New York’s dramatically changed Downtown. The premium space allows Jones Day to occupy eight contiguous floors at the top of the complex and provides access to ample amenities, transportation and housing.”
Located on the Hudson River waterfront, Brookfield Place offers seven million square feet of office space within four glass towers. “Jones Day’s relocation to Brookfield Place represents another significant step forward in the continued evolution of Lower Manhattan and it wouldn’t have been possible without the vision, professionalism and dedication of the Studley team.” said Brookfield’s Larkin.
Brookfield Place is in the midst of a $250 million repositioning program of its retail and common areas, which will be completed in 2014.
The complex’s new glass pavilion entrance on West Street – which connects to the World Trade Center transit hub – opened to the public last month.
The two-level lobby renovation and elevator modernization program at 250 Vesey St. will be complete in December 2013.
With this transaction, Brookfield Place’s year-to-date total volume is 945,000 square feet across 35 leases spanning eight industries: legal, finance, media, fashion, culinary, childcare, professional services and fitness.