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Big tenants all over the map, says Brookfield boss

By Konrad Putzier

Mitch Rudin believes that New York City’s office market is entering a new era.

“What’s been happening is that neighborhoods have disappeared,” the CEO of Brookfield Office Properties told an audience at last week’s B’nai B’rith real estate luncheon.

Mitch Rudin

He argued that major tenants used to pick out a specific neighborhood in Manhattan and limit their search for office space to that area. But that has changed.

“Now, every tenant is in a city-wide search. They are looking at Manhattan West, Silverstein’s buildings and Brookfield Place,” he said.

While tenants have become more flexible on location, they now tend to be more demanding on a building’s features, placing greater emphasis on efficiency, space and light.

Rudin isn’t exactly making these comments as a neutral observer. Brookfield Office Properties is currently one of the city’s busiest developers of office space.

The company is building the 5.4-million square feet mixed-used project Manhattan West near Hudson Yards and is busy updating the downtown office complex, Brookfield Place, formerly known as World Financial Center.

Rudin said work at Brookfield Place is currently 60 percent complete. A terrace with outdoor seating is scheduled to open in May, followed in the fall by an indoor marketplace loosely modeled on Flatiron’s Eataly. The market and terrace together will provide seating for 1,000 people.

Unsurprisingly, completion at Manhattan West will take a lot longer.

Rudin said the platform set to cover railroad tracks will be finished at the end of this year, while the planned office towers should be completed by 2018. получить займ на карту

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