Brookfield Office Properties Inc. has executed the largest single-asset office lease in New York City since 2008.
Morgan Stanley signed a lease for 1.2 million square feet at One New York Plaza in Lower Manhattan.
“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,” said 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.”
Under an existing sublease with Wells Fargo for approximately 782,000 s/f and a direct lease with Brookfield for 34,000 s/f, Morgan Stanley currently occupies approximately 816,000 square feet 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 s/f for a total of 1,153,000 s/f, expiring in 2029.
Morgan Stanley was represented in lease negotiations by Barry Gosin, Brian Waterman and Romel Canete from Newmark Knight Frank. Jerry Larkin and Duncan McCuaig represented Brookfield in-house.
One New York Plaza is a 2.6-million-square-foot Class A office tower located on the southern tip of Manhattan, adjacent to Battery Park.