B
rookfield Properties' Manhattan West development, spanning seven million square feet between Penn Station and Related Companies' Hudson Yards, appears to be thriving with its three largest office towers mostly leased at high rents above $100 per square foot. However, leases don't last forever, and some space remains available today.
To capitalize on this opportunity, Brookfield has partnered with JLL as its exclusive leasing agent for the complex's office towers. Notable tenants include Skadden, Amazon, Ernst & Young, JPMorgan Chase, the NHL, and BBVA, which recently signed a 74,000-square-foot lease at 2 Manhattan West.
According to Costar, 1 Manhattan West is nearly fully leased with only about 338,000 square feet available out of its 2.1 million square foot space. Meanwhile, 2 Manhattan West has around 251,000 square feet still up for grabs, and a source indicates that an additional 100,000 square feet will soon become available at 5 Manhattan West.
The JLL team, led by Peter Riguardi, is tasked with leasing the remaining office space. In addition to its office components, Manhattan West's non-office areas are also thriving, featuring popular restaurants such as Zou Zou and Ci Siamo, as well as retailers like the NHL store and a large Whole Foods Market.
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Brookfield partners with JLL to fill Manhattan West office space
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Indicators of activity in the commercial property market
Increased competition for office space, EV market growth in Norway, and diners choosing budget-friendly options.