Brookfield to Welcome NHL to One Manhattan West
- Dec 09, 2016
New York—Brookfield Property Partners LP just added a new name to the early tenant roster at One Manhattan West, a 2.1 million-square-foot office tower in the latest neighborhood to take shape on Manhattan’s west side. In need of a new headquarters, the National Hockey League staked a claim to 160,000 square feet at the building, which is under construction at Brookfield’s $8.6 billion Manhattan West mixed-use project.
The NHL gets a new home and Brookfield brings pre-leasing at One Manhattan West to 40 percent. “Manhattan West is proud to be partners with NHL in creating a place where New Yorkers can thrive both at work and play,” David Cheikin, executive vice president & head of New York for Brookfield Properties’ office division, told Commercial Property Executive. Commercial real estate services firm Cushman & Wakefield represented Brookfield in the lease transaction, while CBRE stood in for the tenant.
The NHL will set up shop on five floors of the 67-story One Manhattan West. However, the organization’s presence at the 7 million-square-foot live-work-play development will extend beyond the office segment, as it also inked a lease for as much as 15,000 square feet of retail space, where it will debut an NHL Store.
With the lease agreement, the NHL has paved the way for an expansion. The organization presently maintains its headquarters in 133,000 square feet of space at 1185 Sixth Ave. in Manhattan’s Times Square submarket, which means the NHL will not just change its square footage, it will change neighborhoods as well. The “new” West Side is becoming quite a magnet for office users. “Manhattan’s west side is New York City’s most active submarket for large scale corporate relocations because we are building communities to provide both the physical infrastructure for firms to grow and the ideal environment for them to attract and retain top talent,” Cheikin said.
Brookfield’s securing of the NHL’s commitment to One Manhattan West comes roughly 18 months after the real estate company signed Skadden, Arps, Slate, Meagher & Flom LLP to a 550,000-square-foot anchor space, which sparked the commencement of construction of the $2.1 billion tower. Big names may or may not help lure more tenants, but Brookfield is confident about additional activity at One Manhattan West and the entire mixed-use project, regardless.
“We anticipate 2017’s leasing velocity to outpace vastly that of 2016 in both the office and retail sectors,” Cheikin added. “When you combine 70-story skyscrapers like One Manhattan West and the modern warehouse conversion at Five Manhattan West with vibrant outdoor restaurants and quiet landscaped public plazas, we are creating a place that appeals to all generations of New Yorkers.”
Construction of One Manhattan West, spearheaded by general contractor Tishman Construction, is scheduled to reach completion in 2019. Ultimately, Manhattan West will feature 5.8 million square feet of office space, approximately 850 residential units, 150 hotel rooms, more than 240,000 square feet of retail space and a two-acre public plaza.