CBRE Grows Midtown Manhattan Footprint
- Aug 13, 2020
CBRE is expanding its offices at 200 Park Ave.—also known as the MetLife Building—by 44,612 square feet, bringing its total space leased at the iconic Class A office tower to more than 215,000 square feet. The new six-year lease is for space on the 18th floor of the 58-story Midtown Manhattan skyscraper.
Matt Van Buren, CBRE’s president, Advisory Services, for the Northeast Division, said in a prepared statement that the new space will enable the global commercial real estate services firm to consolidate its Advisory Services business line—now located at 200 Park and One Penn Plaza—into one location. A CBRE spokesperson told Commercial Property Executive the firm will no longer be leasing any space at One Penn Plaza once the move is completed in the fall. CBRE will occupy the 18th, 19th, 20th and 22nd floors as well as parts of the 20th and 27th floors at the building, which is owned by the Irvine Co. and Tishman Speyer.
Located above Grand Central Terminal at East 45th Street, 200 Park Ave. encompasses more than 3 million square feet of office and retail space along with an adjacent four-level parking garage. The property is currently undergoing a major redesign and renovation of the two-level, 50,000-square-foot lobby and public areas.
Craig Reicher of CBRE handled the lease negotiations with Gus Field and Megan Sheehan of Tishman Speyer.
Heading to Hana
CBRE also announced it will be leaving 140 Broadway later this year and relocating to its co-working unit Hana’s new space at 3 World Trade Center in lower Manhattan. Hana, which launched in late 2018, agreed in February to a partnership with Silverstein Properties for 85,000 square feet of space. Hana will occupy the entire 37th and 38th floors in the 80-story tower at 75 Greenwich St. According to Van Buren, the co-working space would give CBRE employees a first-class office to work from when they are downtown for meetings and client engagement.
Hana is expected to manage the two full floors at 3 World Trade Center. The CBRE spokesperson told CPE the company is still working to determine how much space CBRE will be using. Hana is expected to take about 5,000 square feet for its headquarters; the space will also represent the company’s first New York City location.
In January, the CBRE coworking division signed a 39,000-square-foot lease at JBG Smith’s 398,329 square-foot office property in Arlington, Va. Hana opened its first location in Dallas in August 2019 and has since added spaces in London and Irvine, Calif.
Last month, Hana CEO Andrew Kupiec told CPE Hana had reopened all its U.S. and U.S. locations—which had been closed due to the COVID-19 outbreak—on June 15.