Commerzbank Takes 173,000 SF in NYC

The firm leased space at Two World Financial Center in Lower Manhattan, which is owned by Brookfield Office Properties.

March 23, 2011
By Allison Landa, News Editor

Courtesy Flickr Creative Commons user sachindaluja

Commerzbank has signed a lease for 173,000 square feet at Two World Financial Center in Lower Manhattan. Brookfield Properties Corp. owns the office tower, one of four in an 8 million-square-foot complex overlooking the Hudson River.

Commerzbank was represented by John Cefaly and Robert Lowe of Cushman & Wakefield. Brookfield was represented in-house.

Added to the 236,000-square-foot lease signed last month with Oppenheimer Funds, more than 400,000 square feet of Bank of America/Merrill Lynch sublease space has been converted to direct leases. Both leases begin in 2013 and will last 15 years.

According to Brookfield president & CEO Ric Clark, the leases show the firm’s commitment to Lower Manhattan.

Brookfield owns 12.9 million square feet of space in Lower Manhattan, 98 percent of which is leased. Its entire portfolio is comprised of interests in 108 properties totaling 78 million square feet in New York, Washington