RBC Renews Lease for 400KSF at Brookfield Place in Manhattan
- Feb 03, 2017
New York—Cushman & Wakefield and Brookfield Properties announced that Royal Bank of Canada has signed a 15-plus year lease renewal at Brookfield Place New York in Manhattan.
Located at 200 Vesey St., Brookfield Place is an eight million-square-foot complex that includes five office towers and is anchored by Brookfield Place Winter Garden. In 2015, the asset received a $300 million renovation, which included the redesign of 375,000 square feet of retail space, office lobbies and public spaces.
RBC Capital Markets, the corporate and investment banking arm for Royal Bank Canada, will continue to occupy floors eight through 14 and a portion of six and 25 until 2032, totaling 400,000 square feet.
“We are pleased to renew our lease at 200 Vesey St. Doing so reaffirms our commitment to growing our U.S. platform and supporting the economic strength of New York,” said Blair Fleming, U.S. head of RBC Capital Markets, in prepared remarks.
The Cushman & Wakefield brokerage team of Bruce Mosler, chairman, Global Brokerage; Ethan Silverstein, executive managing director; Dale Schlather, executive vice chairman; along with Al Edwards, senior managing director and John Betsill, senior managing director, both of whom work in the firm’s Global Occupier Services group, represented RBC. Chuck Scott, CEO of Cushman & Wakefield Canada was also involved in the transaction. Brookfield Properties represented itself in-house.
A key factor in RBC’s decision to sign a renewal was its proximity to its 30 Hudson St. location across the river in Jersey City, in order to continue the working relationship and collaboration between employees.
“RBC carefully evaluated the benefits of renewing its lease and 200 Vesey St.’s proximity to its Jersey City location, along with the longstanding relationship between RBC and Brookfield Properties, contributed to RBC’s decision to renew,” said Mosler, in prepared remarks.
Image courtesy of Yardi Matrix