Asset Manager Doubles Office Space In Move To Brookfield's 660 Fifth
Asset manager 400 Capital Management is doubling its office space in Manhattan in a new lease at Brookfield’s redevelopment of the Fifth Avenue office tower it took over from Kushner Cos.
The deal is for nearly 26K SF on the 27th floor at 660 Fifth Ave., the 1.2M SF building where Brookfield has been running a $400M renovation. The tenant will move in during 2024, the landlord said in a release.
“Brookfield Properties’ investment to modernize 660 Fifth Avenue has created a world-class, reimagined commercial building in the heart of Midtown Manhattan, providing an unmatched opportunity for tenants when it comes to workplace experience and location,” Brookfield Properties Executive Vice President Duncan McCuaig said in a statement.
Other tenants in the building include Macquarie Group, which inked a 220K SF deal to move its Americas regional headquarters to six floors in the building in May.
In 2018, Brookfield paid Kushner $1.1B cash for a 99-year ground lease of 666 Fifth Ave. Kushner bought the building in a highly leveraged deal in 2007 for $1.8B just before the Great Financial Crisis. The company was being led at the time by former President Donald Trump’s son-in-law and senior adviser Jared Kushner. Brookfield’s purchase meant Kushner was able to pay off $1.4B of debt to lenders that included Vornado, Kushner’s partner on the building.
Then in 2019, Brookfield announced plans to install insulated glass walls in the place of the 1950s-era facade, put in place new interiors and mechanical upgrades, and change the address to 660 Fifth Ave.
CBRE’s David Hollander and Vice Chairman Brad Auerbach represented 400 Capital. Brookfield Properties was represented in-house by McCuaig, Dave Caperna and PJ Massey, alongside Cushman & Wakefield’s Bruce Mosler, Josh Kuriloff, Ethan Silverstein, John Santora, Matthias Li, Nicholas Dysenchuk and Howard Cross.
Leasing in New York has been slowly picking up — July was the city's most active month since before the pandemic — though there are several questions about how robust the recovery will be given the focus on hybrid work.
