American Express, which owns the rest of the asset, is also headquartered in the building, which is now saddled with a 50% vacancy. "The addition of 1.1 million sf of currently vacant space toBrookfield's eight million-sf portfolio of premier office propertiesin Downtown New York City underscores our strong commitment to Lower Manhattan, allows us to play a major role in its redevelopment and positions us to capitalize on the rental rate differential between Midtown and Lower Manhattan," commented Ric Clark, president and CEO of Brookfield. Lehman Brothers Global Real Estate Group acted as the seller's financial advisor.
Brookfield also owns 100% of Towers One and Two and 51% ofTower Four of the World Financial Center.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
