NEW YORK CITY—Brookfield Property Partners has inked a largelease with a digital advertising firm for space at Five ManhattanWest, according to the Wall Street Journal. The companysays the deal demonstrates growing momentum for the campus ofoffice and residential towers it's building on the far WestSide.
R/GA Media Group Inc. will take 173,000 square feet, moving itsoffices to the entire 12th floor and part of the 11th floor of thebuilding, according to Brookfield. Currently, R/GA's offices are at350 W. 39th St., a Brookfield spokesman tellsGlobeSt.com. The size of those offices was unclear at press time.The Brookfield spokesman declined to reveal the names of thebrokers on the deal but indicated that information would beforthcoming. Watch this space for an UPDATE.
The lease is the first signed at the tower since Brookfield unveiled plans earlier this yearfor a $200 millionoverhaul of the 1969 structure at 450 W. 33rd St. Brookfieldofficials declined to discuss financial details of this latestlease but the range of asking rents at the building has risen fromthe high $60s earlier this year to levels between $78 and $80 persquare foot, says Jeremiah Larkin, EVP and director of leasing forBrookfield.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
