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.

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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.

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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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"This will be the newest neighborhood where you can live, workand play, and people are recognizing that," he says. "Rentscontinue to rise, so tenants are jumping on it."

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The 1.8-million-square-foot building has about 300,000 to350,000 square feet of space available, with serious interest frompotential tenants for almost all of it, Larkin asserts. Brookfieldacquired the 16-story tower in 2011 and plans to give it a new,glass exterior and unobstructed floor-to-ceiling windows.

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The building will be incorporated into Brookfield's planned7-million-square-foot campus called Manhattan West. That complexwill have a residential tower, two office buildings, a hotel and200,000 square feet of retail space. Two acres of landscaped publicspace will sit at the center of the campus. A significant piece ofthe project is a platform Brookfield has been constructing overpart of the rail yards west of Penn Station using technologyusually employed for building bridges.

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Brookfield is one of several developers with plans to build onManhattan's far West Side and transform the area with shopping,offices, residences and hotels. Hudson Yards, the Related Cos.venture, includes more than 17 million square feet of commercialand residential buildings and 14 acres of public open space.

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The "epicenter" of Manhattan's office market "is beginning toshift to Midtown West, Midtown South and Downtown," says Bruce E.Mosler, chairman of Cushman & Wakefield Inc.'s global brokerageand part of the team representing Brookfield. That movement largelyhas been driven by tenants such as R/GA in the technology,advertising, media and information-related business sectors, Moslersays.

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Brookfield won't begin construction of its office towers in theManhattan West project until it finds anchor tenants. But Moslerexpects the makeover of Five Manhattan West to boost thateffort.

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"This gives tremendous credibility to the project overallbecause it speaks to the quality of what Brookfield is building,"he says.

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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.