Jeremiah Larkin, senior vice president and director of leasing at Brookfield, brokered for the building owner in both transactions, while John Cefaly and Augustus Field of Cushman & Wakefield and Joseph Priola of National Realty Advisors represented Zurich, and Mark Ravesloot of Insignia/ESG brokered on behalf of Arch Insurance Co. A Brookfield spokeswoman declined comment on the value of the transactions, but a Cushman & Wakefield spokesman quoted asking rents throughout the building at $42 per sf.
These signings bring a welcome amount of liquidity back to Toronto-based Brookfield's portfolio. Company president and CEO Ric Clark notes that the signings "improve Brookfield's long-term occupancy and cash flow while underscoring our commitment to the future of Lower Manhattan." Earlier last month, the company paid $158 million for a 51% stake in Three World Financial Center.
"These companies understand that with the tremendous investment that is being committed to transportation and infrastructure improvement downtown, Lower Manhattan is destined to be even better than before," says New York City Michael R. Bloomberg. "I commend Zurich North America and Arch Insurance for their continued support of the rebuilding efforts."
Zurich North America is a commercial property-casualty insurance provider servicing multinational, middle-market and small business sectors in the US and Canada, while Arch Insurance Co. is a subsidiary of Arch Capital Group Ltd., a Bermuda-based company which provides insurance and reinsurance worldwide.
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