NEW YORK CITY-Brookfield Office Properties has signed a contract to buy the New York Mercantile Exchange Building, next to its own eight-million-square-foot Brookfield Place office complex in Lower Manhattan, for $200 million, the New York Post reported Wednesday. A spokeswoman for BPO tells GlobeSt.com the company declines to comment on the Post report.
The 16-story office property at One North End Ave. is trading for $385 per square foot, the Post reported. Its current owner, the Chicago-based CME Group, reportedly will lease the space for two years and then consolidate its energy trading operations into the lower 220,000 square feet for 13 years.
The deal gives BPO approximately 300,000 square feet to lease to other tenants, with the possibility of adding another 30,000 square feet by filling in a double-height trading floor. In common with other properties in the Battery Park City district, the NYMEX building, which opened in 1997, is on a long-term lease from the Battery Park City Authority until June 2069.
In late May, CME announced that it had hired Holly Duran Real Estate Partners and Newmark Grubb Knight Frank to market the NYMEX building for a possible sale, and in July, GlobeSt.com reported that BPO was in talks to acquire the property. Click here to read the complete Post article.
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