Moody's is getting new office space after striking a 460,000 square foot deal to secure a lease at Brookfield Place in Downtown Manhattan.
The transaction also moves the credit rating firm's headquarters from 7 World Trade Center to the mixed-use building at 200 Liberty Street. Moody's will occupy multiple floors at the property.
“Since our founding more than 115 years ago, our global headquarters has been in Lower Manhattan, and this new office is the next chapter of our downtown presence,” Rob Fauber, president and CEO of Moody’s, said in a statement.
“This move is so much more than a change of address; it's an investment that is going to help us better serve our customers and ensure Moody’s remains a place where people want to come and grow."
Moody's expects the move over to Brookfield Place to be completed by 2027. Cushman & Wakefield represented Moody's on the deal.
The 40-story asset offers wellness amenities, sustainability, conference and event facilities. In addition to its office space, Brookfield Place is known for its shopping center, which features major brands such as Nike, Zegna, Lululemon, J.Crew and Gucci. Plus, there's food and beverage options, including Amazon Go, Black Seed Bagel, Chopt and All’Antico Vinaio.
Brookfield Place is one of the most attractive assets in Downtown Manhattan. This year, more than two million square feet of office deals have been signed at the property, according to Moody's. This represents 40 percent of all office activity in Lower Manhattan.
Meanwhile, leasing as a whole in Manhattan pulled back in November, with just 2.99 million square feet of signings recorded during that month, down 17.9 percent versus October and a drop of eight percent year-over-year, according to a recent Colliers report. Leasing in Downtown was cut nearly in half to 356,553 square feet compared with 686,610 square feet in October.
Yet, the market's availability fell to its lowest levels since November 2020 and rents surged to the highest amount seen since October 2023, which still shows that Manhattan office sector fundamentals overall remain strong.
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