X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Brookfield Financial Properties, owner of One Liberty Plaza and One Financial Center, announced yesterday that it has accelerated re-occupancy plans for the two Downtown properties, which were evacuated following the World Trade Center attacks.

Under the revised schedule, One Liberty Plaza will be ready for business October 22 and One World Financial Center will re-open its doors November 19. According to Katherine Vyse, Brooklyn Properties senior vice president of investor relations and communications, all tenants are expected to return. “As far as we know, everybody is coming back. We have very long-term leases in our New York portfolio,” Vyse tells GlobeSt.com.

Vyse says she anticipates Lehman Brothers, which leases 200,000 sf in One World Financial Center, will return to its Downtown home along with the remaining displaced tenants. The securities giant announced Monday that it will purchase the one million-sf building Morgan Stanley has been constructing near Times Square. “They’ll be returning with everybody else,” Vyse says. “They have a 20-year lease that was signed in January. ” Lehman Brothers did not return calls for comment.

One World Financial Center is the southernmost of the complex’s four buildings and is located just west of the World Trade Center site. Besides Lehman Brothers, the 40-story, 1.6 million-sf tower’s tenant list includes CIBC World Markets Corp., Dow Jones and Fidelity. The 54-story, 2.2 million-sf One Liberty Plaza abuts the WTC site on the east.

Brookfield chairman John Zuccotti held a press conference September 17 to reassure investors that the two Downtown properties are structurally sound and scheduled to be operational within eight weeks. In yesterday’s announcement, he thanked “the city, state and other officials” for getting the buildings ready for occupancy in short order. Repairs completed or under way at the structures include restoration of utilities, safety systems and HVAC; replacement of most, if not all damaged windows by opening; cleaning of all floors and ongoing fine cleaning of tenant space. The announcement also says, “significant progress has been made” on enhancing interim transportation systems while permanent access to the Downtown area is restored.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.