Scotiabank has agreed to move its New York offices to Brookfield Asset Management’s repositioned 660 Fifth Ave. The 205,000-square-foot lease over three floors brings the office property to full occupancy.
The Canadian bank’s lease caps a success story of turning around a once-troubled Midtown office asset. In 2018, Brookfield paid Kushner Companies $1.3 billion for a 99-year lease on the property, which at the time suffered from occupancy and financial issues, according to the Wall Street Journal.
Brookfield sunk $400 million into a makeover of the property, ultimately signing high-profile tenants such as Macquarie Group, Citadel and Viking Global. With demand for trophy Manhattan office space undergoing a resurgence, Brookfield is able to charge an average of $135 per square foot, according to the WSJ.
A CBRE team including Howard Fiddle, Peter Turchin, Cara Chayet, John Maher, Brett Shannon and Trevor Larkin represented ownership in leasing nengotiations.
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