7) Office Price Point Options
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Marty says asking rents at Silverstein's WTC properties are much higher than Brookfield Place's, so while certain prospective tenants automatically fit into one or the other, middle-ground tenants will have to weigh Brookfield's cost efficiency and Silverstein's space efficiency. (It's like relationships: Do you want to date someone who can cook and save money or someone who can take you to fancy dinners?) And the diversity spreads more widely. David Cheikin says the 2.6M SF 1 New York Plaza, built in the '70s, is one of Brookfield's most active leasers (lots of news coming in January), and that's saying something, considering Brookfield Place has done 1.2M SF in 2013.
Chris Schlank (right, with our moderator Carl Schwartz of Hunton & Williams) doesn't worry about his Class-B focused investment firm competing with his Class-A counterparts. Rather, Savanna benefits from their big leases, considering he leases to the smaller companies that service those biggie tenants.