Brookfield Reaches Deal With Law Firm For Big Lease At Two Manhattan West
Brookfield has locked down a major agreement for its next major office tower, Two Manhattan West.
Law firm Cravath Swaine & Moore is expected to move to the tower, which will rise between Hudson Yards and Penn Station, from West 50th Street, The New York Post reports. The deal is for 350K SF and means the firm will be downsizing from the 617K SF it leases at One Worldwide Plaza.
News of the deal comes a day after reports emerged that Amazon is considering leasing space in the same building. The tech giant is said to be looking at leasing “at least 100K SF or much more” at Two Manhattan West, and considering One Manhattan West, which is expected to open this year, as temporary space.
One Worldwide Plaza was valued at $1.7B in 2017 when RXR and SL Green bought a 48.7% stake in the Hell's Kitchen tower. Cravath Swaine & Moore is the second-biggest tenant in the 1.8M SF skyscraper, behind Japanese bank Nomura Securities International, which leases 700K SF.
Due to be complete in 2022, the cost of the 62-story, nearly 2M SF Two Manhattan West is pegged at $2B. Last year, Brookfield said it was considering moving ahead with construction without any leases signed, but it appears it won't have to worry about that.