Brookfield starts construction on $4.5bn Manhattan office tower in US

14 April 2015 (Last Updated April 14th, 2015 18:30)

Brookfield Property Partners is to begin construction on the $4.5bn One Manhattan West development at the south-west corner of Ninth Avenue and 33rd Street in New York, US.

One Manhattan West

Brookfield Property Partners is to begin construction on the $4.5bn One Manhattan West development at the south-west corner of Ninth Avenue and 33rd Street in New York, US.

The company has secured $1.25bn of financing for the proposed 2.1 million ft² office tower, as well as a 20-year lease with Skadden, Arps, Slate, Meagher & Flom.

As the first of two planned commercial buildings to be built at Brookfield's five-acre Manhattan West development, Skadden will occupy 550,000ft² on floors 28 to 43.

Brookfield Property Partners Office division CEO Dennis Friedrich said: "This is an exciting time, to be building an entirely new neighbourhood anchored by class-A office towers that will redefine the west midtown skyline.

"When this building opens in 2019 it will be home to Skadden and other exceptional companies from New York and around the world, and Manhattan West will have established itself as a dynamic, vibrant mixed-use community."

"Manhattan West will have established itself as a dynamic, vibrant mixed-use community."

Wells Fargo Bank, Deutsche Bank AG New York Branch, The Bank of New York Mellon and The Toronto-Dominion Bank are co-leading construction financing for the project. Brookfield will invest $850m to bring the total cost to $2.1bn.

Upon completion, Manhattan West development will have two, new class-A office towers, with retail, rooftop gardens, restaurants and cafe amenities and a residential building.

In January, construction started on Brookfield's 62-storey, 844-unit luxury residential tower in Manhattan West at 435 West 31st Street between Ninth and Dyer Avenues.

The latest development is said to serve as an addition to the Midtown Manhattan skyline, with seven million ft² of office, residential and retail space.


Image: Brookfield Property Partners' One Manhattan West development. Photo: courtesy of Marketwired/ Brookfield Property Partners.