Macquarie Group Signs Nearly 222K SF Lease at 660 Fifth Ave.
Real Estate In-Depth | May 17, 2022
NEW YORK—Global financial services firm Macquarie Group has signed a lease for nearly 222,000 square feet at Brookfield Properties’ 660 Fifth Ave. office tower in Midtown Manhattan.
The firm will occupy 221,764 square feet over six floors, in addition to having a private lobby entrance on both the first and second floors and 30,000 square feet of private outdoor terraces. As its anchor tenant, the building will feature top-of-building signage for Macquarie Group. 660 Fifth Ave. will serve as the new location for Macquarie Group’s Americas regional headquarters with occupancy expected in late 2024. The company currently is located at 125 W. 55th St. in Manhattan.
The lease announcement comes as Brookfield Properties nears completion of a $400-million redevelopment of the tower, featuring the re-cladding of the façade in thermally insulated 11×19-foot single-pane glass units, a new lobby, new elevators, state-of-the-art infrastructure, and oversized terraces with greenspace. The building is expected to receive LEED Gold V4 Certification. Brookfield Properties purchased the property in 2018 and its redevelopment is expected to be completed this year.
Shawn Lytle, Head of Americas for Macquarie Group, said: “660 Fifth Avenue provides an experience that matches our focus on innovation, commitment to communities and ability to deliver for our clients, while serving as a place that will enhance the way our people come together to learn, innovate and collaborate. As we’ve transitioned to a hybrid working model over the past year, we’re excited to occupy a property that will help enable our future success. We’re proud to remain regionally headquartered in New York, and our new home represents the culmination of three decades of continued growth in the US and the Americas region more broadly.”
“We are thrilled to welcome Macquarie Group to 660 Fifth Avenue. The investment we’ve made to re-create the property has raised the bar for the next generation of the workplace,” said Mikael Nahmias, Senior Vice President, Leasing, Brookfield Properties. “The commitment by Macquarie Group not only underscores the demand for top-tier office properties in New York City, but the understanding among leading global firms that the best talent wants to work in the best spaces.”
The 39-story office building was built in 1957 and designed by Carson & Lundin. The tower’s original façade was composed of embossed aluminum panels which have been replaced as part of Brookfield’s redevelopment program with glass panels that triple the amount of window space in the building and are the largest windows ever used on a commercial hi-rise.
“This headquarters lease highlights the continuing appeal of New York City as an unparalleled destination for leading talent from around the nation and around the world,” said Peter Riguardi, New York Tri-state Region chairman and president, JLL. “Brookfield’s extraordinary repositioning project positions 660 Fifth Avenue among the top office properties in the city.”
“With a thoughtful and meticulous approach, Brookfield Properties has recreated 660 Fifth Avenue as centerstage in Midtown. The building gives tenants and their employees access to modern amenities, tremendous natural light, and outstanding access to transportation,” said Bruce Mosler, Cushman & Wakefield’s Chairman of Global Brokerage. “660 Fifth is setting a new standard for providing tenants best-in-class product to recruit and retain top talent.”
The tenant was represented by a JLL leasing team including Peter Riguardi, Frank Doyle, Joseph Messina, Steven Rotter, Cynthia Wasserberger, Jessica Berkey, William McGarry, Carlee Palmer, and Kristina Kopans.
Brookfield Properties was represented in-house by Mikael Nahmias, Hayley Shoener and PJ Massey of Brookfield Properties, as well as Bruce Mosler, Josh Kuriloff, Ethan Silverstein, John Santora, Matthias Li, Nicholas Dysenchuk, and Howard Cross of Cushman & Wakefield.