Brookfield Office Properties Acquires NYMEX Headquarters in Lower Manhattan for $200 Million

Brookfield Office Properties Inc.  announced that it has acquired the office building at One North End Avenue in Lower Manhattan -- headquarters of the New York Mercantile Exchange (NYMEX) -- for $200 million. Brookfield plans to integrate the property into the adjacent 8-million-square-foot Brookfield Place complex (formerly known as the World Financial Center).
 
"One North End Avenue has always unofficially been a part of Brookfield Place and the opportunity to acquire and integrate the property was compelling for us as we continue our $250 million repositioning program," said Dennis Friedrich, chief executive officer of Brookfield Office Properties. "One North End is a highly specified office/trading building featuring a great waterfront location and which further benefits from the accelerating vitality in the area, including the introduction of new restaurants from celebrated chefs and luxury brand retail."
 
Concurrent with closing, NYMEX has entered into a 24-month lease for approximately 449,000 square feet of the property's office space. After 24 months, NYMEX will consolidate its space into 222,000 square feet on floors 2-8 of the 15-story building for a subsequent 13 years. 
 
One North End Avenue was developed in 1996, designed by Skidmore, Owings and Merrill and was the City's first LEED EB certified building. Distinguishing attributes of the building were the two, 35,000-square-foot column-free open outcry trading floors with 37-foot-high ceilings. Brookfield plans to undertake a renovation on one of these spaces to create a modern double-height galleried trading floor alongside the additional infill of a slab to create offices. Upon NYMEX's space consolidation in the lower half of the building, Brookfield will offer for lease 322,000 square feet of prime office space at the top of the building, which includes a valuable signature rooftop terrace overlooking the Statue of Liberty and North Cove Marina.
 
 
The property is situated with an abundance of transportation options for commuters, connected to the new downtown east-west transit concourse which links to the PATH and 11 subway lines, and the building's front door is just steps from the NY Waterway ferry terminal and Hudson River Esplanade, seamlessly linking it to TriBeCa and the west side. 
 

on December 6, 2013