World Financial Center

World Financial Center Will Be Renamed Brookfield Place

Posted on October 20, 2012 ยท Posted in Annoucements, Leasing

Soon World Financial Center will go the way of the Sears Tower as Brookfield Properties has decided to rebrand the property as Brookfield Place in an effort to attract a more diverse mix of tenants as financial companies continue to consolidate space in Lower Manhattan leaving little in the way of new demand.

The four building complex has roughly eight million square feet of space and though it is being rebranded, it is still an important hub for some of the world’s top financial institutions and publications including RBC Capital Markets, American Express, Dow Jones and the Wall Street Journal.

Lower Manhattan continues to struggle with higher than normal vacancy rates and though World Financial Center is a premier level property, it is facing competition from the new World Trade Center which is offering exceptional lease terms as it struggles to fill space. Brookfield has sought to upgrade and improve the property including a recent $250 million overhaul of its retail space which included a variety of other capital improvements as well.

The financial sector will continue to have a major presence in Lower Manhattan but as firms consolidate and weak hiring persists in the face of new regulation, landlords will have to look to technology and other sectors to fill space. Downtown offers attractive rates for quality office product but the challenge is finding a rate that can take tenants away from Midtown which is why we encourage anyone looking for space or coming up on a lease renewal to talk to our team about current market opportunities.

The World Financial buildings are currently numbered sequentially from One to Four and their new property names will revert to their street names 200 and 225 Liberty Street and 200 and 250 Vesey Street.