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Scotiabank Lease Means Full Office Occupancy for Repositioned 660 Fifth
Scotiabank has agreed to move its New York offices to Brookfield Asset Management’s repositioned 660 Fifth Ave. The 205,000-square-foot lease over three floors brings the office property to full occupancy.
The Canadian bank’s lease caps a success story of turning around a once-troubled Midtown office asset. In 2018, Brookfield paid Kushner Companies $1.3 billion for a 99-year lease on the property, then known as 666 Fifth Ave., which at the time suffered from occupancy and financial issues, according to the Wall Street Journal.
Brookfield sunk $400 million into a makeover, ultimately signing high-profile tenants such as Macquarie Group, Citadel and Viking Global. With demand for trophy Manhattan office space undergoing a resurgence, Brookfield is able to charge an average of $135 per square foot, according to the WSJ.
A CBRE team including Howard Fiddle, Peter Turchin, Cara Chayet, John Maher, Brett Shannon and Trevor Larkin represented ownership in leasing negotiations. CBRE’s Michael Geoghegan, Ramneek Rikhy and Eric Thomas represented Scotiabank.
- ◦Lease
