Brookfield buys rest of 3 WFC for $158m.It was widely reported last week that Brookfield Financial Properties bought Lehman Brothers' 51 percent stake in 3 World Financial Center. Brookfield secured the property for $158 million ($217/SF), which is remarkably low for a trophy office building. One reason for the low price may be that the downtown building is totally empty. Brookfield already owns both 1 and 2 WFC WFC Wi-Fi Connection (Nintendo gaming service) WFC Wide-Field Camera WFC World Financial Center (New York) WFC Workforce Center WFC World Federation of Chiropractic WFC World Food Council , along with a controlling stake in 4 WFC. 1 Liberty Plaza, right across Ground Zero from the WFC, is also under Brookfield control. "The addition of 1.1 million SF of currently vacant space to Brookfield's eight million SF portfolio of premier office properties in downtown New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. underscores our strong commitment to lower Manhattan Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York. Lower Manhattan is generally defined as the area delineated on the north by Chambers Street, on the west by the Hudson River (North ," said Ric Clark, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Brookfield, via press release. Cushman & Wakefield reports that 3 WFC is 52 percent vacant. As for the 3 other buildings, 1 WFC is also 52 percent vacant, 2 WFC boasts 24 percent vacancy and 4 WFC is fully occupied. After the terrorist attacks, Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. left the World Financial Center, which was damaged by the Trade Center collapse. Lehman then bought a skyscraper being built in midtown for about $700 million (roughly $700/SF). "One hundred year old buildings in SoHo are selling higher per SF than what 3 World Financial Center sold for," said real estate consultant Peter Pattison. Pattison added that since the building is empty, this was reflected in the sale price. He sees more office buildings going to market due to historically low interest rates. The low price may also be due to the fact that the ownership structure at 3 WFC is very complex. American Express will remain a co-owner of the building, according to the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Times. |
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