Oppenheimer Fund relocates to 190,000SF at 2 WFT.Cushman & Wakefield today announced that MassMutual Financial Group, a Fortune 100 company, has subleased about 190,000 square feet at 2 World Financial Center in Downtown Manhattan for its mutual fund subsidiary, Oppenheimer Funds. The lease signifies Oppenheimer Funds' intent to return 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 nearly two years after terrorist attacks destroyed the firm's World Trade Center office. Oppenheimer Funds will occupy floors 10 through 12, 14 and 16 at 2 World Financial Center. The deal was arranged through a sublease sublease n. the lease of all or a portion of premises by a tenant who has leased the premises from the owner. A sublease may be prohibited by the original lease, or require written permission from the owner. agreement with Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. , for a lease duration of 10 years. Oppenheimer Funds is expected to move about 570 employees into 2 World Financial Center in the fourth quarter of 2003. The company is currently leasing 120,000 square feet of newly constructed office space at 498 Seventh Avenue in Midtown, for which it plans to secure a subtenant sub·ten·ant n. One that rents property, such as land or a house, from a tenant. sub·ten  an·cy n. through its real estate advisor, Cushman
& Wakefield.
Cushman & Wakefield's Smart Romanoff, executive vice president, Lawrence Tannenbaum, senior director, and Amy Fox Amy Fox is a playwright and screenwriter based in New York. She has penned numerous full-length plays, including Summer Cyclone, Farm Boys, and Nothing Revolutionary,[1] as well as having written a good number of one-acts as well. , director, represented MassMutual in the lease negotiations. Ray Sanseverino from the law firm of Brown Raysman Millstein Felder & Steiner LLP LLP - Lower Layer Protocol represented the client. Colin Collins, a senior vice president at MassMutual, said: "We are very pleased to have Oppenheimer Funds return Downtown and be a part of the rebuilding and revival of Lower Manhattan. The location in one of 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 City's most prestigious properties will enable us to continue to provide best-in-class service to our clients and to offer our employees all the technology and amenities associated with such a premier, class-A building." 2 World Financial Center is a 44-story office tower owned by Brookfield Properties Brookfield Properties Corporation TSX: BPO NYSE: BPO is a Toronto-based North American commercial real estate company. Brookfield Asset Management owns 50% of its outstanding common shares. . It is located between West Street and the Hudson River. Oppenheimer Funds will join major tenants in the building, including Merrill Lynch and Deloitte & Touche. "After a brief relocation to Midtown, Oppenheimer Funds, working with MassMutual, seized the opportunity to lease space in 2 World Financial Center and return Downtown," said Mr. Romanoff. "This is where the company wanted to be, back with its clients and peers at the heart of the financial community. "Cushman & Wakefield's Midtown and Downtown offices have worked in tandem, committed to Lower Manhattan, and we're proud to have been part of a process that will bring one of the world's best companies back Downtown." |
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