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Media giant inks 176,000 s/f lease.

Brookfield Office Properties Inc. announced that it has executed a 16-year lease agreement with Macmillan Science and Education for 176,121 s/f at One New York Plaza in Lower Manhattan.

"We are pleased to welcome Macmillan Science and Education to Downtown, a neighborhood that is truly evolving and becoming more diverse and vibrant by the day," said Jerry Larkin, the senior vice president of leasing at Brookfield.

"One New York Plaza's column-free floor plates offer panoramic views of New York's waterways and allow for collaboration and creativity that meets the needs of modern office users. Macmillan Science and Education is another example of a group that is capitalizing on the many advantages of relocating to Lower Manhattan."

Commenting on the relocation plans, Macmillan Science and Education CEO, Annette Thomas said: "In our New York Campus we will be creating an inspiring and energizing space with the technology, facilities and layout that will enable our talented teams to collaborate, share ideas, innovate and grow. This new shared home for our New York teams is the next chapter in our evolving story and is a very visible sign of our intent to transform learning and discovery by focusing on innovative ways to support teachers, students and researchers."

The new space will allow the company to consolidate three offices it has in Manhattan. The new development will allow all of Macmillan Science and Education's businesses with a presence in New York, including Nature Publishing Group (publisher of Nature and Scientific American magazines), Macmillan Higher Education, Palgrave Macmillan and Macmillan New Ventures, to come together in a single, open-plan and highly collaborative environment.

The design of the new space will be developed and the fit out begun over the course of 2014 and into 2015. A total of approximately 950 employees are due to move in to the new premises from May 2015.

Macmillan Science and Education was represented in lease negotiations by Colliers' Leon Manoff. Brookfield was represented by CBRE's Adam Foster, Ken Rapp and Peter Turchin.

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One New York Plaza is undergoing a $14 million redevelopment to its 40,000 s/f retail concourse that will include four to six quick-casual eateries, a gym, a health and beauty store, a coffee shop and other services.

The project is scheduled for completion by the end of 2014.
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Publication:Real Estate Weekly
Date:Apr 2, 2014
Words:387
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