A Fresh Take on CRE

The Real Deal with CompStak Data: Brookfield signs financial firm at Grace Building

PE/VC firm moves to Bryant Park from Midtown.

Brookfield signs financial firm at Grace Building

January 07, 2014 06:15PM By Hiten Samtani

Mitch Rudin and the Grace Building at 1114 Avenue of the Americas

From left: Mitch Rudin and the Grace Building at 1114 Avenue of the Americas

Brookfield Office Properties has signed private equity and venture capital firm Insight Venture Partners to a 31,285-square-foot lease at the Grace Building on Bryant Park, The Real Deal has learned from CompStak. In the 15-year deal, Insight will pay rents starting in the low-$90s per square foot for the 36th-floor space at 1114 Avenue of the Americas, CompStak data show. The rent reflects the rates paid by other major tenants at the 1.5 million-square-foot Skidmore, Owings & Merrill-designed building, such as consulting firm Bain & Company, which in October took a nearly 100,000-square-foot space spread over three consecutive upper floors at the tower. Jones Lang LaSalle’s Barbara Winter represented the tenant in the deal, while Brookfield was represented in-house by Sarah Pontius and Duncan McCuaig. All three brokers declined to comment. Insight will relocate from the 26-story Buchmann Tower at 680 Fifth Avenue. Representatives for that building couldn’t immediately be reached for comment. The Mitch Rudin-led Brookfield Office Properties is Lower Manhattan’s largest landlord, and is in the midst of a $250 million overhaul of the office and retail complex at Brookfield Place. Last month, Bermuda-based Brookfield Property Partners upped its cash offer to buy the company for roughly $5.1 billion.