Brookfield’s 5 Manhattan West Lands E-Commerce Giant, Amazon
Amazon has become an industry leader in e-commerce, logistics and cloud services for all types of businesses and consumers. They have an 8.1 million square foot “HQ” in Seattle and recently announced they are openly searching for another city in North America to create its “HQ2”, which will be similarly sized. Amazon has started the Request for Proposal (“RFP”) process, allowing local and state governments to bid for the project. The HQ in Seattle has generated $38 billion for the city’s economy from 2010 to 2016. To put that in perspective, for every dollar Amazon invested the city of Seattle generated $1.40. Amazon will forever transform the landscape of whatever city it decides to move forward with.
While this news was announced just a few weeks ago, it was also just reported that Amazon took 360,000 square feet at 5 Manhattan West, which will house 2,000 employees in New York City. The digital retail company will occupy the entire 6th and 7th floors and portions of the 8th and 10th floors. The asset is one of Manhattan’s newest developments by Brookfield Office Properties and is located on Tenth Avenue between 31st and 33rd Streets. This lease puts the building’s occupancy at 99%. Asking rents at the property were said to be in the $90’s per square foot. They will take possession of the space sometime in 2018.
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