Brookfield’s 660 Fifth Lands 504 KSF Lease with Citadel

Financial powerhouse Citadel has finalized a lease for 504 KSF in 660 Fifth Avenue, a Midtown office tower owned by Brookfield Properties (BN). This deal, brokered by CBRE and Newmark, positions Citadel to occupy nearly half of the building’s 1.25 MSF across 20 floors, according to The Real Deal.

Brookfield’s extensive $400M redevelopment of the building included replacing its facade with 11×19-ft glass panels, upgrading its infrastructure, and introducing renewable energy from Brookfield Renewable’s hydropower plants.

A Modernized Workplace
Initially developed in 1957 by Tishman Realty, the property underwent several ownership changes and upgrades before Brookfield’s renovation. The redesign features a new lobby, elevators, and expanded amenities, transforming the building into a top-tier, eco-conscious office space.

Additional tenants include Macquarie Group, which occupies 250 KSF, and other firms like 400 Capital, Stephens, and Viking.

Citadel’s Moves
Citadel is expected to relocate from its current office at 350 Park Avenue, which Vornado and Rudin will redevelop into a 1,600-ft-tall tower. The firm has already committed to leasing 850 KSF in the future tower, signaling its significant presence in Midtown Manhattan’s evolving office landscape.

Why It Matters
This lease underscores the growing appeal of modern, sustainable office spaces in NYC. Brookfield’s redevelopment of 660 Fifth Avenue exemplifies how property owners are reimagining office buildings to attract high-profile tenants like Citadel.

Looking Ahead:
As Midtown Manhattan continues its post-pandemic revival, landmark deals like Citadel’s highlight a renewed confidence in premium office spaces. With 660 Fifth Avenue setting a high standard for sustainable and innovative workplaces, the city’s office market may see further transformation and investment.