Brookfield Place Gets 50-Year Extension In NYC

Brookfield Place extends its Manhattan lease to 2119, boosting city revenue and supporting affordable housing initiatives.

September 25, 2025

Valerija I.

Brookfield Properties has extended the ground lease on Brookfield Place in Manhattan to 2119, pushing its expiration date 50 years beyond the original 2069 deadline.rn
The agreement is expected to generate $1.5B in revenue for New York City, some of which will fund affordable housing through the Battery Park City Authority’s joint purpose fund.rn
As part of the deal, Brookfield will dedicate 10K SF of office space to nonprofits and contribute $2.5M to nearby infrastructure improvements.rn

Key Takeaways

A Landmark Deal

Brookfield Place—one of Lower Manhattan’s premier office and retail complexes—will remain under Brookfield Properties’ stewardship for the foreseeable future, reports Commercial Observer. The developer has finalized a 50-year extension of its ground lease with the Battery Park City Authority (BPCA). The deal ensures Brookfield will maintain control of the 9.4M SF complex through the year 2119.

The agreement replaces the previous expiration date of 2069 and will provide a significant financial boost to the city, with roughly $1.5B in expected proceeds.

Supporting The City

According to Crain’s New York Business, part of the $1.5B will go to the BPCA’s joint purpose fund. The fund supports affordable housing efforts across New York City. Governor Kathy Hochul praised the deal, noting it will both secure Battery Park City’s long-term stability and bolster economic development citywide.

Brookfield has also committed to several community support initiatives. These include reserving 10K SF of office space for nonprofit use and contributing $2.5M for improvements to nearby West Street.

Who Was Involved

The transaction required a deep bench of advisors. On the BPCA’s side: Darcy Stacom of Stacom CRE; Eric Negrin of CBRE; HR&A Advisors’ Carl Weisbrod, Bret Collazzi, and Nick Hughes; and legal counsel from Skadden Arps’ Neil Rock and Vered Rabia.
Brookfield was represented by Savills’ David Heller and Mark Todrys and legal advisors Laurinda Martins and Simon Elkharrat from Fried Frank.

Recent Leasing Momentum

The lease extension comes amid strong leasing activity at Brookfield Place. Notable deals this year include:

Jane Street Capital nearly doubling its footprint to 1M SF at 250 Vesey Street
Invesco renewing more than 200K SF at 225 Liberty Street
EquiLend signing for nearly 20K SF at 225 Liberty Street

Why It Matters

The lease extension secures one of the city’s largest and most prominent commercial properties for the next century. It also injects new capital into public initiatives and infrastructure. With strong leasing demand and a commitment to civic contributions, Brookfield Place is positioned to remain a cornerstone of Lower Manhattan’s business district well into the 22nd century.