NEW YORK Brown Brothers Harriman & Co. has committed to move its long-time Wall Street operations to 140 Broadway, a 1.2-million-square-foot office tower owned by Silverstein Properties and Morgan Stanley Real Estate Fund III.
Brown Brothers, the country's oldest and largest privately-owned bank, will move from 63 Wall St. after 168 years there.
The bank has signed a 20-year lease for 430,000 sf on floors 1-20 at 140 Broadway, a property that HSBC vacated earlier this year and which Goldman Sachs nearly occupied. Brown Brothers will move about 850 people to the property next summer.
Scott Gamber, a senior managing director with Insignia/ESG, and Douglas Lehman, from the brokerage firm's consulting group, negotiated the 20-year lease for Brown Brothers. Catherine Ernst and Roger Silverstein represented the Silverstein/ Morgan Stanley ownership.
The lease, sweetened by an incentive package from the New York City Economic Development Corp., ends month of speculation about Brown Brothers' plans as well as the fate of a large chunk of downtown office space.
Goldman Sachs last year pulled out of plans to occupy 140 Broadway, a move that opened the door for Brown Brothers to begin negotiating with Silverstein for the space.
Because Brown Brothers' lease at 63 Wall is set to expire in 2003, the bank had been scouting for alternative space in case it didn't extend there. The firm was looking last fall at becoming the anchor tenant of an 800,000-sf office tower that Brookfield Properties was planning in Battery Park City.
Kingston Investors, a Manhattan-based investment firm run by Peter E. Krulewitch, has reportedly contracted to buy the Brown Brothers Harriman Building at 59/63 Wall.
People familiar with the distinctive 35-story building, which contains 391,000 sf and was built in 1929, peg its value around $60 million to $80 million.
Property information provided by MrOfficeSpace.com.
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