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June 18, 2014- Crain’s reports that Brookfield is having to give huge incentives to keep recently signed tenants from leaving. Time Magazine is getting a whopping three years of free rent.
The article states, “Time Inc. drove a very hard bargain to make the move. According to the terms of the lease, which have begun to circulate among the city’s brokerage community, Time Inc. will put off paying any rent for its new home for three years, when its current lease at 1271 Sixth Ave. in midtown expires. When Time finally does start writing rent checks, it will initially pay only $50 per square foot. That is well below the level where Brookfield is now aiming to do deals, which is in the $60s per square foot and above.
New corporate tenants flee Brookfield Place shortly after signing long-term lease