Among the improvements to be made is a glass pavilion on West Street linking the centre to new transit hubs in the area. Additionally, there will be new waterfront dining and a ‘European-style’ marketplace.
Work is due to begin in October of this year and finish in 2013.
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According to Dennis Freidrick, the President and CFO of Brookfield Office Properties, owner of the complex, the upgrades come on the back of 600,000 square feet of office deals signed in the Spring.
The deals include the sale of office space to Commerzbank and Oppenheimer Funds. Currently already residing in the World Financial Center are Merril Lynch, Nomura Group, American Express and The Wall Street Journal.
“These improvements to the World Financial Center are coming at the perfect time, given the USD 20 billion private and public investment in Lower Manhattan, the completion of Hudson River Park, retail expansion throughout the district, and the anticipated completion of the two transit centers,” said Ric Clark, CEO of Brookfield.
And Wade McDevitt, CEO of the McDevitt Co., Brookfield’s lead broker for the expansion, said: “Lower Manhattan is the next major retail growth district for New York City. With over USD 20 billion of public and private projects underway, the neighborhood is undergoing a major transformation.”
The World Financial Center was originally built between 1985 and 1988 and was designed by world-renowned architect Cesar Pelli.
Portions of the building complex were badly damaged in the attacks of September 11th but have since been completely repaired.
Editor’s notes: Following the linking with the adjacent One North End Avenue building, the name of the property was changed to Brookfield Place in 2014.
Brookfield Place has been the NYC office base of major financial heavyweights over the years and, as of June 2023, was occupied by Scotiabank, the New York County District Attorney’s Office, and Jane Street Capital, to name just a few. Brookfield Place at 250 Vesey Street is also tenanted by the College Board – the non-profit organisation that oversees Advanced Placement and the SAT.