Macquarie Group takes Manhattan in new office lease deal

The company, known as one of the world’s largest infrastructure asset managers, signed a lease with developer Brookfield Properties to become an anchor tenant within 221,764 square feet of its highly coveted office space, plus a private lobby entrance on both the first and second floors and 30,000 square feet of private outdoor terraces.

The deal comes off the back of Brookfield Properties’ $400 million redevelopment of the 1950s office building, known simply as 660 Fifth Avenue, featuring a facelift of its exterior facade cladding in thermally insulated 11x19 foot single-pane glass units, a new lobby, new lifts, state-of-the-art infrastructure, and oversized terraces with greenspace.

Macquarie Group’s head of Americas, Shawn Lytle said the Manhattan location provides an experience that matches the company’s focus on innovation, commitment to communities and ability to deliver for clients, while serving as a place that will “enhance the way our people come together to learn, innovate and collaborate”.

“As we’ve transitioned to a hybrid working model over the past year, we’re excited to occupy a property that will help enable our future success,” Mr Lytle said.

“We’re proud to remain regionally headquartered in New York, and our new home represents the culmination of three decades of continued growth in the US and the Americas region more broadly.”

Welcoming Macquarie Group to 660 Fifth Avenue, Brookfield Properties senior vice president, leasing, Mikael Nahmias said investment to recreate the property has raised the bar for the next generation of workplace.

“The commitment by Macquarie Group not only underscores the demand for top-tier office properties in New York City, but the understanding among leading global firms that the best talent wants to work in the best spaces,” Mr Nahmias said.

JLL New York Tri-state Region chairman and president, Peter Riguardi said this headquarters lease highlights the continuing appeal of New York City as an “unparalleled destination” for leading talent from around the nation and around the world.

“Brookfield’s extraordinary repositioning project positions 660 Fifth Avenue among the top office properties in the city,” Mr Riguardi said.

The building is expected to receive LEED Gold V4 Certification. Brookfield Properties purchased the property in 2018 and its redevelopment is expected to be completed this year.

Macquarie Group’s Americas regional headquarters expects its occupancy to begin in late 2024.