{"id":219307,"date":"2026-05-04T15:09:09","date_gmt":"2026-05-04T15:09:09","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/219307\/"},"modified":"2026-05-04T15:09:09","modified_gmt":"2026-05-04T15:09:09","slug":"cleary-gottliebs-475k-sf-lease-appears-to-be-a-downsizing","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/219307\/","title":{"rendered":"Cleary Gottlieb\u2019s 475k sf Lease Appears to be a Downsizing"},"content":{"rendered":"

When is a 475,000-square-foot lease a disappointment in Manhattan\u2019s office market? When it appears to be a downsizing.<\/p>\n

Law firm Cleary Gottlieb Steen & Hamilton signed a deal for that size at Brookfield Properties\u2019 One Liberty Plaza last month, according to a monthly Colliers report<\/a>. The deal at the Financial District office tower topped the month\u2019s activity, the Commercial Observer reported<\/a>.<\/p>\n

Details about the lease, including length and asking rent, were not disclosed. The average asking rent in Lower Manhattan last month was $62.21 per square foot, according to Colliers.<\/p>\n

In a statement to the publication, the law firm said it \u201cwas pleased to recommit to our office in downtown Manhattan, with a new space in One Liberty Plaza.\u201d The company\u2019s been a tenant at the building since 1990, but appears to be changing offices in an attempt to better accommodate its workforce.<\/p>\n

That doesn\u2019t necessarily equate to growth, though. In 2007, the New York Post reported<\/a> the law firm signed a 20-year lease at One Liberty Plaza for 550,000 square feet, which represented an expansion of 100,000 square feet at the time. It\u2019s unclear if there\u2019s been any movement since then, but if not, April\u2019s top lease actually marks a 75,000-square-foot downsizing for the firm.<\/p>\n

Brookfield\u2019s Mikael Nahmias, Daniel Roberts and David Caperna represent One Liberty Plaza. The company did not respond to the Observer\u2019s request for comment.<\/p>\n

Other tenants at the 54-story building include Business Insider and law firm Chaves & Perlowitz. In 2024, Brookfield scored a $750 million loan<\/a> from Morgan Stanley to refinance the 2.3-million-square-foot property.<\/p>\n

In 2023, Brookfield acquired<\/a> a 49 percent interest in the property from the building\u2019s co-owner Blackstone Group at a valuation of $1 billion.<\/p>\n

Manhattan tenants leased 3.6 million square feet of office space last month, according to Colliers. That was a 38 percent drop from March, but remained 30 percent above the 10-year monthly average.\u00a0<\/p>\n

\u2014 Holden Walter-Warner<\/a><\/p>\n

\tRead more
\n\t\t\t\t\t\t\t\t<\/p>\n

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Midtown South dominates April leasing activity<\/p>\n

\t\t\t<\/a>
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\t\t\t\t\t\t\t\t\t\t\t\t\t\"Brookfield\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

Brookfield lands huge refi for 1 Liberty Plaza<\/p>\n

\t\t\t<\/a>
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\t\t\t\t\t\t\t\t\t\t\t\t\t\"Brookfield's\t\t\t\t\t\t\t\t\t\t\t<\/p>\n

Brookfield\u2019s One Liberty value slashed by $500M<\/p>\n

\t\t\t<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"When is a 475,000-square-foot lease a disappointment in Manhattan\u2019s office market? When it appears to be a downsizing.…\n","protected":false},"author":2,"featured_media":219308,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[86377,75,84,83,9,24,63],"class_list":["post-219307","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-clearly-gottlieb-lease","tag-manhattan","tag-manhattan-headlines","tag-manhattan-news","tag-new-york","tag-new-york-city","tag-nyc"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/219307","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=219307"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/219307\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/219308"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=219307"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=219307"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=219307"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}