Global law firm Cleary Gottlieb extended its lease at Brookfield Properties’ One Liberty Plaza in lower Manhattan in the largest office deal reached last month in that New York City market.
The firm renewed its 475,000-square-foot lease for another 20 years at the 2.3 million-square-foot, 53‑story trophy office tower where it has been the tower’s largest tenant, Brookfield said Monday. It added that Cleary Gottlieb will occupy the top 10 floors of the building. The extension marks Cleary Gottlieb’s second long-term lease extension at the property.
Brookfield declined to comment on the deal, reached when leasing volume of 3.61 million square feet topped the 10-year monthly average by 30% and rose 6.9% year over year, according to a Colliers study.
The renewal comes as Brookfield has overhauled the property with a redesigned lobby featuring an interactive art installation by Pierre Huyghe. The building offers 360‑degree views of the Manhattan skyline and New York Harbor and has direct, in‑building connections to the World Trade Center and Fulton Street transit hubs.
Available office supply stood at 69.92 million square feet, down 29% from the post‑pandemic peak of 98.05 million square feet in February 2024 and the lowest level since October 2020. Sublet availability dropped to its lowest level since September 2019, Colliers said.
“A healthy level of demand continued to outpace the supply in April as the Manhattan office market recovery continued unabated,” said Franklin Wallach, executive managing director of research and business development for Colliers, in a statement.
Other major April signings included healthcare tech startup Tennr’s 125,000‑square‑foot sublease at 345 Hudson St.; Jump Trading’s 99,000‑square‑foot deal at 50 Hudson Yards; a 94,145‑square‑foot lease at 11 E. 26th St. by AI customer service provider Sierra; and global payments firm Adyen’s 87,500 square feet at 111‑115 Fifth Ave.
Rents at One Liberty range from the mid-$80s to over $100 per square foot on non-Cleary floors, a person familiar with the situation told CoStar News. The law firm first moved into the building in 1990 and currently occupies 10 full floors spanning levels 34 through 45, CoStar data shows.
For the record
Cleary Gottlieb was represented by Moshe Sukenik and Brian Cohen of Newmark, as well as Mark Weiss and Josh Kuriloff of Cushman & Wakefield. Brookfield Properties was represented in house by Mikael Nahmias and Dan Roberts.