Brookfield Properties has secured a lease with Scotiabank for 205,000 square feet at 660 Fifth Avenue in Midtown Manhattan, according to Crain’s. The bank will occupy the fifth, sixth, and seventh floors of the building. While Brookfield did not reveal the asking rent or lease term, CoStar estimates rents at the property range from $88 to $108 per square foot.
Scotiabank is expected to move from its current location at 250 Vesey Street, another Brookfield property, and open its new office in 2027. The future of Scotiabank’s existing 131,000-square-foot lease at 250 Vesey remains uncertain; that agreement does not expire until the end of 2032.
Brookfield was represented by an internal team as well as CBRE brokers Howard Fiddle, Peter Turchin, and John Maher. CBRE’s Michael Geoghegan, Ramneek Rikhy, and Eric Thomas represented Scotiabank.
The signing brings 660 Fifth Avenue to full occupancy. This marks a turnaround for a property that faced significant challenges less than ten years ago. Brookfield acquired the building’s 99-year ground lease from Kushner Companies in 2018 for $1.3 billion. The deal drew attention due to questions about whether Jared Kushner used foreign policy connections to secure financial support for the property; Brookfield counts the Qatari government among its investors.
Following the acquisition, Brookfield invested $400 million into redeveloping and modernizing the tower. Upgrades included a new glass facade, renovated lobby and amenity spaces, improved elevators, and infrastructure enhancements aimed at reducing the building’s carbon footprint.
In May 2022, Macquarie Group became the first tenant to sign on after renovations were completed, leasing 250,000 square feet. Other tenants such as 400 Capital, Stephens, and Viking soon followed. Late last year, Citadel agreed to take up 504,000 square feet at the address—the second-largest lease signed in Manhattan during that quarter.
