Brookfield and The Swig Company Add 1100 Avenue of the Americas to New York Portfolios

Brookfield and The Swig Company Add

1100 Avenue of the Americas to New York Portfolios

Partners Plan Major Redevelopment of the Prime 386,000-Square-Foot Bryant Park Property

New York, NY (March 7, 2017) – Brookfield Property Partners L.P. (NYSE: BPY; TSX: BPY.UN) and The Swig Company today announced they have signed a long-term net lease for 1100 Avenue of the Americas, a major property on one of New York City’s most prestigious intersections overlooking Bryant Park. The partners also announced their intention to redevelop the 386,000-square-foot office and retail building, owned by the Nickerson Family. Redevelopment is set to begin in 2019. On the corner of 42nd Street, 1100 Avenue of the Americas is adjacent to – and shares a plaza with – the Grace Building, which is owned jointly by Brookfield and Swig. The terms of the agreement were not disclosed.

“At the epicentre of Midtown, Bryant Park has become one of the most sought-after office and retail destinations in New York,” said Ric Clark, Senior Managing Partner and Chairman of Brookfield Property Group and Brookfield Property Partners. “The addition of 1100 Avenue of the Americas into our portfolio provides a major opportunity for us to reposition the property while enhancing the shared Grace Plaza, significantly benefitting both buildings.”

Ken Perry, CEO of The Swig Company said: “As the original developer and long-term owner of The Grace Building we have long recognized the area around Bryant Park as one of midtown Manhattan’s most vibrant commercial districts. Our successful partnership with Brookfield provides a further opportunity to add long-term value to the neighborhood.”

“We are delighted to partner with Brookfield and Swig on the redevelopment of the property,” said William H. Nickerson, President of Eugene A. Hoffman Management, Inc., which is the general partner of 1100 Avenue of the Americas Associates, building owner. “Our family has owned the land for over 150 years and will continue to own the land throughout the term of the lease. We are confident that working with Brookfield and Swig will be the best way to maximize the advantages of our outstanding location. The office space is presently leased by HBO/Time Warner with whom the family has had a 35-year relationship, and we wish them well as they move to new premises in 2019.” Nickerson also expressed his thanks and appreciation for the fine work of the Capital Markets team at CBRE, led by Darcy Stacom and Bill Shanahan, who represented the owner in arranging the net lease.

Developed in 1971, and continuously owned by The Swig Company since, The Grace Building, at 1114 Avenue of the Americas, is a 49-story, 1.6-million-square-foot, LEED Platinum-certified office building. It features 42,000 square feet of prime retail space and a 30,000-square-foot outdoor plaza that is activated year round by Arts Brookfield, Brookfield’s award-winning arts and events program. The Grace Building office tenant mix is comprised of leading companies in a wide array of industries, and it houses a mix of first-class food and dining options, including Bluestone Lane, Gabriel Kreuther, Joe & the Juice, Kreuther Handcrafted Chocolate, Sweetgreen and STK.

Both 1100 Avenue of the Americas and the Grace Building are located in the center of one of New York City’s most vibrant neighborhoods. Overlooking Bryant Park and centered between Grand Central Terminal and Times Square, the area has evolved into one of New York’s prime office locations as well as a dining destination. In addition to its proximity to Grand Central, the site features convenient access to most Manhattan subway lines.

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Tim Gallen/Andrew Neilly/Nancy Amaral
Gallen.Neilly.Amaral
The Swig Company
T: 925.930.9848
Tim@Gallen.com /Andrew@Gallen.com / Nancy@Gallen.com

Andrew Brent
Vice President, Head of Communications
Brookfield Property Partners
250 Vesey Street 15th Floor, New York, New York 10281
T: 212.417.2464,F: 212.417.7214
andrew.brent@brookfield.com

About The Swig Company: The Swig Company, LLC is a privately-owned, San Francisco-based real estate operator with a 75+ year history of investment, development, partnership and management of commercial real estate properties in major US markets. Founded by Benjamin Swig, The Swig Company is guided by a long-term investment perspective that has proven adept at stewarding investors safely through multiple market cycles. The company’s vertically-integrated operational platform, which includes investment, asset and property management expertise, uses flexibility, generational thinking and a sensitivity to sustainable practices to stay at the forefront of emerging trends in the commercial real estate industry. For more information, visit: www.swigco.com.

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