Brookfield Properties has secured a long-term lease renewal with law firm Cleary Gottlieb at One Liberty, following a comprehensive redevelopment of the office tower. Cleary Gottlieb has recommitted to the property for another 20 years, leasing 10 floors totaling 475,000 square feet. The firm is described as the largest tenant in the building, and this latest agreement represents its second long-term lease extension at the tower.
One Liberty is a 53-story office property encompassing 2.3 million square feet. The recently completed redevelopment was positioned by Brookfield Properties as a targeted investment program aimed at keeping the building competitive for tenants in Lower Manhattan. The improvements are framed as ensuring the asset remains a preferred choice for occupiers seeking a high-quality workplace environment.
Mikael Nahmias, senior vice president at Brookfield Properties, said that the firm views Cleary Gottlieb’s recommitment as a long-term partnership. He noted that the redevelopment work was designed to make the “right investments” so the property continues to appeal to tenants in the submarket. According to Nahmias, the renewed lease provides Cleary Gottlieb with a “best-in-class” workplace setting as the law firm plans for its next generation, and Brookfield looks forward to continuing its relationship with the tenant.
Cleary Gottlieb was represented in the lease negotiations by a team from Newmark, including Moshe Sukenik and Brian Cohen, and by a team from Cushman & Wakefield, including Mark Weiss and Josh Kuriloff. Brookfield Properties handled its side of the transaction in-house, with Nahmias and Dan Roberts representing the landlord. The agreement underscores active engagement by multiple brokerage and advisory firms on both the tenant and ownership sides of the transaction.
The renewal extends Cleary Gottlieb’s presence at One Liberty for two more decades on a large block of space within a fully redeveloped, multi-million-square-foot tower. While specific financial terms of the lease were not disclosed, the structure of the deal highlights the value of long-duration commitments for major tenants within Lower Manhattan’s office market, particularly in buildings that have recently undergone modernization and capital improvement programs.
