Brookfield Debuts Manhattan Tower
The building represents the last piece of a 7 million-square-foot development.
Two Manhattan West was completed in July 2023. Image by Dave Burk, courtesy of Skidmore, Owings & Merrill 
The developer broke ground on the 58-story tower in 2019. Image by Dave Burk, courtesy of Skidmore, Owings & Merrill 
A golf simulator, board room, lounge, training room and gym are part of the building’s set of amenities. Image by Dave Burk, courtesy of Skidmore, Owings & Merrill 
The 7 million-square-foot Manhattan West mixed-use project had its grand opening in 2021. Image by Dave Burk, courtesy of Skidmore, Owings & Merrill 
Manhattan West neighborhood includes a total of six buildings. Image by Tayler Crothers of CTC Studios, courtesy of Brookfield Properties
Brookfield Properties has opened Two Manhattan West, a 58-story high-rise designed by Skidmore, Owings & Merrill. The tower is part of the 7 million-square-foot Manhattan West mixed-use development that is now fully completed.
The 2 million-square-foot project has been subject to several construction loans since 2019, amounting to a total of $1.9 billion and provided by Manufacturers and Traders Trust Co., HSBC Bank USA, Wells Fargo Bank and New York City Industrial Development Agency. The most recent financing dates back to 2022, when Wells Fargo provided a $350 million construction loan, CommercialEdge data shows.
Brookfield Properties filed plans for the structure in 2017 and broke ground in 2019, the same year when the 2.1 million-square-foot One Manhattan West opened. Two Manhattan West topped out in January 2022 and construction wrapped up in July 2023.
The entire $4.5 billion Manhattan West project broke ground in 2013 and had its grand opening in 2021, before the finalization of the last tower. The development was four decades in the making, starting with the 1980s when the company commenced buying project sites in Midtown. The mixed-use development comprises a total of six buildings, including 2 acres of public space, office buildings and residential communities, as well as a hospitality and retail component.
The last piece of the puzzle
Two Manhattan West serves as the Ninth Avenue entry into the mixed-use neighborhood, alongside One Manhattan West. The tower rises above active railroad tracks and is supported by sculpted mega-columns, as only half the building touches the ground. Located at 389 Ninth Ave., the property has access to Penn Station, Moynihan Train Hall, Madison Square Garden, the High Line and Chelsea Piers.
Aiming for LEED Gold certification, the tower has floorplates ranging between 34,901 and 38,482 square feet, 15 passenger elevators, controlled access and 200 car parking spaces. The property includes conference rooms, offices and workstations. A golf simulator, board room, lounge, training room and gym are part of the building’s set of amenities.
The building’s tenant roster includes Cravath, Swaine & Moore, Spanish bank BBVA, Clifford Chance and Crowell & Moring, among others.
Less demand for office space
Demand for new office development has been decreasing year-over-year, with the current national construction pipeline being lower than prior to the pandemic. A total of 96.9 million square feet of office space was under construction as of December 2023 in the U.S., representing 1.4 percent of stock, a recent CommercialEdge report shows.
As of December, Manhattan’s supply pipeline had 3.1 million square feet under construction, accounting for 0.7 percent of stock. The metro’s vacancy rate was at 16.4 percent, up 120 basis points over 12 months.
