165 Broadway
This is an exceptionally high-quality lease transaction featuring one of New York City's most creditworthy tenants — Cleary Gottlieb, a globally elite law firm — committing to 475,000 square feet at One Liberty Plaza for 20 years, providing extraordinary rent visibility and income stability for the landlord. The deal significantly de-risks Brookfield's Downtown Manhattan flagship asset and validates continued strong demand in the Lower Manhattan office submarket beyond the World Trade Center corridor. Both the landlord (Brookfield Properties) and tenant (Cleary Gottlieb) carry institutional-grade reputations with no known distress, liens, or credit concerns, and the transaction was brokered by top-tier firms Cushman & Wakefield and Newmark. From a lending or underwriting perspective, a 20-year lease with a tenant of this caliber is among the most secure collateral profiles available in NYC commercial real estate. The only structural limitation for a lender is the absence of disclosed rent economics, though market rents for this submarket and asset quality are estimated in the $70–$95/SF NNN range.
Deal Stats
Parties
Seller / Landlord
Brookfield Properties is a global leader in office real estate ownership and management, with a flagship Downtown Manhattan portfolio anchored by One Liberty Plaza at 165 Broadway. The firm has a deep track record of managing Class A trophy assets and executing major institutional leases across its $100B+ real estate platform.
Buyer / Tenant
Cleary Gottlieb Steen & Hamilton is one of the world's premier international law firms, headquartered at One Liberty Plaza for decades, with a globally recognized balance sheet and institutional-grade covenant strength as a tenant. Their decision to renew 475,000 SF for 20 years signals extraordinary long-term commitment and represents one of the largest law firm lease renewals in NYC history.
Score Analysis
Why this score
Tenant Credit Quality
Cleary Gottlieb is a globally elite law firm with institutional-grade covenant strength and no known distress, representing top-tier creditworthiness.
Lease Duration & Commitment
20-year renewal provides exceptional rent visibility and extraordinary long-term income stability for Brookfield's flagship asset.
Landlord Stability
Brookfield Properties' $100B+ platform and deep trophy asset management track record ensures reliable lease administration and property stewardship.
Rent Economics Transparency
Undisclosed rental rates prevent precise valuation analysis, though market estimates of $70–$95/SF NNN limit downside risk assessment.
Submarket Demand Validation
Deal validates sustained strong demand in Lower Manhattan office market beyond WTC corridor, de-risking broader portfolio performance.
How to improve
The following actions could meaningfully improve this deal's Homage score. Each suggestion is based on the deal's profile, asset type, and current rating — addressing them before approaching a lender can increase approval likelihood and lower borrowing costs.
Disclose Actual Rent Economics
Publishing the agreed rent per SF and any escalation schedule would eliminate valuation uncertainty and strengthen the A+ rating to near-perfect.
Quantify Renewal Rate vs. Market
Stating whether this renewal achieved in-line, above, or below-market rents would clarify landlord value capture and market positioning.
Highlight Competitive Win Context
Explaining why Cleary Gottlieb renewed at One Liberty Plaza versus alternative Manhattan locations would reinforce submarket strength narrative.
Raw Deal Textclick to expand
Submit Growing Financial Partnerships For Over 30 Years. Get Started Deals New York Office Lease 165 Broadway Daily limit: 10/10 Cleary Gottlieb Renews 475,000 Square Feet Lease At 165 Broadway Manhattan For 20 Years LEASED 475 SF Leased 3 weeks ago the deal players comps contact related Summary NEW YORK Asset Type: Price Per Square Foot: $0 Total Square Footage: Transaction Type: 165 Broadway is an office asset located in Manhattan. Cleary Gottlieb renewed its lease for 475,000 square feet, emphasizing a long-term commitment to the space at Brookfield Properties’ One Liberty Plaza for a duration of 20 years. Summary of transaction details: Property Type: Office Transaction Amount: Not specified Address: 165 Broadway Market: Manhattan Landlord: Lowell Baron - Brookfield Properties Tenant: Cleary Gottlieb Landlord's Representative: Mark Weiss & Josh Kuriloff - Cushman & Wakefield Tenant's Representative: Moshe Sukenik & Brian Cohen - Newmark Lease Term: 20 years This transaction indicates the involvement of key brokerage representatives in facilitating the lease renewal, with Mark Weiss and Josh Kuriloff representing the landlord and Moshe Sukenik and Brian Cohen representing the tenant, highlighting the collaboration of major players in the commercial real estate sector. Details Deal Summary IMAGE: Mark Weiss, Josh Kuriloff, Lowell Baron, Brian Cohen & Moshe Sukenik DATE: 2026-05-03 ADDRESS: 165 Broadway MARKET: Manhattan ASSET TYPE: Office LANDLORD: Lowell Baron - Brookfield Properties (@BrookfieldProperties) TENANT: Cleary Gottlieb LANDLORD'S REP: Mark Weiss & Josh Kuriloff - Cushman & Wakefield (@CushWake) TENANT'S REP: Moshe Sukenik & Brian Cohen - Newmark (@Newmark) LEASE TERM: 20 years NOTE: Cleary Gottlieb renewed 475,000 square feet at Brookfield Properties’ One Liberty Plaza for 20 years, reaffirming strong demand on Downtown’s east side beyond the World Trade Center corridor. Email New York | @tradedny Comps These are similar deals based on proximity and similarity to the subject deal. 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Deal Type SALE LOAN LEASE Property Size (sq ft) Rent per Square Foot (Annual) Lease Term (Years) Annual Escalation (%) Lease Type NNN (Triple Net) Free Rent Period (Months) Reset Effective Rent (Annual) $27,226.71 Total Lease Value $272,267.13 Net Landlord Cash Flow Is there something missing? Send suggestions We are telling CRE's story Traded is the #1 source for cutting edge CRE transactions & insights. States National Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming News Agents Agencies About About Us FAQ Testimonials Help Help Center Return Policy © 2026 Traded Media LLC . 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