Shearman & Sterling advised the New York City Economic Development Corporation (NYCEDC) on the leasing of approximately 220,000 rentable square feet of office space at 1 Liberty Plaza in New York City, a building owned by Brookfield Properties. The office space will serve as NYCEDC's headquarters. The initial term of the lease is 20 years and the tenant has a variety of renewal options.
NYEDC is a not-for-profit corporation that promotes economic growth in each of the five boroughs of New York City by strengthening the city's competitive position and facilitating investments that build capacity, generate prosperity and catalyze the economic vibrancy of New York City as a whole.
The Shearman & Sterling team was led by counsel Peter Strauss and associate Andrew Smook (both New York-Real Estate).