Brookfield Place is owned by Toronto-based Brookfield Office Properties,except for the space occupied by American Express, which is owned by the American Express Company. 250 Vesey Street serves as the United States headquarters for Brookfield Office Properties.Brookfield Place has its own zip code, 10281. The buildings' original developer was Olympia and York, also based in Toronto.
The buildings are:
- 200 Liberty Street, formerly One World Financial Center, (1986)[5] height 577 feet (176 m), 40 stories
- Leasable area: 1,628,000 square feet (151,200 m2)
- Rooftop: truncated square pyramid
- 225 Liberty Street, formerly Two World Financial Center, (1987), height 645 feet (197 m), 44 stories
- Leasable area: 2,491,000 square feet (231,400 m2)
- Rooftop: round dome
- 200 Vesey Street, formerly Three World Financial Center, (also known as American Express Tower) (1985), height 739 feet (225 m), 51 stories
- Leasable area: 1,200,000 square feet (110,000 m2)
- Rooftop: pyramid
- 250 Vesey Street, formerly Four World Financial Center, (1986), height 500 feet (150 m), 34 stories ("North Tower")
- Leasable area: 1,800,000 square feet (170,000 m2)
- Rooftop: ziggurat
- Winter Garden Atrium (1988) a 45,000 square feet (4,200 m2) glass domed pavilion housing various plants, trees and flowers, also shopping areas, cafes (located between buildings 2 and 3), rebuilt 2002 after terrorist attacks on September 11, 2001. The pavilion also exhibits a range contemporary artists including Reyna Noriega,[6] Julia Whitney Barnes, Tatiana Arocha, Anne Beffel, Jane Benson, Curtis Cuffie, Charles Goldman, Elke Lehmann, Pia Lindman, Brian P. McGrath, Andrea Ray, and Alex Villar.[7]
- Leasable area: 295,000 square feet (27,400 m2)
- One North End Avenue, also known as the New York Mercantile Exchange building (1997), height 253 feet (77 m), 16 stories
- Leasable area:500,000 square feet (46,000 m2)
The company was founded by Paul Reichmann and his brothers, Albert and Ralph, in Toronto in the early 1950s as an outgrowth of their Olympia Flooring and Tile Company.[2] It first built and operated warehouses and other commercial buildings in Toronto. Its first major project was the development of the vast Flemingdon Park project on Don Mills Road.[3]
The company then took a major gamble, winning the fierce bidding war for the final undeveloped property at the corner of King and Bay street (the geographic heart of Canada's financial district). The Reichmans won the contract to build Canada's tallest building, First Canadian Place in 1971. The project almost collapsed, however, when reformist mayor David Crombie put a halt to major development projects. After three years of lobbying the project finally went ahead to great success.[citation needed]
The Golden 80sEdit
In the 1980s, Olympia & York grew to be the largest property development firm in the world.[2] In the early 1980s, the New York real estate market was severely depressed, and the Reichmanns bought a group of nine skyscrapers for the low price of $300 million. In only a few years the group rose in value to $3.5 billion. The company became centred on New York opening an office on Park Avenue. The company won the rights to the largest development project in the city when they were awarded the contract to develop the Battery Park City infill next door to the World Trade Center. This project became the World Financial Center and was another great success for the firm.
Both Reichmann brothers were strongly religious Haredi Jews and shut down their construction sites for the Jewish Sabbath and for all Jewish holidays. Even while the success of O&Y made them one of the world's richest families they continued to live relatively austere lives.
In the mid-1980s the company diversified. In 1985 it bought Gulf Canada,[4] a deal that attracted much controversy because it earned the company multimillion-dollar tax breaks. They also acquired a 50.1% control of Brinco Ltd.[5] in 1980 then the following year an 82% controlling interest in Abitibi-Price Inc.[6] As well, they held a significant shareholding in the Royal Trustco.[7] In 1980, they had also acquired English Property Corp,[5] one of the largest British developers, which would eventually lead to the Canary Wharf property development. Following a highly publicized legal battle with Britain's Allied Lyons PLC[5] for control of Canadian-based distillers Hiram Walker-Gooderham and Worts Distillery,[5] the makers of the popular Canadian Club brand of rye whiskey, in 1987 Olympia & York became Allied Lyons' largest shareholder.
In the late 1980s, the company undertook to develop the Canary Wharf site in the east of London. The 83-acre (336,000 m2) site would become the largest development project in the world, which would incorporate One Canada Square, Britain's tallest skyscraper at the time. The project ran into problems, however. Britain entered a recession, British firms were unwilling to relocate from the traditional financial centre within the City, and despite a personal promise by Margaret Thatcher, the London Underground line known as the Jubilee Line Extension was delayed in construction awaiting the contributions from Olympia & York (with the line eventually opening in the year 2000). The office space at Canary Wharf remained largely empty and Olympia & York began to run out of cash. At the same time, New York City and its real estate market began a deep recession and Olympia & York, who was now the largest property holder in Manhattan, began to feel cash flow problems which deeply affected the pyramid-like financing strategy that the Reichmann brothers had adopted.
BankruptcyEdit
In March 1992, Paul Reichmann was forced to resign[8] as president. In May, the company filed for bankruptcy and it owed over 20 billion dollars[8] to various banks and investors. The company was finally dismembered in February 1993, and the Reichmanns were left with only a small rump known as Olympia & York Properties Corporation. The new company has again grown into a multibillion-dollar firm, including retaining a large stake of the now prosperous Canary Wharf project. However, they no longer have large holdings in New York City. Many of the NYC properties are now under Brookfield Properties Corporation.
The company was founded by Paul Reichmann and his brothers, Albert and Ralph, in Toronto in the early 1950s as an outgrowth of their Olympia Flooring and Tile Company.[2] It first built and operated warehouses and other commercial buildings in Toronto. Its first major project was the development of the vast Flemingdon Park project on Don Mills Road.[3]
The company then took a major gamble, winning the fierce bidding war for the final undeveloped property at the corner of King and Bay street (the geographic heart of Canada's financial district). The Reichmans won the contract to build Canada's tallest building, First Canadian Place in 1971. The project almost collapsed, however, when reformist mayor David Crombie put a halt to major development projects. After three years of lobbying the project finally went ahead to great success.[citation needed]
The Golden 80sEdit
In the 1980s, Olympia & York grew to be the largest property development firm in the world.[2] In the early 1980s, the New York real estate market was severely depressed, and the Reichmanns bought a group of nine skyscrapers for the low price of $300 million. In only a few years the group rose in value to $3.5 billion. The company became centred on New York opening an office on Park Avenue. The company won the rights to the largest development project in the city when they were awarded the contract to develop the Battery Park City infill next door to the World Trade Center. This project became the World Financial Center and was another great success for the firm.
Both Reichmann brothers were strongly religious Haredi Jews and shut down their construction sites for the Jewish Sabbath and for all Jewish holidays. Even while the success of O&Y made them one of the world's richest families they continued to live relatively austere lives.
In the mid-1980s the company diversified. In 1985 it bought Gulf Canada,[4] a deal that attracted much controversy because it earned the company multimillion-dollar tax breaks. They also acquired a 50.1% control of Brinco Ltd.[5] in 1980 then the following year an 82% controlling interest in Abitibi-Price Inc.[6] As well, they held a significant shareholding in the Royal Trustco.[7] In 1980, they had also acquired English Property Corp,[5] one of the largest British developers, which would eventually lead to the Canary Wharf property development. Following a highly publicized legal battle with Britain's Allied Lyons PLC[5] for control of Canadian-based distillers Hiram Walker-Gooderham and Worts Distillery,[5] the makers of the popular Canadian Club brand of rye whiskey, in 1987 Olympia & York became Allied Lyons' largest shareholder.
In the late 1980s, the company undertook to develop the Canary Wharf site in the east of London. The 83-acre (336,000 m2) site would become the largest development project in the world, which would incorporate One Canada Square, Britain's tallest skyscraper at the time. The project ran into problems, however. Britain entered a recession, British firms were unwilling to relocate from the traditional financial centre within the City, and despite a personal promise by Margaret Thatcher, the London Underground line known as the Jubilee Line Extension was delayed in construction awaiting the contributions from Olympia & York (with the line eventually opening in the year 2000). The office space at Canary Wharf remained largely empty and Olympia & York began to run out of cash. At the same time, New York City and its real estate market began a deep recession and Olympia & York, who was now the largest property holder in Manhattan, began to feel cash flow problems which deeply affected the pyramid-like financing strategy that the Reichmann brothers had adopted.
Bankruptcy
In March 1992, Paul Reichmann was forced to resign as president. In May, the company filed for bankruptcy and it owed over 20 billion dollars[8] to various banks and investors. The company was finally dismembered in February 1993, and the Reichmanns were left with only a small rump known as Olympia & York Properties Corporation. The new company has again grown into a multibillion-dollar firm, including retaining a large stake of the now prosperous Canary Wharf project. However, they no longer have large holdings in New York City. Many of the NYC properties are now under Brookfield Properties Corporation.
Brookfield Properties
Brookfield Properties is a North American subsidiary of commercial real estate company Brookfield Property Partners, which itself is a subsidiary of alternative asset management company Brookfield Asset Management. It is responsible for the property management of the company's real estate portfolio, which includes facilities in the office, multi-family residential, retail, hospitality, and logistics industries.[3]
 | |
| Type | Subsidiary |
|---|---|
| Industry | Real estate |
| Founded | 1923 |
| Headquarters | Brookfield Place, , |
| Area served | Worldwide |
| Key people | Brian Kingston (CEO, Brookfield Property Partners) |
| Services | Property development and management |
| Revenue |  US$2.4 billion (2014) |
| Net income | US$2.8 billion (2014) |
| Total assets | US$34.4 billion (2014) |
| Number of employees | 2,264 (2008)[1] |
| Parent | Brookfield Property Partners |
| Website | www |
Brookfield Properties operates corporate offices in New York City, Toronto, London, Sydney, and São Paulo. It is the second-largest shopping mall operator in the United States, after GGP Inc. (General Growth Properties) was acquired by Brookfield Property Partners and merged into Brookfield Properties in 2018.
The company's roots go back to the early 1900s in Montreal, Quebec. It was known then as the Canadian Arena Company and operated the Montreal Arena. In a partnership with Toronto investors, it built the Arena Gardens in Toronto. In the 1920s, it built the Montreal Forum to house the Montreal Maroons and Montreal Canadiens National Hockey League franchises; from 1935 to 1957, the company also owned the Canadiens. The company was acquired by Edper Investments in 1970. During the 1970s, when the company was known as Carena Properties, it expanded its business into commercial real estate.[5] After the Montreal Forum closed, the Forum was sold to competitor Canderel Properties.
In 1989, Carena acquired a 33% interest in Olympia & York Developments Ltd., developers of the World Financial Center in New York,[6] and in 1990, Brookfield acquired a 50% interest in a portfolio of office properties in Toronto, Denver and Minneapolis from BCE Development Corporation. In 1994, this holding was increased to 100% and included BCE Place, now Brookfield Place, Brookfield Properties' flagship office complex in Toronto.[7]
In 1996, Carena acquired a 46% interest in World Financial Properties, a corporation formed from the bankruptcy of Olympia & York, which included three of the four towers of the World Financial Center, One Liberty Plaza, 245 Park Avenue in Manhattan. That year, Carena changed its name to Brookfield Properties Corporation.[8]
In 1997, Brookfield Properties purchased 45% of Gentra, Inc., owner of several commercial properties in Toronto.
2000
In 2000, Brookfield Properties acquired a portfolio of Calgary office properties, including the Bankers Hall complex.
In April 2001, the company lost out to Silverstein Properties, Inc. on the lease of the World Trade Center in New York City before the complex was destroyed during the September 11 attacks.[11]
In 2003, Brookfield Properties completed the spin-off of Brookfield Homes, now part of Brookfield Residential, Brookfield Asset Management's U.S.-based home building business.[12]
In 2005, Brookfield Properties acquired a 25% interest in O&Y Properties Corporation and O&Y Real Estate Investment Trust, expanding the company's real estate portfolio in four Canadian cities.[13]
In 2006, the company acquired Trizec Properties, which was founded in 1960 by William Zeckendorf, builder of Place Ville Marie.
World Trade Center is a terminal station on the PATH system, within the World Trade Center complex in the Financial District of Manhattan, New York City. It is served by the Newark–World Trade Center line at all times, as well as by the Hoboken–World Trade Center line on weekdays, and is the eastern terminus of both.
| Location | 70 Vesey Street Manhattan, New York City |
|---|---|
| Coordinates | 40.7115°N 74.0114°W |
| Owned by | Port Authority of New York and New Jersey |
| Line(s) | Downtown Hudson Tubes |
| Platforms | 3 island |
| New York City Subwayu |
The World Trade Center station is near the site of the Hudson and Manhattan Railroad (H&M)'s Hudson Terminal, which opened in 1909. The Port Authority of New York and New Jersey bought the bankrupt H&M system in 1961, rebranded it as PATH, and redeveloped Hudson Terminal as part of the World Trade Center. The World Trade Center station opened on July 6, 1971, as a replacement for Hudson Terminal, which was closed and demolished as part of the construction of the World Trade Center. Following the September 11, 2001 attacks, a temporary PATH station opened in 2003 while the World Trade Center complex was being rebuilt. Work on a permanent station building commenced in 2008. The main station house, the Oculus, opened on March 3, 2016, and the terminal was renamed the World Trade Center Transportation Hub, or "World Trade Center" for short.
The World Trade Center station has five tracks and four platforms in the middle of a turning loop. Trains from New Jersey use the loop to turn around and head back to New Jersey. The platforms are located four floors below ground level. The floor immediately above the platforms is occupied by the station's fare mezzanine. The New York City Subway's WTC Cortlandt station is adjacent to and above the mezzanine.
The $4 billion Oculus station house, designed by the Spanish architect Santiago Calatrava, consists of white ribs that interlock high above the ground. The interior of the station house contains two underground floors, which house part of the Westfield World Trade Center mall. The transportation hub connects the various modes of transportation in Lower Manhattan, from the Fulton Center in the east to the Battery Park City Ferry Terminal in the west, and includes connections to various New York City Subway stations. It is the fifth-busiest transportation hub in the New York metropolitan area. The new station has received mixed reviews: although the hub has been praised for its design, it has also been criticized for its high costs and extended delays.
