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**Scotiabank Signs Lease at 660 Fifth Avenue, Filling Repositioned Office Tower to Capacity**
Scotiabank has signed a lease to relocate its New York offices to 660 Fifth Avenue, a recently revitalized Midtown Manhattan office tower owned by Brookfield Asset Management. The Canadian bank will occupy 205,000 square feet across three floors—a deal that brings the building to full occupancy.
This lease marks the final chapter in a successful turnaround for the once-struggling office property. Brookfield acquired a 99-year lease on the building in 2018 from Kushner Companies for $1.3 billion. At the time, the property was grappling with financial issues and high vacancy rates.
Brookfield invested $400 million into a comprehensive redevelopment of the property, transforming it into a high-end office destination. As a result, the landlord has attracted a roster of marquee tenants, including Macquarie Group, Citadel, and Viking Global. The building now commands an average rental price of $135 per square foot, reflecting renewed demand for luxury office space in Manhattan.
The leasing transaction was brokered by a CBRE team consisting of Howard Fiddle, Peter Turchin, Cara Chayet, John Maher, Brett Shannon, and Trevor Larkin, who represented Brookfield during the negotiations.
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