Problem: A Massive Unsightly Property to Lease
Brookfield Properties’ 5 Manhattan West site is a legacy property that sits in the middle of the company’s largest out-of-ground development in New York City. A direct rival to the Related Companies’ Hudson Yards, the development consists of office, retail, and mixed-use components abutting the new Moynihan Station project. With more than 110,000 square feet of floor plates, the property represented major challenges for both marketing/leasing and development.
Given the current occupancy, un-presentable condition, strategic repositioning, and massive size of the space, pre-building and improvements were not viable options without a significant tenant lease signed.
The company was able to save millions in the development effort by leveraging BlockVue’s digital VR technology in communicating the usage plan to Amazon.
Solution: Immersive Broker-Led VR Makeovers
BlockVue worked with Brookfield to develop an urban campus concept that leveraged the extreme floor plate sizes. BlockVue’s web-based VR Space platform provided a critical tool for leasing brokers to assist in communicating reconfiguration strategies and potential use plans for the property. In addition, BlockVue worked to integrate its technology suite with Brookfield’s in-house leasing application — available to leasing teams world-wide.
Results: A Significant Tenant Lease Signed
Brookfield was able to secure a build-to-suit lease with Amazon for 360,000 square feet six months after implementing BlockVue’s VR solution suite, bringing an additional 2,000 jobs to the neighborhood and further bolstering the Manhattan West community.