By: Hellen Zaboulani

In the heart of Downtown Manhattan, where the echoes of the pandemic continue to reverberate through its towering skyscrapers, office buildings face a new reality. With an overall vacancy rate stubbornly hovering around 30 percent, many iconic structures are under threat of foreclosure, their futures uncertain in an era of remote work and shifting commercial real estate dynamics. Yet, amidst this landscape of uncertainty, two major towers on Liberty Street—28 Liberty Street and One Liberty Plaza—stand as beacons of resilience and success, offering a blueprint for navigating the post-pandemic commercial real estate market.

According to a report in The New York Post, the 60-story tower at 28 Liberty Street, owned by Fosun Hive Holdings, a subsidiary of the Chinese conglomerate Fosun International, is a prime example of how strategic investment and adaptive reuse can breathe new life into aging structures. Originally purchased from JPMorgan Chase in 2017 for $750 million, the 2.5 million square-foot skyscraper underwent a transformative $160 million renovation after the banking giant vacated the premises. The Post report said that this extensive upgrade not only modernized the building’s infrastructure but also repositioned it as a desirable destination for a diverse array of tenants.

Today, the building boasts an impressive office leasing rate of over 89%, with expectations of reaching the mid-90s in the near future, according to Thomas Costanzo, a global partner at Fosun and CEO of Four Trees Asset Management, the firm managing the property, as was confirmed in The Post report. The building’s office space commands rents ranging from the mid-$50s to mid-$70s per square foot, a testament to the value that tenants see in the upgraded facilities and prime location.

The revitalization of 28 Liberty Street extends beyond office space. The tower’s retail component is nearly fully leased, featuring a dynamic mix of tenants that cater to both lifestyle and entertainment needs. Anchoring the retail offerings is a 15-screen Alamo Drafthouse Cinema complex, providing a unique cinematic experience in the heart of the Financial District. Also noted in The Post report was that other notable tenants include Socceroof, a 20,000 square-foot indoor soccer facility, and Court 16, a 13,000 square-foot indoor tennis and pickleball club, both of which contribute to the building’s appeal as a destination for recreation and leisure.

A crowning feature of the building’s ongoing transformation is the development of Halo, a flexible event space encompassing approximately 30,000 square feet on the ground floor. The report in The Post said that it is designed to accommodate up to 750 guests and Halo is already attracting bookings despite still being under construction. The space is strategically located adjacent to the tower’s renowned 2.5-acre plaza, which features the Noguchi rock garden fountain and art sculptures, including the prominent 40-foot-tall “Group of Four Trees” by French artist Jean Dubuffet.

This integration of art, culture, and functionality highlights Fosun’s commitment to creating a vibrant, multifaceted environment that goes beyond the traditional office building model.

Not far from 28 Liberty Street, One Liberty Plaza, a 54-story tower owned by Brookfield Properties, is another success story that highlights the importance of continual reinvestment and modernization. According to the information provided in The Post report, the 2.3 million square-foot skyscraper, situated at the intersection of Broadway and Liberty Street, is currently 83% leased, attracting a mix of high-profile tenants such as the law firm Cleary Gottlieb, insurance giant Aon, Transatlantic Reinsurance, and the New York City Economic Development Corporation.