Brian Kingston, CEO of Brookfield Property Partners, and 660 Fifth Avenue (Brookfield Properties, Getty Images)

Brookfield Properties better have a safe big enough for the multi-billion dollar asset manager to move into 660 Fifth Avenue.

Brookfield has signed a lease with 400 Capital Management for the Plaza District building, formerly known as 666 Fifth Avenue, Bloomberg reported. The 25,000 square foot lease is for the 27th floor of the 39-story property.

The incoming tenant is an alternative credit investment company, specializing in structured credit. The company has $5.8 billion in assets under management.

The tenant more than doubles the space it was already renting in New York, where the company is based; 400 Capital is expected to move into 660 Fifth Avenue in 2024.

Brookfield has spent years redeveloping the property, which has been mired in controversy.

He bought a 99-year land lease in 2018 for $1.3 billion, taking ownership out of the hands of Kushner Companies. Questions were quickly raised about whether or not Jared Kushner had leveraged foreign policy connections to secure a bailout for the building.

The concerns related to the Qatari government’s investments with Brookfield, leaving some to wonder if the government was trying to curry favor with the Trump administration. Former Brookfield Properties Chairman Ric Clark called these “conspiracy theories”.

Brookfield has since repositioned the property and shown the door to former tenants. In the first half of 2020, Brookfield bought out at least five tenants at a cost of $22.7 million.

The $400 million (there’s still that figure) redevelopment of the 1.2 million square foot property is nearing completion, including a new lobby, elevators and facade. Earlier, a Brookfield executive predicted the building could be fully leased by the end of the year or soon after.

In May, Australian financial services firm Macquarie Group became the renovated property’s first tenant, leasing 220,000 square feet over six floors. The anchor tenant will also have 30,000 square feet of outdoor patios, a private lobby, and entrance and signage rights at the top of the building.

—Holden Walter-Warner