Trade Center. With the additional loss of Thomson & McKinnon, which had declared bankruptcy, of the building were vacant. Chase renovated the building in the early 1990s, spending $50 million to improve the lobby, elevator cabs and plaza and an additional $50 million on asbestos removal. Shortly afterward, Prudential Securities signed a lease for over of space in the building. The company received at least $106 million in tax breaks and incentives for the move and invested over $147 million in the space to build a data center, trading floor and special generators to ensure power to the building. Two years later, in 1994, Prudential expanded by leasing another in the building. The same year, Goldman Sachs leased of space in the building. Trizec Properties ownership In 1999, Canadian real estate company Trizec Properties purchased the building for $390 million from Chase Manhattan Bank. One New York Plaza's air-conditioning chiller depends on Con Ed's New York City steam system. On August 11, 2001, a steam turbine failed in the basement, and the damage from the resulting explosion disrupted Goldman's market-making NASDAQ activities for the day. In 2003, Prudential Securities was acquired by Wachovia causing the combined company to offer all of its space in the building for sublease. Morgan Stanley signed a lease for of Prudential's former office space in June 2005. The company committed to moving 2,300 employees to the building and received $11 million in tax incentives from New York State. Around the same time, the law firm Fried Frank renewed their space on the building's 22nd-30th floors. Lehman Brothers and Goldman Sachs provided a $400 million commercial mortgage-backed security mortgage on the building in 2006. That same year, Brookfield Office Properties acquired Trizec Properties, becoming the new owners of 1 New York Plaza. In April 2012, Morgan Stanley expanded to of space in a lease that runs through 2029. The new space was formerly occupied by Goldman Sachs until it consolidated into the recently completed 200 West Street in 2011. After the expansion, the building was about 85% occupied. Hurricane Sandy and recent history In October 2012, the building was heavily damaged by Hurricane Sandy when an estimated of water flooded the lower levels of the building. The retail concourse was submerged and needed to be completely gut-renovated. Office tenants were allowed to return starting November 17, 2012, and the retail concourse reopened in the winter of