The insurance and annuity company Venerable has recently signed a lease for 11,000 square feet on the 49th floor of 1 World Trade Center. The building is owned by the Port Authority of New York and New Jersey and the Durst Organization, bringing the tower to almost full capacity. Although the rent amount and length of the lease have not been disclosed, this new deal highlights the growing popularity of locating in the World Trade Center area.
According to a CBRE report from May 6th, the average asking rent in Downtown Manhattan is $56.09 per square foot. The neighborhood offers many benefits such as convenient transportation, exceptional dining options, and world-class arts and culture offerings. This makes it an attractive location for businesses like Venerable to call home.
The lease negotiations were represented by Eric Engelhardt and Karen Rose from in-house at Durst, along with David Falk, Peter Shimkin, Hal Stein, Jason Greenstein, and Nathan Kropp from Newmark. Michael Mathias from Cushman & Wakefield represented Venerable in the deal.
Other tenants occupy space in the building including Energy Capital Partners, internet service provider Pilot Fiber NY, and biopharmaceutical firm Axsome Therapeutics. For more information about this exciting new development at 1 World Trade Center, contact Mark Hallum at mhallum@commercialobserver.com.
