Insurance and annuity company Venerable is relocating its headquarters to 1 World Trade Center, as announced by the company. They signed a lease for 11,000 square feet on the 49th floor of the building, which is owned by the Port Authority of New York and New Jersey and the Durst Organization. Although it’s not clear where Venerable is currently located, this move marks a significant shift in their operations.
The terms of the lease have not been disclosed, but this deal brings 1 World Trade Center almost to full capacity. The average asking rent in Downtown Manhattan was $56.09 per square foot as of May 6, according to CBRE. The attractiveness of the World Trade Center area is evident from the energy and appeal of the neighborhood, which has become a hub for employers and visitors alike.
Port Authority Chairman Kevin O’Toole expressed his satisfaction with the lease signing, noting that employers see great value in locating their workforce in such a dynamic and vibrant neighborhood. The area offers convenient transportation options, exceptional dining options, and world-class arts and culture offerings.
Durst represented themselves in-house at the negotiations alongside Eric Engelhardt and Karen Rose from Newmark. Michael Mathias of Cushman & Wakefield negotiated on behalf of Venerable. Other tenants in the building include Energy Capital Partners, internet service provider Pilot Fiber NY, and biopharmaceutical firm Axsome Therapeutics. These companies add to the diverse mix of businesses at 1 World Trade Center, making it an attractive location for organizations looking to establish themselves in a prime commercial space.
The presence of these companies highlights how popular 1 World Trade Center has become as a hub for business activities in New York City.
In conclusion, Venerable’s decision to move its headquarters to 1 World Trade Center signifies an important shift in their operations while bringing almost full capacity to this iconic building owned by Port Authority of New York and New Jersey and The Durst Organization. This move highlights how popular this area has become due to its convenience, dining options