One World Trade Center makes deal for whole floor

Cooperation between the owners of One World Trade Center, Advance Communications and JLL to find users for part of the Condé...


Cooperation between the owners of One World Trade Center, Advance Communications and JLL to find users for part of the Condé Nast space in the tower resulted in a substantial second agreement.

JLL, Advance’s rental agent, has just concluded a 48,000 square foot sublet for Constellation, a digital marketing specialist, on the entire 21st floor of the tower.

It followed a 40,000 square foot deal for Reddit in space the publisher no longer needed. Advance, Condé Nast’s parent company, plans to unload 400,000 of its total of 1.1 million square feet.

The asking rent for Condé’s sublet space is in the order of $ 60 per square foot, The Post reported earlier this month.

As we first reported on August 1, peace broke between Advance and the Durst organization, the management and rental agent of the tower, after the media giant abandoned its threat to leave and also paid nearly $ 10 million for four months rent back.

The settlement included Durst’s agreement to “collaborate” with JLL on Advance’s sublease effort by being flexible and helping to “facilitate” all transactions. It was understood that Durst’s cooperation would reduce bureaucracy and reduce the time it takes for the owner to approve sublets.

Peter Riguardi speaking
JLL Tri-State President Peter Riguardi represented Durst and the Port Authority on the One World Trade Center deal.
Paul Bruinooge / Patrick McMullan

Constellation, which will be relocating to nearby 110 William Street, offers marketing and technology creation services through an exclusive advertising engine. The company offers a hybrid approach to advertising using in-house and customer-oriented technology tools.

JLL Tri-State President Peter Riguardi said the Advance space still available at One World Trade “provides tenants with significant flexibility, spectacular views and access to many amenities.”

An entrance to the World Trade Center seen from street level
Reddit made an earlier deal for offices in One World Trade Center, seen here at street level.
Christian Johnston for NY Post
Security guards stand near the turnstiles inside One World Trade Center
Renters must pay $ 60 or more per square foot to rent space in One World Trade Center.
Gregory P. Mango for NY Post

Riguardi and JLL’s Joseph Messina and Steven Rotter represented the owners of Durst towers and the Port Authority. Dale Schlather and Greg Herman of Cushman & Wakefield performed for Constellation.

***

The main finding of the New York City Partnership’s revised employee count survey return to their offices that drop has been widely reported that 41% would be back after Labor Day, down from a pre-Delta estimate of 62% last May.

But some intriguing details have been mostly overlooked. Among them:

* The real estate industry, perhaps unsurprisingly, accounts for the highest percentage of employees in their offices – 85 percent, up from 70 percent in May.

* In financial services, 29 percent of employees were at their office terminals, compared to 14 percent.

* Large companies with more than 5,000 employees contributed the most to the overall increase in physical occupancy in the summer, going from 8% at the end of May to 25% at the end of August.

Currently, Manhattan office buildings are only about 21 percent occupied, though rent is paid on 95 percent of the space, according to leading landlords and industry analysts.

Jessica lappin
Downtown Alliance president Jessica Lappin said Lower Manhattan has regained tenants.
Getty Images

The Partnership predicted that 76 percent of employees would be back by January, based on a business survey. But that could of course be cut if another dangerous variant emerged. Nervous owners are keeping their fingers crossed that this is not the case.

***
How emptied of its inhabitants has Lower Manhattan been after the pandemic?

Very badly at first, according to some revealing new data from the Alliance for Downtown – but an ongoing rebound is gradually bringing life back to the streets.

Out of 64,000 pre-pandemic residents in Alliance territory (which extends roughly to Chamber Street but does not include Battery Park City), around 40% have moved as of March 2020, according to the cell phone data obtained by the organization.

But today, the resident population “is currently approaching daily levels seen at the start of 2020,” according to the Alliance report.

The president of the Alliance, Jessica Lappin, clarified: “In July, we had returned to almost 84%”.

There is still some way to go, but the trend of the comeback bodes well for the neighborhood with the office vacancy rate of nearly 20% the highest of any commercial area in Manhattan.

***

In another deal brokered by JLL, Dutch global payments platform Adyen takes 30,415 square feet on the tenth floor and penthouse at 71 Fifth Ave., moving to and extending from 18 E. 16th St.

Owner Madison Capital has been replaced by a JLL-led team by Mitchell Konsker, Dan Turkewitz and Benjamin Bass. Adyen has been replaced by Rory Murphy and Thomas Hines of Transwestern.

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Newsrust - US Top News: One World Trade Center makes deal for whole floor
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