GFK Market Research is closing in on a 75,000-square-foot lease at 1 World Financial Center, Crain’s New York reported yesterday.
It is believed GFK will take one of the building’s lower floors on a 10-year lease. Asking rent is in the $40s per square foot, Crain’s reported. There is currently vacant space on the fourth and fifth floors, according to the report, both measuring approximately 75,000 square feet.
Post-Tropical Storm Sandy
The pace at which Lower Manhattan buildings are coming back online is a pleasant surprise, even for those tracking the progress day by day.
A total 19 buildings have reopened since The Commercial Observer last reported on Lower Manhattan’s progress 12 days ago.
And as of yesterday, just 25 of 183 Class A and Class B building stock remained closed in Lower Manhattan, compared with 44 on Nov. 7, according to the latest data from Jones Lang LaSalle.
Post-Tropical Storm Sandy
Thousands of people who work in Lower Manhattan have yet to return to their offices, due to the power outages and flood damage caused by Hurricane Sandy.
As of today, 44 of 183 Class A and Class B building stock remained closed in Lower Manhattan, according to the latest data from Jones Lang LaSalle.
That accounts for 32.8 percent of the total 101,175,754 square feet of inventory.
Recently it was announced that XL Insurance, a tenant on the third floor of the World Financial Center, otherwise known as 200 Liberty Street, would vacate its space in order to expand onto the 25th floor of the building.
This shift made it possible for executives at Brookfield Office Properties to link the fourth and fifth floors with the ground floor and the terrace.
John Wheeler, a managing director at Jones Lang LaSalle, and David Cheikin, a vice president of leasing at Brookfield, reviewed available space on the third, fourth and fifth floors of the building with The Commercial Observer and explained what, exactly, potential tenants can expect in moving into the lower Manhattan property.
Jones Lang LaSalle has promoted John Wheeler to head the firm’s lower Manhattan office, it was announced this week.
Mr. Wheeler, who boasts nearly 30 years of commercial real estate experience, including the past 16 years with Jones Lang LaSalle, will oversee the lower Manhattan office while continuing to provide brokerage and advisory services to some of the firm’s most significant clients.
“John Wheeler was the natural choice to lead Jones Lang LaSalle’s activities in Downtown New York,” said Peter Riguardi, president of Jones Lang LaSalle’s New York region. “Lower Manhattan is one of the most important and challenging office submarkets in the tristate area, and our commitment to the area has never wavered. John is one of a very few individuals with the skill and expertise to oversee our work downtown, and to continue to expand on our track record of success there.”
Deutsche Bank AG will be opening its first office in Downtown Brooklyn after it agreed to take 50,000 square feet at the JPMorgan Chase-owned 4 MetroTech Center, The Commercial Observer has learned.