Biotech Company Inks Deal for HQ Move to 1 WTC

1 World Trade Center (Photo: Kaitlyn Flannagan/Commercial Observer).
1 World Trade Center (Photo: Kaitlyn Flannagan/Commercial Observer).


Progenics Pharmaceuticals, a biotech company specializing in cancer treatment, is taking 26,500-square-foot digs at 1 World Trade Center.

The publically traded company, which produces medicine and technology for prostate cancer patients, will be in pre-built space on the 47th floor of the 3-million-square-foot tower, according to a press release from the landlords, the Durst Organization and the Port Authority of New York & New Jersey.

“We are excited to be moving our headquarters to this impressive, state-of-the-art building that truly reflects our vision as an innovative oncology company,” Mark Baker, Progenics’ chief executive officer, said in prepared remarks. “The outstanding transportation network will enable current employees to reach our new headquarters, while the vibrant Lower Manhattan locale will be a source of new talent close to our collaborators in both the technology and medical fields.”

The lease is for 14 years, according to a spokesman for the building, and asking rent in the deal was $78 per square foot. Progenics has a five-year renewal option, according to the company’s filing with the U.S. Securities and Exchange Commission that was posted on Yahoo Finance yesterday.

Durst’s Eric Engelhardt and Cushman & Wakefield’s Tara Stacom, Justin Royce, Barry Zeller, Connor Daugstrup and Peter Trivelas represented the landlords in-house, while CBRE’s Patricia Ardigo and Joel Wechsler represented Progenics.

“Progenics exemplifies 1 World Trade Center’s appeal to cutting-edge and innovative tenants,” Mr. Englehardt said in a statement. “They join a diverse and distinguished roster of companies that demand space that fosters creativity, attracts talent and provides room for expansion for their growing workforce.”

News of the progenics lease comes about two weeks after the landlords announced they had leased 2 million square feet in the Lower Manhattan tower. That was finally accomplished with 24,000 square feet of leases on the 87th floor to SHVO and Juno Lab, Commercial Observer reported at the time.

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