Reinsurer SiriusPoint Relocates to 27K at 1 WTC
By Celia Young November 11, 2021 12:09 pm
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Global multi-line reinsurer SiriusPoint is moving from 140 Broadway to 26,558 square feet at 1 World Trade Center, Commercial Observer has learned.
SiriusPoint, the freshly created entity following Sirius Group and Third Point Reinsurance’s merger in 2020, decided to relocate its longstanding offices at 140 Broadway in a sublease with Lantheus Holdings, a medical imaging technology company. Asking rent was in the $60s per square foot in the long-term deal, according to CBRE (CBRE), which represented SiriusPoint in the transaction.
“The space that was at1 World Trade Center was clean, fresh, fully furnished, didn’t require a lot of capital to move in [and] was available immediately,” said CBRE’s Adam Foster, part of the team that represented SiriusPoint. “As they are bringing their staff back into the office, they wanted to take advantage of a favorable market.”
SiriusPoint plans to move into the fully furnished offices on the 47th floor before the year’s end. The space became available after Lantheus merged with oncology medicine firm Progenics Pharmaceuticals and relocated the combined companies’ offices to New Jersey.
The deal, which closed on Nov. 1, is a boon for the 104-story Downtown Manhattan office tower’s landlords, the Port Authority of New York and New Jersey and the Durst Organization. The two property owners struggled to get tenant Condé Nast to pay $2.4 million in rent during the pandemic at 1 WTC, finally settling the dispute in August when the publisher paid its bill. Condé Nast has also put at least 350,000 square feet of its space on the sublease market since 2018.
Along with the publisher, SiriusPoint will join the tech-focused marketing firm Constellation Agency, which holds the entire 21st floor of the property, and Reddit, which has 40,000 square feet on the 33rd floor.
Along with Foster, CBRE’s Jason Gorman and Cara Chayet represented SiriusPoint in the deal. Cushman & Wakefield’s Steve Bellwood handled it for Lantheus. Bellwood did not immediately respond to a request for comment.
“We’re thrilled to establish SiriusPoint’s New York presence at One WTC and look forward to welcoming our team and clients to a new environment where we can collaborate in person,” Sid Sankaran, the CEO of SiriusPoint, said in a statement.
Celia Young can be reached at cyoung@commercialobserver.com.
