Leases  ·  Office

Accountant NCheng Expanding Within 40 Wall Street with 10K-SF Lease

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Accounting firm NCheng has apparently done the math and decided it needs a larger footprint within 40 Wall Street, Commercial Observer has learned.

NCheng, which currently occupies 5,759 square feet on the 32nd floor of the Trump Organization’s building, will be moving its offices to 9,812 square feet on the 46th floor, a source with knowledge of the deal said. 

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The source did not disclose the length of the lease or the asking rent for the space in the Financial District property. Average asking rents for the Downtown submarket was $48.02 per square foot in the third quarter of 2023, according to a report from CBRE.

The Trump Organization’s Myles Fennon represented the landlord in-house while Gabe Marans and Maxine Rosen of Savills handled negotiations on behalf of the tenant. Both Fennon and Savills declined to comment.

Other tenants in the 72-story building include Liakas Law, which doubled its space to 26,500 square feet in February, and coworking provider Jay Suites, which signed a 12-year lease for 50,000 square feet in July 2022.

But the future of the Trump Organization’s ownership over the 72-story building is up in the air. The Trump Organization faces dissolution by the New York State Supreme Court after a judge ruled that the company inflated the valuation of its properties.

The trial has been ongoing, but 40 Wall could be handed over to a receiver to sell off along with other pieces of Trump’s portfolio.

Mark Hallum can be reached at mhallum@commercialobserver.com.