Cision Transfers 33K-SF Office to American Express at 200 Vesey Street
By Abigail Nehring January 18, 2024 1:03 pm
reprints
American Express will tack on more space in its namesake American Express Tower.
The multinational bank subleased 33,000 square feet from marketing firm Cision on the 19th floor of 200 Vesey Street, Bisnow first reported.
Cision’s subsidiary, press release distributor PRNewswire, has been in the Vesey Street building since 2018 when it signed an 11-year lease to relocate its headquarters from 350 Hudson Street, as Commercial Observer previously reported.
The terms of the sublease are unclear, but a source with knowledge of the deal said Cision is handing all of its space over to American Express and leaving the building. Average asking rent for offices in Downtown Manhattan was $57.21 per square foot in December, according to CBRE (CBRE).
A spokesperson for American Express declined to comment, and a spokesperson for Cision did not respond to a request for comment.
American Express has held the ground lease for 200 Vesey from the Battery Park City Authority since 1983. The building has housed the bank’s nearly 1 million-square-foot headquarters since shortly after the tower was completed in 1986.
In 2022, American Express brought Cushman & Wakefield (CWK) on board to explore relocating its headquarters, which could include selling its ground lease to Brookfield Properties, The Real Deal reported. It’s unclear if American Express is still considering a move in the future, but for now, at least, the bank is staying put.
Spokespeople for C&W and Brookfield did not immediately respond to requests for comment.
The 53-story office building, also known as Three World Financial Center, is one of four towers that make up the Brookfield Place campus in the Financial District. Brookfield undertook a $250 million renovation of the towers in 2014.
JLL (JLL)’s Andrew Coe, Lisa Kiell, Michael Shenot and Edward DiTolla arranged the deal for American Express while Cision was represented by Savills’ Nick Farmakis and Kate Walker.
Spokespeople for JLL and Savills declined to comment.
Abigail Nehring can be reached at anehring@commercialobserver.com.
