Insurance Firm Venerable Leases 11K SF at 1 World Trade Center
By Mark Hallum May 7, 2024 4:24 pm
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Insurance and annuity company Venerable is moving its headquarters to 1 World Trade Center, Commercial Observer has learned.
Venerable signed a lease for 11,000 square feet on the 49th floor of the building owned by the Port Authority of New York and New Jersey and the Durst Organization, according to Durst. It’s unclear where Venerable is relocating from.
A spokesperson for the landlord declined to provide the asking rent or length of the lease, but the deal brings the 104-story tower to almost full capacity, according to Durst. The average asking rent in Downtown Manhattan was $56.09 per square foot as of May 6, according to a CBRE report.
“Employers and visitors alike are recognizing the unique energy and appeal of the World Trade Center area,” Port Authority Chairman Kevin O’Toole said in a statement. “This lease signing is further evidence of the value employers see in locating their workforce in such a dynamic and vibrant neighborhood, alongside convenient transportation, exceptional dining, and world-class arts and culture offerings.”
Durst was represented in-house by Eric Engelhardt and Karen Rose along with Newmark (NMRK)’s David Falk, Peter Shimkin, Hal Stein, Jason Greenstein and Nathan Kropp. Michael Mathias of Cushman & Wakefield (CWK) negotiated on behalf of Venerable.
Newmark and C&W did not immediately respond to requests for comment.
Other tenants in the building include Energy Capital Partners, which leases 26,292 square feet after expanding in November 2023; internet service provider Pilot Fiber NY, which expanded to 12,456 square feet in September 2023; and biopharmaceutical firm Axsome Therapeutics, which subleased 48,000 square feet of space from Condé Nast in February 2023.
Mark Hallum can be reached at mhallum@commercialobserver.com.
