Venerable, an insurance and annuity company, has announced that it will be relocating its headquarters to 1 World Trade Center in New York City. The company has signed a lease for 11,000 square feet on the 49th floor of the building, which is owned by the Port Authority of New York and New Jersey and the Durst Organization. Although the exact location of their previous headquarters is unknown, this move marks a shift in their operations.
The terms of the lease, including the asking rent and length of the agreement, have not been disclosed. However, this 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, as reported by CBRE. The attractiveness of the World Trade Center area is evident, with employers and visitors recognizing the energy and appeal of the neighborhood.
Port Authority Chairman Kevin O’Toile expressed his satisfaction with the lease signing, noting the value that employers see in locating their workforce in such a dynamic and vibrant neighborhood. The area offers convenient transportation, exceptional dining options, and world-class arts and culture offerings. Durst was represented in-house by Eric Engelhardt and Karen Rose, along with a team from Newmark. Michael Mathias of Cushman & Wakefield negotiated on behalf of Venerable.
Other tenants in the building include Energy Capital Partners, internet service provider Pilot Fiber NY, and biopharmaceutical firm Axsome Therapeutics. The presence of these companies adds to the diverse mix of businesses at 1 World Trade Center