Bank of New York has secured a sublease from Condé Nast at One World Trade Center in the Financial District of Manhattan.
The deal will provide the financial services company with more than 192,000 square feet of space at the 104-story building, according to the Commercial Observer.
While operating at the building (with the plans to do so for four years), BNY will upgrade its nearby Greenwich Avenue headquarters in Tribeca, according to the news outlet. Some renovations will include new amenities and redesigning the lobby and facade. JLL brokered the deal on behalf of BNY, with CBRE representing Condé.
Since 2014, when the building first opened, Condé Nast has remained inside the property. It first signed a deal to operate 23 floors for a total of 1.2 million square feet at the property, also known as the Freedom Tower, which serves as the main skyscraper rebuilt from the September 11, 2001, destruction of the World Trade Center.
Condé has subleased its space inside the 3.5 million square foot building at least a few times before, according to CO. This includes Ambac Financial Group's 10-year deal for 50,000 square feet and Ennead Architects' 47,252 square feet in 2019. Then in 2021 and 2022, Constellation Agency agreed to take 48,000 square feet or the entire 21st floor, while New York Life Insurance Company struck a 47,355 square foot signing for the 39th floor, respectively.
The Freedom Tower is co-owned by both the Durst Organization and the Port Authority of New York and New Jersey. According to the building designer Skidmore, Owings & Merrill, One World Trade is the largest building in the Western Hemisphere.
During August, the Manhattan office sector continued on its impressive recovery from the lows of the pandemic. With leasing activity accelerating by 20 percent from July to reach 3.70 million square feet, signings remain on track to exceed 40 million square feet, according to a report from Colliers. That would mark the first time since 2019 that the number has been hit.
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