7 WTC Inks Mansueto to 40,000 SF

NEW YORK CITY-Mansueto Ventures LLC has signed a 15-year lease agreement with Silverstein Properties, Inc. for approximately 40,000 sf of space in 7 World Trade Center, adding yet another tenant to a building which at one time was thought to be an empty box.

Mansueto is the first corporate tenant to locate its headquarters in Silverstein Properties’ new skyscraper, which is the city’s first certified “green” commercial office building. Mansueto, which is currently located in Midtown Manhattan, plans to move into 7 WTC in early 2007 and will occupy one entire floor in the building. Mansueto joins 7 World Trade Center’s roster of tenants leasing space since it opened in May 2006. Ameriprise Financial currently occupies the 39th floor and the New York Academy of Sciences will move into its new headquarters on the 40th floor this fall. Moody’s Investors Service has also signed a letter of intent to lease 15 floors in the 52-story tower.

“Downtown six months ago was a question,” says David Glassman of Cushman & Wakefield, who represented Mansueto Ventures. “Basically [Downtown] is being driven by the strength of the Midtown market…Downtown is a substantial discount from Midtown.” The price has been estimated somewhere around $50 per sf.

Glassman added that 7 WTC is about 12% to 13% leased, but there is another 40% to 50% of the building with leases out.