Investment manager

Editor, investment manager Everyone takes 40K SF at 7 WTC – Trade Observer

The alternative investment manager corner stone Investment Advisors will expand its offices to 7 World Trade Center of 40,000 square feet just like fast company editor Mansueto Ventures renewed its 40,000 square foot tower.

The two transactions are part of four recent agreements covering more than 104,000 square feet in the 52-story building, leaving only the 40th floor of the property empty. Asking rents were $90 a square foot, according to landlord Silverstein Properties.

“It’s very gratifying to see long-time tenants renewing and new tenants joining us in the building,” said Silverstein’s leasing manager. Jeremy Moss, which represented the owner internally in all four deals, said in a statement. “As businesses adjust to post-pandemic life and plan for their future, well-located, accessible, sustainable, high-tech buildings like 7 WTC will continue to be their place of choice to work.”

Capstone completed its 13-year contract for the tower’s 40,000-square-foot 32nd-floor expansion — the first skyscraper rebuilt on the World Trade Center site after the 9/11 attacks — in the past three weeks. , according to Silverstein. The business will move from 24,000 square feet to the 30th floor in 2023, according to the owner.

Cushman and Wakefieldit’s Robert Lowe and Jonathan Fein represented Capstone in the transaction. Lowe and Fein did not immediately respond to requests for comment.

Meanwhile, Mansueto, who first moved into the building in 2007, has renewed his 40,000 square foot lease for another 11 years, according to the landlord. CBREit’s David Glassman handled the case for Mansueto. CBRE did not immediately respond to a request for comment.

The tax law firm Kostelanetz & Fink also signed on for another decade in 18,158 square feet on the 34th floor, having been in the building since 2007, according to the owner. The lease for the 1.7 million square foot building, which houses Moody’s Corporation, Skidmore, Owings and Merrill and Silversteinits own offices, closed in March. Newmarkit’s Brian Cohen and Eric Zemachson handled the matter for the tenant, and Cohen declined to comment.

In the smallest transaction, IT provider UPSTACK moved from Paramount Groupit’s 745 Fifth Avenue to 5,400 square feet at the Silverstein Tower under a seven-year lease, according to the landlord. The company completed the transaction in late 2021 and represented itself, according to Alexander ColeSenior Vice President of Corporate Marketing.

“We were looking for a new space to accommodate our growing team and 7 World Trade ticked all the boxes,” said Cole. “It was really [the building’s] proximity to the various airports in the region, as we have many visitors passing through the city [and] reduction in travel time, [though] the amenities offered by [7] World Trade was definitely a plus.

In total, the four transactions bring the property to 97% leased, according to Silverstein.

Update: This story has been updated to include the current capstone area at 7 World Trade Center.

Celia Young can be contacted at [email protected].