Venerable, an insurance and annuity company, has announced that it will be relocating its headquarters to 1 World Trade Center. 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. The move signifies a shift in their operations, but the terms of the lease, including the asking rent and length of the agreement, have not been disclosed.
The attractiveness of the World Trade Center area is evident with employers and visitors recognizing the energy and appeal of the neighborhood. The average asking rent in Downtown Manhattan was $56.09 per square foot as of May 6, as reported by CBRE. The presence of other tenants in the building, such as Energy Capital Partners, internet service provider Pilot Fiber NY, and biopharmaceutical firm Axsome Therapeutics, adds to the diverse mix of businesses at 1 World Trade Center, making it a sought-after location for organizations looking to establish themselves in a prime commercial space.
Port Authority Chairman Kevin O’Toile expressed his satisfaction with the lease signing, noting that employers see value in locating their workforce in such a dynamic and vibrant neighborhood. The area offers convenient transportation options