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 exact location from which Venerable is moving remains unknown at this time.
The new deal brings the 104-story tower to almost full capacity, according to Durst. As of May 6, the average asking rent in Downtown Manhattan was $56.09 per square foot, based on a CBRE report. Port Authority Chairman Kevin O’Toole noted in a statement that both employers and visitors are increasingly recognizing the benefits of locating in the World Trade Center area, citing its unique energy and appeal. The neighborhood offers convenient transportation, exceptional dining options, and world-class arts and culture offerings, making it an attractive location for businesses.
Representation for Durst in the lease negotiations included Eric Engelhardt, Karen Rose from in-house, alongside David Falk, Peter Shimkin, Hal Stein, Jason Greenstein, and Nathan Kropp from Newmark. Michael Mathias from Cushman & Wakefield represented Venerable in the deal.
Various other tenants occupy space in the building, such as Energy Capital Partners, internet service provider Pilot Fiber NY
