Insurance and annuity company Venerable has announced its decision to move its headquarters to 1 World Trade Center. The company 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. Although it is not clear where Venerable is relocating from, the move signifies a shift in their operations.
The terms of the lease, including the asking rent and length of the agreement, have not been disclosed. However, this deal brings the 104-story tower to almost full capacity, according to Durst. The attractiveness of the World Trade Center area is evident, with employers and visitors recognizing the energy and appeal of the neighborhood.
Port Authority Chairman Kevin O’Toile expressed his satisfaction with the lease signing, noting the value that employers see in locating their workforce in such a dynamic and vibrant neighborhood. The area offers convenient transportation, exceptional dining options, and world-class arts and culture offerings. Durst was represented in-house by Eric Engelhardt and Karen Rose, along with a team from Newmark. Michael Mathias of Cushman & Wakefield negotiated on behalf of Venerable.
Other tenants in the building include Energy Capital Partners, internet service provider Pilot Fiber NY, and biopharmaceutical firm Axsome Therapeutics. The presence of these companies 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.
Venerable’s move marks another major step forward for Downtown Manhattan as it continues to become an increasingly popular destination for businesses seeking top talent and amenities within walking distance.
It’s worth noting that insurance companies are known for their risk management strategies, so moving headquarters to one of New York City’s tallest buildings may be seen as a calculated risk by Venerable.
However, what makes this move particularly interesting is that Venerable did not disclose any information about where they were relocating from or why they chose 1 World Trade Center specifically. It’s possible that they were looking for a more central location or wanted access to specific resources available in Lower Manhattan.
Overall, Venerable’s decision to move its headquarters to 1 World Trade Center highlights how attractive this location has become for businesses seeking prime commercial space in New York City.