Software company, investment firm and ad platform take 73K SF at 1 WTC – Trade Observer
enterprise software firm Modelinvestment management company Jordan Park and advertising platform LiveIntent hung a total of 72,896 square feet at The Durst Organization and the Port Authority of New York and New Jerseyit’s 1 World Trade Centerlearned Commercial Observer.
Transactions bring the building, which faces an uncertain future after major tenant Condé Nast put a large part of its offices on the sublet market in 2021, 92% rented. The two owners of the building settle a rent dispute with the publishing giant last year, after paying $2.4 million in rent he had previously withheld.
Templafy, which was subletting space in the 104-story skyscraper to the marketing platform ground truth, signed a three-year contract for 44,133 square feet on the 59th floor. Asking rent was $72 per square foot, according to Durst’s Karen Rosewho represented the lessor internally alongside Eric Engelhardt and Newmarkit’s David Falk, Jason Greenstein, Peter Shimkin, Hal Stein and Andre Duffy.
“The fact that we had a plug-and-play space — which seems to be a general theme for New York right now — was very appealing to them,” Rose told CO.
Templafy has moved into the fully furnished, pre-built space – previously occupied by High 5 Games — after closing the deal late last year, Rose said. He previously sublet part of the 60th floor for two years to GroundTruth, which still occupies two floors at 1 WTC.
Jordan Park goes up the building – from the 71st to the 86th floor. The move triples the company’s space to 16,065 square feet in a new seven-year lease in the office tower. Asking rent was $80 a square foot, Rose said.
“They were growing and they needed to expand their footprint,” Rose said. “One World Trade Center for Jordan Park is an impactful address. I think that certainly speaks to the fact that this is a company you would want to hire for your investment advisory needs.
Durst is building the new Jordan Park office space, which has never been occupied before, Rose said. The investment firm closed on raw space in January and will expand from 5,300 square feet.
Durst declined to comment on who was representing Jordan Park, and Jordan Park did not immediately respond to a CO request for comment.
Finally, LiveIntent is a brand new tenant in the over 3 million square foot property. The company grabbed 12,698 square feet on the 45th floor of 1 WTC. Asking rent was $69 per square foot in the three-and-a-half-year contract, Rose said.
“It was another plug-and-play opportunity,” Rose said. “They certainly appreciated the convenience of being able to just bring their belongings and move in. The space also has direct elevator access and stunning views to the north.”
LiveIntent’s deal closed this month and the tenant plans to move into the space within the next week or two, Rose said. The company’s new offices were fully furnished and pre-built, allowing the ad agency to move in quickly, as its lease 222 Broadway expired.
The business will occupy space previously used by Hypersciencean automation software developer who moved to 34,382 square feet on the 88th floor of the building under a 10-year contract in June 2021, CO reported at the time.
CBREit’s Sinclair Li, Daniel Wilpon and Patrick Moroney managed the deal for Templafy and LiveIntent. CBRE brokers declined to comment.
Durst and the Port Authority also entered into seven other leases covering approximately 30,000 square feet, including CapitalRx taking up 9,425 square feet, Guarantee grabbing 6,475 square feet, Epoch Capital United States signature for 4,963 square feet and Ponto Software sign an agreement for 2,747 square feet.
Durst also signed three renewals, a five-year lease for 5,262 square feet on the 47th floor for Energy Aspect Corp.a one-year renewal for MS offset in 3,210 square feet on part of the 47th floor and a three-year contract to iris software in 2,578 square feet on the 46th floor.
“Rental activity at 1 WTC soared towards the end of 2021 and this momentum continued through 2022,” said Jonathan Durst, president of the Durst organization. “We are excited to welcome new tenants to 1 World Trade Center and New York City, and to celebrate the success of existing tenants through renewals, expansions and moves within the property.”
Célia Young can be contacted at email@example.com.