Silverstein Propertes signs four leases at 7 World Trade Center
New York, NY Silverstein Properties, one of New York City’s leading real estate development and management companies, completed four lease signings at 7 World Trade Center totaling more than 104,000 s/f. The company also has closed a $457.5 million refinancing deal for the iconic building.
The four leases bring the building to 97% occupancy, with one 40,000 s/f floor available to lease. Separately, Goldman Sachs led the refinancing, of which $449.19 million is tax-exempt bonds and $8.31 million is taxable bonds. The deal was executed in green bonds, financing instruments that enable capital-raising and investment for new and existing projects with environmental benefits.
The leases include:
- Mansueto Ventures LLC, the publisher of Inc. and Fast Company magazines, and one of the first media tenants to move to the new World Trade Center in 2007, renewed its 40,000 s/f lease. Jeremy Moss, executive vice president and director of leasing for Silverstein Properties, represented the landlord in the deal. David Glassman of CBRE represented Mansueto Ventures.
- Capstone, a global alternative investment management firm, signed a lease for 40,000 s/f. Jeremy Moss of Silverstein Properties represented the landlord in the deal. Robert Lowe and Jonathan Fein of Cushman & Wakefield represented Capstone.
- Kostelanetz & Fink, LLP, a boutique tax law firm, renewed its 18,158 s/f lease. The company was an original tenant of the building in 2007, and expanded its presence in 2015. Moss of Silverstein Properties represented the landlord in the deal. Eric Zemachson and Brian Cohen of Newmark Knight Frank represented Kostelanetz & Fink.
- UPSTACK, a marketplace that helps customers select and activate a variety of IT services, signed a lease for 5,400 s/f. UPSTACK relocated from 745 Fifth Ave. Moss of Silverstein Properties represented the landlord in the deal.
“7 World Trade Center is one of the most iconic office buildings in New York,” said Moss. “It’s very gratifying to see long-term tenants renew and new tenants join us in the building. As companies adapt to post-pandemic life and plan for their future, well-located, accessible, sustainable and high tech buildings like 7 WTC will continue to be their workplace of choice.”
“When 7 World Trade Center opened in 2006, it opened a new chapter in the history of Lower Manhattan,” said Marty Burger, CEO of Silverstein Properties. “As New York’s first LEED-Gold certified office building, it set a new standard for sustainable design, energy efficiency, health and safety. The building also leased up quickly to some of the most visionary companies in the city. Now, through its refinancing carried out in green bonds, 7 World Trade Center continues to serve as a blueprint for sustainable development.”
Skadden, Arps, Slate, Meagher & Flom LLP worked on behalf of Silverstein Properties and Hawkins Delafield & Wood, LLP represented underwriter Goldman Sachs.
The 52-story, 1.7-million s/f 7 World Trade Center was designed by Skidmore, Owings & Merrill. The building is 97 percent leased. Tenants include Moody’s Corporation, Moët Hennessy, Zola, WilmerHale, BMI, Skidmore, Owings & Merrill, Fast Company and Inc. Magazine, Jeffrey Beers International and Silverstein Properties.