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Deals & Dealmakers

JLL arranges 47,000 s/f sublease for NY Life  at One World Trade Center

JLL has arranged a transaction to relocate NY Life Insurance Company, the largest mutual life insurance company in the United States, to 47,000 square feet of office space at One World Trade Center.

JLL worked with landlords, the Port Authority of NY/NJ and the Durst Organization, to arrange a 10-year sublease for the entire 39th floor from Advance Magazine Publishers, Inc. NY Life plans to relocate from its current offices at 120 Broadway in May 2023.

With this transaction, JLL has subleased 229,179 of a total 400,000 square feet being brought to market on behalf of Advance Magazine Publishers. Other transactions include digital marketing specialist Constellation Agency (48,000 square feet), social news aggregator Reddit (40,000 square feet), Ennead Architects, LLP, (47,252 square feet) and Ambac Financial Group (46,927 square feet).

Designed by Skidmore, Owings & Merrill and completed in 2013, the 104-story One World Trade Center is a safe, sustainable, and dynamic skyscraper with three million rentable square feet of space. The iconic property has a 55 ft. high office lobby, 54 high-speed destination dispatch passenger elevators and entrances on all four sides of the building.  

Tenants of 1WTC have access to a range of amenities, including the 64th floor Sky Lobby, a café and conference facility operated by Legends Hospitality, direct underground access to the PATH Station and 13 subway lines, and panoramic views overlooking Manhattan, NY Harbor and the NJ Waterfront.

Advance Magazine Publishers, Inc. is represented by a JLL leasing team led by Peter Riguardi, chairman and president of the New York region; Steven Rotter and Joseph Messina, vice chairmen; Jessica Berkey and Brett Harvey, managing directors; and Andrew Coe, vice president. NY Life was represented by Matthew Astrachan, vice chairman; Nicole Tiger, managing director; George Gemelos, executive vice president; and Kristen Morgan, associate vice president, all of JLL. Eric Engelhardt, senior vice president with the Durst Organization, helped facilitate the transaction on behalf of ownership.

“The roll-back of pandemic office patterns has brought a flurry of activity to One World Trade Center and we anticipate NY Life’s commitment to be the first of several in the near future,” said Rotter. “Advance Magazine Publishers is offering the one of the highest quality plug-and-play opportunities currently on the market and we look forward to building on this momentum with tenants seeking significant flexibility, spectacular views and abundant amenities.”

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