By Staff | Real Estate Weekly
Silverstein Properties, one of New York City’s leading real estate development and management companies, today announced four lease signings at 7 World Trade Center totaling more than 104,000 square feet. The company also announced that it 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 square foot 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-square foot lease. Jeremy Moss of 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 square feet. 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-square-foot lease. The company was an original tenant of the building in 2007, and expanded its presence in 2015. Jeremy 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 square feet. UPSTACK relocated from 745 Fifth Avenue. Jeremy 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 Jeremy Moss, Executive Vice President and Director of Leasing for Silverstein Properties. “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, Chief Executive Officer 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-square-foot 7 World Trade Center is a benchmark of innovative design, safety, and sustainability. Designed by Skidmore, Owings & Merrill, 7 World Trade Center combines a powerful infrastructure with ultra-efficient floors. With 45-foot column-free spans, high ceilings, and city, river and harbor views in all directions, the 40,000-square-foot floor plate provides unparalleled flexibility to customize each space.
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.
Across Silverstein Properties’ portfolio, companies now have access to a new hospitality program, INSPIRE, that offers premier hotel-quality amenities, community events, fitness classes, and access to every amenity space and flexible co-working space in the Silverstein portfolio, allowing customers to choose the best work environment for their needs.