By Holden Walter-Warner | The Real Deal
Champions of the office sector proclaimed Labor Day as the threshold for a return-to-office surge. The bottom line, though, is signing tenants, and Larry Silverstein just did that (again) at 120 Broadway.
Tower Research Capital agreed to lease 122,000 square feet from Silverstein Properties at the Financial District building, Bisnow reported. The financial trading firm will move its global headquarters into the 37th through 39th floors of the 40-story property beginning late next year.
Tower Research will be consolidating from two Lower Manhattan spaces — 377 Broadway and 148 Lafayette — to one. While it’s not clear how much space Tower Research is vacating, the relocation is said to be an expansion.
Asking rents at the 1.9-million-square-foot property are $70 per square foot, according to a Silverstein spokesperson. Tower Research signed a 15-year lease.
Silverstein’s in-house team of Joseph Artusa and Harlan Strader led the transaction for the landlord, while Cushman & Wakefield’s Luke Raimondo and Mark Weiss were among those representing the tenant.
As office landlords face headwinds, Silverstein has inked several big leases in recent years at 120 Broadway, where the landlord undertook a $50 million renovation, adding a rooftop space, more meeting spaces, a fitness center and a speakeasy on the 10th floor.
A year ago, the New York City Housing Development Corporation decided to take 109,000 square feet in a relocation from 110 William Street. Rockefeller Philanthropy Advisors moved in during the past year as well, joining tenants such as Capital Grille, Macmillan Publishers, Thornton Tomasetti and pet supply subscription service Bark.
In the Manhattan office market as a whole, tenants signed leases in August for 2.5 million square feet, according to Colliers. It was the fourth consecutive month of increased activity. More than 700,000 square feet of the total was from a single renewal.
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