Biopharma Company Takes Nearly 100K SF At One World Trade Center
A biopharmaceutical company that makes treatments for depression is growing to nearly 100K SF at the Western Hemisphere's tallest building.
Axsome Therapeutics signed a 96K SF sublease deal at One World Trade Center, according to first quarter office market reports from CBRE and Colliers.
Two sources with knowledge of the deal told Bisnow that Axsome is taking the space from Condé Nast parent Advance Publications, which leases 1.2M SF of the 3.1M SF supertall in a deal that runs until 2039.
Axsome, which specializes in developing novel central nervous system therapies, is already headquartered on the 22nd floor of One World Trade. It signed a 10-year, 48K SF sublease with Advance two years ago, Commercial Observer reported at the time.
One source said the 96K SF sublease is actually a one-floor, 48K SF expansion for Axsome, rather than nearly 100K SF of new occupancy.
The 1,776-foot tower is owned by the Port Authority of New York and New Jersey and The Durst Org., which manages the property. It was designed by architect David Childs of Skidmore, Owings & Merill, who died last month.
Spokespeople for Durst, Advance and Axsome didn't immediately respond to Bisnow’s request for comment.
The 104-story One WTC was 95% leased as of November last year, the New York Business Journal reported at the time.
The media company has struck a number of sublease deals for the space in recent years, including a 48K SF deal with risk and financial advisory firm Kroll first reported by Bisnow last May.
Axsome's deal was part of Manhattan's strongest quarter for office leasing since 2019, with year-over-year availability dropping from over 20% to 17.7%.
The first quarter's largest deal was Jane Street's 984K SF renewal and expansion a block from One WTC at Brookfield Place, powering the WTC/Brookfield submarket to its most active quarter since 2014, according to Colliers.
Lower Manhattan's office market is still more than 18% available, below the Manhattan average of 16%, according to Colliers. But there is less space on the market in the area than at any point since 2021.
