FLIGHT TO QUALITY

If there’s a silver lining for anyone in today’s market, it’s for tenants.Declining rents and ample dispositions now offer a flight to quality and opportunities in spaces that may not have been possible before. We found one such deal—140k SF of contiguous space in the trophy 7 World Trade Center, likely the only Class A+ office sublet of that magnitude available downtown. We dropped in on Grubb & Ellis subleasing agents Barry Lewen and Joe Harkins to find out more.
ABN AMRO inked a deal with Silverstein before RBS acquired the firm. Now the investment banking staff who would have occupied the 30th, 31st and 32nd floors of 7 WTC are moving to new RBS digs in Stamford , Conn—leaving this space open for sublease until 2022. Barry and Joe won’t divulge the asking rent, but say it’s 50% cheaper than comparable trophy space in Midtown.
The LEED Gold property has new safety standards, and features 10-foot finished ceilings, column-free floors, 360-degree views and modern HVAC and electrical systems. It also has dedicated fuel and generator infrastructure in place, extra power, and provisions for a venting system that would allow a full kitchen. It’s also close to 15 subway lines , PATH, ferries and 24/7 amenities from TriBeCa to Battery Park City.
Joe has been involved with 7 WTC (second to right) for a long time. After 9/11, he spearheaded the emergency procurement for the SEC to move from the prior 7 WTC to the Woolworth Building (later repping the agency to 3 World Financial Center). The execs tell us they’ll soon be marketing another cache of downtown space, but they’ll only hint it’s another “lucky #7.” (Poke Joe and Barry to see if you can get it out of them.)
The duo has returned from a busy holiday: Joe celebrated Thanksgiving in“Brady Bunch” fashion with his two children,his girlfriend and her three kids, and his family. Barry’s two college-aged kids came home for turkey, with one making themomentous first trip from freshman year.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories

Philly's Busy Summer Created Momentum. Can The City Turn It Into Long-Term Growth?

Where Capital Meets Opportunity: Navigating The Next Wave Of CRE Financing At Bisnow’s Event On Sept. 30

Discussing Strategic Capital Stack Structuring At Bisnow's Sept. 30 National Finance Event

Bally's Lines Up $560M Loan For Bronx Casino: The N.Y. Deal Sheet

Data Center Spills 5,000 Gallons Of Fuel Into New Jersey River

Historic Brooklyn Hotel To Be Turned Into Ritz-Carlton-Branded Condos

Downtown Atlanta Improvement Group Picks Food Bank Chief As Next Leader

Trump's DEI Crackdown Is Creating New Risks For Landlords That Lease To The Government

Taconic Partners Sheds Another NYC Life Sciences Property

Oxford Properties' U.S. Investment Head On Why It's Buying Office Again — And Where

Brandon Johnson Seeks Second Term Amid Strained CRE Relationship

25 Years After 9/11, Lower Manhattan Is Finally Firing On All Cylinders