The Real Deal New York

Zurich inks 132K sf lease at 4 WTC 

Insurance giant to relocate from Brookfield’s One Liberty Plaza

August 02, 2016 03:50PM

Larry Silverstein with 3 and 4 World Trade Center

Larry Silverstein with 3 and 4 World Trade Center

Insurance giant Zurich American Insurance Company signed a lease for 132,000 square feet at 4 World Trade Center.

The U.S. subsidiary of the Switzerland-based company finalized the deal spanning the 52nd through 54th floors, according to Crain’s, which first reported in May the insurer was eyeing space in the 2.3 million-square-foot building.

Zurich will relocate to the Silverstein Properties TRData LogoTINY building from its current location at Brookfield Property Partners’ One Liberty Plaza across the street, where it has about 170,000 square feet.

That’s a 23 percent reduction in its footprint.

The insurer will make the move to the 72-story tower, which is anchored by the Port Authority of New York and New Jersey, in 2017.

The company was among a group of nearly two dozen insurers with policies on the World Trade Center that fought tooth and nail with Silverstein over billions of dollars of payouts following the 9/11 attacks. The legal battle was settled in 2007.

Other tenants that have signed onto the building include software firm MediaMath, which inked a lease for more than 100,000 square feet, and the high-frequency trading firm Hudson River Trading.

Silverstein opened 4 World Trade Center in late 2013. The developer plans to complete 3 World Trade Center next door in 2018, and is still searching for an anchor tenant for the 2.8 million-square-foot tower 2 World Trade Center after 21st Century Fox and News Corp. scuttled an agreement earlier this year. [Crain’s] – Rich Bockmann

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