The Real Deal New York

Two more insurers take combined 70K sf at 4 WTC

The 2.6M sf office tower is now 80% occupied

August 22, 2016 03:10PM

Larry Silverstein with 3 and 4 World Trade Center

Larry Silverstein with 3 and 4 World Trade Center

A pair of insurance firms inked deals for nearly 70,000 square feet at Silverstein Properties’ 4 World Trade Center, bringing the 2.3 million-square-foot office tower to 80 percent occupancy.

Global Atlantic Financial Group, currently headquartered nearby at Silverstein’s TRData LogoTINY 7 World Trade Center, will relocate to building No. 4, where it’s signed a 15-year lease for 44,000 square feet on the 15th floor, the Commercial Observer reported.

In another deal, Bermuda-based insurance firm Validus signed a 16-year lease for 24,489 square feet, or a big more than half of the 47th floor of the 72-story tower. Validus is currently headquartered at 48 Wall Street, where it occupies roughly 10,300 square feet.

Asking rents in both deals were in the $70s per square foot, according to the news website.

The new leases bring the three-year-old building to roughly 80 percent occupancy after Zurich American Insurance Company took 132,000 square feet earlier this month and Hudson River Trading signed a deal for 69,000 square feet in May.

The Port Authority of New York and New Jersey anchors the building, and other tenants include New York Mets broadcaster SNY, as well as the TAMI firms PadillaCRT and MediaMath. [CO]Rich Bockmann

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