The Real Deal New York

Stagwell Group inks 13-year lease at 1 WTC

Asking rent was $69 per sf
July 11, 2017 10:45AM

The Stagwell Group’s President and Managing Partner Mark Penn and One World Trade Center

The Stagwell Group is taking more than 83,000 square feet at 1 World Trade Center.

The investment firm inked a 13-year lease for the 62nd and 63rd floors of the tower, Crain’s reported. Stagwell, which was founded by former Microsoft executive Mark Penn, plans to move four of its subsidiaries — SKDKnickerbocker, PMX Agency, Code and Theory and Harris Insights — into the space. The company will have additional space to move more of its companies in the future.

Asking rent on the building’s 64th through 75th floors is $69 per square foot. The Durst Organization’s Eric Engelhardt and Cushman & Wakefield’s Tara Stacom represented Durst in the deal. Stagwell was represented by JLL’s Howard Hersch, Michael Berg and Doug Kauffman.

The 104-story tower still has 750,000 square feet of vacant space, mostly on the upper floors. Asking rents for above the 75th floor ranges from $80 to $100 per square foot. [Crain’s] — Kathryn Brenzel