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Commercial
New York

Stagwell Group inks 13-year lease at 1 WTC

Asking rent was $69 per sf

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

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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 

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Commercial Real EstateOffice Leasing