A major law firm is delivering on part of its name with plans to move into a freshly built office tower in Lower Manhattan.
Freshfields Bruckhaus Deringer signed a 15-year lease at Silverstein Properties’ 3 World Trade Center, the firm announced Wednesday. The lease includes 180,000 square feet on floors 51 through 54 of the property.
Freshfields is set to move to the building in early 2024. A source with knowledge of the lease told The Real Deal the asking rent was upwards of $100 per square foot.
Silverstein Properties’ Jeremy Moss worked for the company in-house, along with a CBRE team including Mary Ann Tighe and Ken Meyerson. A Savills team including David Goldstein and Jarod Stern represented Freshfields.
The company is relocating from 601 Lexington Avenue in Midtown, which is owned by Boston Properties and Norges Bank Investment Management. The companies recently landed a $1 billion loan at the landmarked building, refinancing the 1.7 million-square-foot property. 0
Freshfields has been one of the largest tenants there, occupying 139,000 square feet. The company’s $102.30 base rent per square foot is the highest among the five largest tenants in the building.
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The law firm isn’t the only major tenant departing the property. Ken Griffin’s Citadel is abandoning its 144,000 square feet as its lease at the building expires this month.
Last year, advertiser marketplace Index Exchange agreed to sublease 43,000 square feet at 3 World Trade from mattress retailer Casper Sleep. Casper signed its direct lease at the building in 2019, signing a 15-year lease with Silverstein.
Silverstein opened the 80-story tower in 2018, 10 years after the developer broke ground at the site. The $2.4 billion, 2.5 million-square-foot tower was designed by Sir Richard Rogers. It wasn’t even half leased when it opened its doors.