Law Firm Inks Lease at 3 World Trade Center
- Dec 06, 2019
Silverstein Properties has landed a major law firm as its newest tenant at 3 World Trade Center, the development firm’s trophy office tower in Lower Manhattan.
Global law firm Cozen O’Connor has signed a 15-year lease for 77,000 square feet. The firm will occupy the entire 55th floor of the Class A office property, as well as a portion of the 56th floor, when it moves into the space in late 2020. Cozen O’Connor will relocate from its current offices at 45 Broadway in Lower Manhattan and 277 Park Avenue in Midtown.
The deal comes a day after another large law firm, Akerman LLP, signed a lease for 100,000 square feet at Mitsui Fudosan America Inc.’s flagship Manhattan office tower, 1251 Avenue of the Americas, in Midtown.
Located at the corner of Cortlandt Way and Greenwich Street, directly across from 1 World Trade Center, the 80-story 3 World Trade Center is the fifth-tallest tower in New York City and is now more than 75 percent leased. Media conglomerate GroupM is the anchor tenant at the building, while other tenants include Kelley Drye & Warren, IEX, Diageo, Casper, Harper + Scott and Better.com.
Jeremy Moss, executive vice president of leasing at Silverstein Properties, said in prepared remarks that Cozen O’Connor moving to the Downtown area follows a trend of large law firms migrating south from Midtown. In September, Silverstein Properties signed law firm Kelley Drye & Warren to a 103,000-square-foot lease at 3 World Trade Center.
Lower Manhattan’s office market experienced continued momentum going into the third quarter of 2019, with 1.8 million square feet leased in the area, according to a report from the Downtown Alliance. More than 70 percent of those deals were less than 100,000 square feet, with relocations into the neighborhood continuing to drive leasing.
Moss and Camille McGratty, vice president of leasing at Silverstein Properties, represented the landlord in the deal, along with a CBRE team of Mary Ann Tighe, Ken Meyerson, Adam Foster, Evan Haskell, Steve Eynon, David Caperna and Rob Hill. An Avison Young team of Arthur Mirante II, Michael Gottlieb and Jennifer Ogden represented the tenant, Cozen O’Connor.