Introduction to Bank of New York’s New Space
Bank of New York officially claimed 192,000 square feet of former Condé Nast space at One World Trade Center, we’ve learned.
Bank of New York officially claimed 192,000 square feet of former Condé Nast space at One World Trade Center, we’ve learned.
Negotiations for the sublease were reported in the Commercial Observer.
Negotiations for the sublease were reported in the Commercial Observer.
BNY needs the four floors while it renovates its headquarters at 240 Greenwich Ave., the CO reported.
BNY needs the four floors while it renovates its headquarters at 240 Greenwich Ave., the CO reported.
Bank of New York needs the four floors at One World Trade Center while it renovates its headquarters at 240 Greenwich Ave. Bloomberg via Getty Images
The Deal and Its Reflection on Lower Manhattan
The deal reflects Lower Manhattan’s resilience 24 years since 9/11, as spelled out in a report by the Downtown Alliance.
The deal reflects Lower Manhattan’s resilience 24 years since 9/11, as spelled out in a report by the Downtown Alliance.
The business improvement district’s second-quarter summary found 87% more leasing activity over the same period in 2024 — “the most robust since the start of COVID,” the report said.
The business improvement district’s second-quarter summary found 87% more leasing activity over the same period in 2024 — “the most robust since the start of COVID,” the report said.
Availability dipped for the sixth consecutive quarter to 22.8%. The figure reflects the removal of 89,000 square feet from the market for residential conversion.
Availability dipped for the sixth consecutive quarter to 22.8%. The figure reflects the removal of 89,000 square feet from the market for residential conversion.
BNY’s deal for space at One World Trade Center reflects Lower Manhattan’s resilience since 9/11. REUTERS
Market Trends and Data
Data from CBRE corroborates the trend. The brokerage tallied 2.7 million square feet of downtown leasing, including new and renewal leases, to date this year, reflecting over 870,000 square feet of positive absorption.
Data from CBRE corroborates the trend. The brokerage tallied 2.7 million square feet of downtown leasing, including new and renewal leases, to date this year, reflecting over 870,000 square feet of positive absorption.
The Alliance also reports the residential population below Chamber Street, including in Battery Park City, more than doubled from just under 33,000 pre-9/11 to 70,000.
The Alliance also reports the residential population below Chamber Street, including in Battery Park City, more than doubled from just under 33,000 pre-9/11 to 70,000.
Conclusion
The Bank of New York’s claim of the Condé Nast space at One World Trade Center is a significant indicator of Lower Manhattan’s continued growth and resilience. With increasing leasing activity and a growing residential population, the area is poised for further development and investment.
FAQs
Q: How much space did Bank of New York claim at One World Trade Center?
A: Bank of New York claimed 192,000 square feet of former Condé Nast space.
Q: Why does Bank of New York need the additional space?
A: BNY needs the four floors while it renovates its headquarters at 240 Greenwich Ave.
Q: What does the deal reflect about Lower Manhattan?
A: The deal reflects Lower Manhattan’s resilience 24 years since 9/11.
Q: What is the current state of leasing activity in Lower Manhattan?
A: Leasing activity has increased by 87% over the same period in 2024, with 2.7 million square feet of downtown leasing to date this year.
Q: How has the residential population in Lower Manhattan changed since 9/11?
A: The residential population below Chamber Street, including in Battery Park City, has more than doubled from just under 33,000 pre-9/11 to 70,000.
