One World Trade Center Signs First Biotech Tenant
It turns out that Lower Manhattan's iconic Freedom Tower is not just an office building for financial firms needing corporate space.
This week the Durst Organization and The Port Authority of New York and New Jersey today announced the signing of a 26,500-square-foot, long-term lease with Progenics Pharmaceuticals, Inc. (Nasdaq: PGNX), for build-to-suit space on the 47th floor of One World Trade Center in Lower Manhattan.
Progenics, a prominent oncology-focused pharmaceutical company and the first biotechnology firm to occupy space at the iconic, Class-A office tower, focuses mainly on the development of innovative therapeutic and diagnostic agents and related technologies to improve the lives of prostate cancer patients and their families. Its pipeline includes oncology product candidates in preclinical through late-stage development, as well as marketed products in oncology supportive care.
"We are excited to be moving our headquarters to this impressive, state-of-the-art building that truly reflects our vision as an innovative oncology company," stated Progenics CEO Mark Baker. "The outstanding transportation network will enable current employees to reach our new headquarters, while the vibrant lower Manhattan locale will be a source of new talent close to our collaborators in both the technology and medical fields."
"Progenics exemplifies One World Trade Center's appeal to cutting-edge and innovative tenants," said Eric Engelhardt, Vice President of Leasing at One World Trade Center for The Durst Organization. "They join a diverse and distinguished roster of companies that demand space that fosters creativity, attracts talent, and provides room for expansion for their growing work-force. Progenics is a perfect fit for the exciting and dynamic culture of One World Trade Center."
"One World Trade Center's tenant roster is emblematic of the growing diversity of businesses that now call Lower Manhattan home," said Beth Wolfowitz, Port Authority Director of Leasing and Development for the World Trade Center Redevelopment Department. "Once heavily dominated by a financial services sector that typically closed its doors by nightfall, Lower Manhattan has been rapidly reinventing itself as a live-work-play community with employers representing a spectrum of business categories."
"This unique property's prebuilt/build-to-suit program continues to attract a parade of new tenants," said Cushman & Wakefield Executive Vice Chairman Tara Stacom. "Not only do tenants leverage the instant marketing power of the 'One World Trade Center' address and brand, they also are able to house their workforce in a stimulating and inspirational setting, which contributes to employee productivity and job satisfaction."
This new transaction caps last year's leasing momentum that saw the 1,776-foot-tall One World Trade Center reach a major milestone -- two million square feet of leased office space since the property opened -- an accomplishment equivalent to the full lease-up of two major Manhattan skyscrapers.
The tallest building in the Western Hemisphere, One World Trade Center now includes a roster of 25 tenants representing such business sectors as media, technology, financial services, advertising, and biotechnology.
The Progenics lease underscores the popularity of the tower's specialized prebuilt/build-to-suit program. The Durst Organization has set aside a total of 212,420 square feet on the 45th, 46th, 47th, 83rd and 84th floors to accommodate smaller-space tenants from a range of sectors. Suites feature a variety of layouts and high-end finishes, and are available in sizes of 3,000 square feet and larger. This lease brings the total leased square footage in the program to 137,000 square feet, or 64 percent of the five floors.
The Durst Organization was represented in-house on the Progenics transaction by Mr. Engelhardt, and by a Cushman & Wakefield team led by Tara Stacom that includes Justin Royce, Barry Zeller, Connor Daugstrup, and Peter Trivelas. Progenics was represented by Patricia Ardigo and Joel Wechsler, of CBRE.
Among the property's largest tenants, global publishing giant Condé Nast, the anchor tenant, has 1.2-million-square-foot headquarters between the 20th and 44th floors. The General Services Administration has approximately 273,000 square feet on floors 50 to 55, online gaming company High 5 Games occupies 87,663 square feet on floors 58 and 59, location-focused mobile advertising firm xAd occupies 86,517 square feet on floors 60 and 61, and financial services giant Moody's has signed a lease for 75,312 square feet on floors 56 and 57.
Executive suites firm Servcorp occupies approximately 35,000 square feet on the 85th floor, China Center New York holds approximately 33,000 square feet on the 89th floor, and One World Observatory has approximately 115,000 square feet on 100-102 and lobby floors.
One World Trade Center will provide direct, weather-protected connections to 11 subway lines, the PATH train, and the Hudson River ferries. In addition, the West Concourse pedestrian walkway -- which connects the World Trade Center campus to Brookfield Place and Battery Park City -- now offers access to the iconic World Trade Center Transportation Hub and to the entrance to One World Observatory. It will soon also provide access to 125 shops being developed by Westfield, including restaurants, and services, and the new MTA Fulton Transit Center on Broadway.