7 World Trade Gets 14,000-SF Tenant

NEW YORK CITY-Another law firm moves Downtown. Kostelanetz & Fink LLP took 14,000 sf of space for an eight-year term on part of the 34th floor at 7 World Trade Center. The company is moving from 530 Fifth Ave., where it occupied approximately 7,000 sf.

CB Richard Ellis’ Bernard Weitzman, a first VP in the firm’s Midtown office, and Jeffrey Kilimnick, VP, represented Kostelanetz & Fink. CBRE’s Howard Fiddle, vice chairman; Adam Foster, SVP; Brad Gerla, SVP; Jason Pollen, first VP; Stephen B. Siegel, chairman of global brokerage; Mary Ann Tighe, CEO, New York Tri-State Region; and Simon Wasserberger, SVP; represented landlord Silverstein Properties.

A source close to Silverstein Properties tells GlobeSt.com that the Downtown move is expected to be completed by the end of October. Although the source would not disclose the taking amount or aggregate lease value, they did confirm that the taking rent was very close to the asking rents, which are between the mid-$60s to mid-$70s per sf.

“We are pleased to welcome Kostelanetz & Fink to an impressive roster of world-class companies that have made 7 World Trade Center and Downtown their home,” notes Larry A. Silverstein, president of Silverstein Properties, in a release. “Their commitment is yet another sign that the revitalization of Lower Manhattan continues to gain velocity and serves as a testament to everyone who believed in and has worked tirelessly to cultivate a vibrant Downtown community.”

CBRE has completed a wide variety of transactions at the 1.7-million-sf 7 World Trade Center, including recent leases for office tenants such as Scottsdale Insurance, Scout Real Estate Capital, WhenTech LLC, IVC America, DRW Commodities, Moody’s Investors Service and Ameriprise Financial. “After a thorough exploration of the Midtown market we ultimately determined that leasing pre-built space Downtown at 7 World Trade Center was the best move for Kostelanetz & Fink, enabling the firm to obtain the high-quality space it required,” Weitzman says in a release.