Silverstein Inks 122 KSF Lease at Manhattan Trophy Tower
A trading and technology company will relocate to the century-old building next year.
Silverstein Properties has inked a 15-year, 121,903-square-foot lease with Tower Research Capital at 120 Broadway in Lower Manhattan, N.Y. The trading and technology company will relocate from 148 Lafayette and 377 Broadway to the 37th, 38th and 39th floors of the LEED Gold-certified building in the fourth quarter of 2024. Cushman & Wakefield assisted the tenant, while Newmark negotiated on behalf of the owner.
Silverstein purchased the high-rise back in 1981 for $60 million, according to CommercialEdge data. The property is subject to an unsubordinated net ground lease held by JP Morgan, the same source shows.
Once the tallest office building in the world
Designed by Ernest R. Graham, the 40-story tower came online in 1915 as the world’s tallest office building. The property underwent two cosmetic renovations, in 1990 and 2019, with Silverstein spending an estimated $52 million to bring 120 Broadway to its original condition.
Also known as the Equitable Building, 120 Broadway totals approximately 1.9 million square feet, incorporating 50,000-square-foot floorplates. The building features around 30,000 square feet of retail space on the ground floor, a lounge, a yoga room, conference facilities, a rooftop terrace, lounge areas, 40 passenger elevators, controlled access and bike storage.
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The tower’s tenant roster includes Handel Architects, Chase Bank, the Alliance of New York, New York City Housing Development Corp., The Capital Grille, The Original BARK Co., Old Mission Capital, The Domain Cos., Kasirer and Rothesay Asset Management US, among others.
Located in Lower Manhattan’s Financial District, 120 Broadway spans a full city block. The tower provides in-building entry to the 4/5, J/M/Z and 2/3 subway lines and is within walking distance of the Holland Tunnel, West Side Highway, WTC Transportation Hub and MTA Fulton Transit Center.
Cushman & Wakefield’s Luke Raimondo, Mark Weiss and Michael Mathias, along with Joseph Doherty, Don Wehmann and Matthew Faucetta of Tower Research Capital, worked on behalf of the tenant. Newmark’s Brian Waterman and Erik Harris, together with Joseph Artusa, Harlan Strader and Scott Klau with Silverstein Properties, represented the owner.
Manhattan’s leasing volume contracts
Manhattan’s office vacancy rate clocked in at 17.4 percent as of July, up 340 basis points year-over-year, according to a recent CommercialEdge report. The index was also 30 basis points higher than the national average of 17.1 percent, also 2 percent higher over the year.
However, Lower Manhattan has seen some significant leasing deals since the beginning of the year. In March, Silverstein inked a 44,000-square-foot lease with StubHub at 3 World Trade Center. Last month, Freshfields Bruckhaus Deringer US LLP signed a lease for 180,000 square feet for the floors 51 through 54 at the same building.