Morningstar to Move NYC Office to 4 WTC - Commercial Property Executive

By: Scott Baltic | Commercial Property Executive

Morningstar Inc. has signed a 10-year, 30,000-square-foot lease at 4 World Trade Center and will move to its new 48th-floor space in mid-2015, Silverstein Properties announced Thursday.

“We conducted an extensive search, and we love the building’s design,” Joe Mansueto, chairman and CEO of Morningstar, said in a release. “Moving Downtown allows us to double our capacity for staff in New York.”

The provider of independent investment research will be relocating from 1065 Sixth Ave., where it has 7,500 square feet, and will almost triple its office space in the move, according to Crain’s New York Business.

Lease negotiations for Morningstar were handled by a CBRE team headed by Michael Liss. Jeremy Moss, director of World Trade Center leasing for Silverstein, led the negotiations from the landlord’s side, together with the CBRE agency team including Steve Siegel, Mary Ann Tighe, Adam Foster, Steve Eynon, Evan Haskell, Ken Meyerson and David Caperna.

With this lease, 4 WTC is more than 60 percent leased, Moss told Commercial Property Executive.

As reported by CPE in late July, MediaMath signed a 15-year lease for 106,000 square feet on the 44th through 46th floors at 4 WTC. The tech company will consolidate more than 300 employees from three Midtown locations when it moves early next year.

MediaMatch was the first private-sector tenant at 4 WTC. Earlier tenants include the Port Authority of New York & New Jersey (520,000 square feet) and the City of New York (600,000 square feet).

The LEED Gold building was designed by Pritzker Prize–winning architect Fumihiko Maki and contains 2.3 million square feet office space spread over 56 office floors. Next year will see the opening of 400,000 square feet of destination retail, in tandem with the World Trade Center Transit Hub, which will connect PATH trains and 11 subway lines.


News: 09.22.2014