World Trade Center developer Larry A. Silverstein today announced that Moody’s Corporation has signed a 20-year lease to occupy 15 floors of the 52-story 7 World Trade Center at 250 Greenwich Street in Downtown Manhattan.
At approximately 600,000 square feet on 15 floors, beginning with the 12th floor, the Moody’s lease is the largest to date at the World Trade Center and the largest lease transaction in Manhattan in 2006.
Currently headquartered at 99 Church Street in Manhattan, Moody’s Corporation (NYSE: MCO) is the parent company of Moody’s Investors Service, a leading provider of credit ratings, research and analysis covering debt instruments and securities in the global capital markets, Moody’s KMV, a leading provider of credit risk processing and credit risk management products for banks and investors in credit-sensitive assets serving the world’s largest financial institutions, and Moody’s Economy.com, a provider of economic research and data services. The corporation, which reported revenue of $1.7 billion in 2005, employs approximately 2,900 people worldwide and maintains offices in 22 countries.
“Moody’s has been headquartered in Downtown Manhattan for more than 100 years and we are committed to maintaining our global corporate headquarters here,” said Raymond W. McDaniel, Jr. Chairman and Chief Executive Officer of Moody’s Corporation. “We are pleased to be moving into 7 World Trade Center which provides us with state-of-the-art office space that meets our present needs and provides for the future of our growing workforce.”
“Moody’s is considered to be the gold standard in the financial community, which is fitting, as 7 World Trade Center is considered by many to be the gold standard among modern office skyscrapers in terms of innovation, technology, architecture and environmental sustainability,” said Mr. Silverstein.
He added, “The superb tenants we are adding here is an affirmation of all of the hard work that so many people are doing to rebuild the World Trade Center to the highest standards and to create a more vibrant and diverse downtown community. I want to thank Governor Pataki, Mayor Bloomberg and Assembly Speaker Silver, whose support was critical during the initial stages of the leasing effort.”
Moody’s joins a growing roster of tenants leasing space at 7 World Trade Center since it opened in May 2006. Ameriprise Financial currently occupies the 39th floor, and the New York Academy of Sciences will move into their new headquarters on the 40th floor this fall. Darby & Darby, a midtown intellectual property law firm, will occupy the 41st and 42nd floors of the tower in the Spring of 2007. Mansuetto LLC, a midtown publishing firm, has committed to the 38th floor of the new tower.
Stephen B. Siegel, chairman of global brokerage at CB Richard Ellis, Simon Wasserberger of CB Richard Ellis, and Roger A. Silverstein of Silverstein Properties handled the negotiation of the lease agreement. Mr. Siegel stated, “We’ve witnessed the changes in the fabric of Downtown, with leaders from nonprofits and cultural organizations now rubbing shoulders with the elite of finance and big business. So, certainly, Lower Manhattan has achieved a true ’24/7′ environment. But, at its core, Downtown remains the financial capital of the world, and what greater testimony to this market than this commitment by Moody’s Corporation.”
“Moody’s lease at 7 World Trade Center is another milestone for the reemergence of Downtown Manhattan as a financial center,” said Cushman & Wakefield Vice Chairman John Cefaly, who represented Moody’s in lease negotiations along with Executive Vice President Gus Field.
“Cushman & Wakefield is delighted to represent Moody’s and be a part of the rebuilding process for Lower Manhattan,” said Mr. Field.
7 World Trade Center, which contains 42 office floors above a ten-story base, is New York City’s first high-rise office building to be certified by the U.S. Green Building Council’s Leadership in Energy & Environmental Design (LEED) rating system. The building’s environmental design features include state-of-the-art ultra-clear exterior glass technology, high-efficiency air filtration, energy and water conservation technologies and 15,000 square feet of open park space to provide a pleasing urban environment for tenants, neighbors and building visitors.
Mary Ann Tighe, chief executive officer of the New York Tri-State Region of CB Richard Ellis, said, “Downtown-while still a ‘land of opportunity’ for commercial tenants of all sizes-is tightening: With the Moody’s deal, Downtown’s availability rate now falls below 11%. Tenants seeking an address in this dynamic market need to be nimble and act decisively.”
