The Bank of New York (BNY) has finalized a lease for 192,000 square feet of office space at One World Trade Center, a move that comes as the bank renovates its long-time headquarters at 240 Greenwich Avenue.
The space, formerly occupied by Condé Nast, will serve as a temporary base for BNY employees during the renovation period. Real estate experts describe the agreement as one of the largest subleases in Lower Manhattan this year, underscoring both the strategic importance of the deal and its symbolic weight for the district’s post-9/11 resurgence.
According to market analysts, the lease highlights the strengthening of the downtown commercial real estate sector, where office vacancy rates have fallen to 22.8%, their lowest in several years. The demand signals renewed confidence in Lower Manhattan, buoyed by modernized infrastructure, improved transit links, and a steadily expanding residential community.
“This transaction reflects BNY’s confidence in Lower Manhattan’s continued growth as a hub for global finance and commerce,” noted one real estate industry expert.
For One World Trade Center, the deal adds another prestigious tenant to its roster, reinforcing the tower’s reputation as both a symbol of resilience and a sought-after business address.
BNY employees are expected to transition into the new offices in the coming months, ensuring uninterrupted operations while the bank’s Greenwich Avenue headquarters undergoes extensive upgrades. The move further cements BNY’s longstanding connection to the financial heart of New York City.
