Jones Lang LaSalle
Aon heads back downtown
Displaced firm signs for Water St.; leasing activity picking up
By Julie Satow
Published on May 01, 2006
A major World Trade Center tenant that relocated to midtown after the terrorist attacks is returning to lower Manhattan.
Aon Corp., which had occupied 400,000 square feet in the south tower, is moving its entire New York City workforce to 199 Water St.
The insurance and consulting company lost 176 employees on Sept. 11, and soon thereafter moved its headquarters to 55 E. 52nd St., between Park and Madison avenues. It also leased a smaller office at 199 Water, between John and Fulton streets. Now it will consolidate the two offices in 400,000 square feet at 199 Water, which will be named for Aon, and give up the 270,000-square-foot midtown office in a sublease.
"Aon's decision to consolidate its workforce in lower Manhattan is a testament to the vitality of downtown," says Eric Deutsch, president of the Alliance for Downtown New York. He called the move "fantastic."
The lease is one of downtown's largest in nearly five years. It comes on the heels of last week's agreement, between government officials and developer Larry Silverstein, aimed at spurring the construction of five towers at Ground Zero by 2012.
In another positive sign for downtown, the Royal Bank of Canada is negotiating for an additional 200,000 square feet at the World Financial Center. The bank already occupies 155,000 square feet at 1 Liberty Plaza.
At 199 Water, Aon is adding 200,000 square feet to double its space. Aon's new lease, a sublet from Wachovia Corp., runs through 2017.
Aon edged out the city's Office of the Comptroller, which was preparing to move into 199 Water. It backed out at the behest of the city's Economic Development Corp., which was eager to lure Aon downtown. Jones Lang LaSalle, which represented Wachovia, declined to comment.
The comptroller, housed in the municipal building at 1 Centre St., is in the market for 250,000 square feet and is looking at several spots, including 100 Church St., 25 Broadway and 26 Broadway. The Staubach Co., which represents the comptroller, declined to comment. The space Aon has vacated in midtown has an asking rent of $79 a square foot and is being marketed by CB Richard Ellis, which declined to comment.
Comments? JSatow@crain.com
Aon heads back downtown
Displaced firm signs for Water St.; leasing activity picking up
By Julie Satow
Published on May 01, 2006
A major World Trade Center tenant that relocated to midtown after the terrorist attacks is returning to lower Manhattan.
Aon Corp., which had occupied 400,000 square feet in the south tower, is moving its entire New York City workforce to 199 Water St.
The insurance and consulting company lost 176 employees on Sept. 11, and soon thereafter moved its headquarters to 55 E. 52nd St., between Park and Madison avenues. It also leased a smaller office at 199 Water, between John and Fulton streets. Now it will consolidate the two offices in 400,000 square feet at 199 Water, which will be named for Aon, and give up the 270,000-square-foot midtown office in a sublease.
"Aon's decision to consolidate its workforce in lower Manhattan is a testament to the vitality of downtown," says Eric Deutsch, president of the Alliance for Downtown New York. He called the move "fantastic."
The lease is one of downtown's largest in nearly five years. It comes on the heels of last week's agreement, between government officials and developer Larry Silverstein, aimed at spurring the construction of five towers at Ground Zero by 2012.
In another positive sign for downtown, the Royal Bank of Canada is negotiating for an additional 200,000 square feet at the World Financial Center. The bank already occupies 155,000 square feet at 1 Liberty Plaza.
At 199 Water, Aon is adding 200,000 square feet to double its space. Aon's new lease, a sublet from Wachovia Corp., runs through 2017.
Aon edged out the city's Office of the Comptroller, which was preparing to move into 199 Water. It backed out at the behest of the city's Economic Development Corp., which was eager to lure Aon downtown. Jones Lang LaSalle, which represented Wachovia, declined to comment.
The comptroller, housed in the municipal building at 1 Centre St., is in the market for 250,000 square feet and is looking at several spots, including 100 Church St., 25 Broadway and 26 Broadway. The Staubach Co., which represents the comptroller, declined to comment. The space Aon has vacated in midtown has an asking rent of $79 a square foot and is being marketed by CB Richard Ellis, which declined to comment.
Comments? JSatow@crain.com
posted by Jones Lang LaSalle NJ News Blog at 9:56 AM
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