NEWS |
66-98: FOR IMMEDIATE RELEASE , May 11, 1998
Port Authority Executive Director Robert E. Boyle announced today that the World Trade Center has leased its last remaining large block of space, eight floors in Tower One, to J & H Marsh & McLennan, Inc.
Principals of the insurance broking firm and the Port Authority, which owns and operates the World Trade Center, have signed a 16-year lease deal for approximately 361,000 square feet of office space, on the 94th through 100th floors and a portion of the 93rd floor. The lease has an aggregate value of approximately $196 million.
“We are pleased that J & H Marsh & McLennan has expanded its presence in the World Trade Center,” said Mr. Boyle. “This transaction is one of the largest leases to be executed in Manhattan this year and represents the last large block of contiguous space available in the complex. The vacancy rate in the World Trade Center has now fallen into the single digits.
“The World Trade Center has long been recognized as a premiere location for businesses seeking first-class amenities and state-of-the art technology,” Mr.Boyle said.
J & H Marsh & McLennan is a leading international insurance broking firm. It is a principal subsidiary of its parent, Marsh & McLennan Companies, Inc., the world’s leading provider of risk and insurance services, investment management and consulting. It has more than 36,000 employees worldwide, providing analysis, advice and transactional capabilities to clients in over 100 countries.
John T. Sinnott, Chief Executive Officer of J & H Marsh & McLennan, said, “Our new offices in the World Trade Center, along with our current offices in midtown, will enable each of our professional practices to position its staff in a common location. Consolidating into two locations is important to assure maximum efficiency in serving our clients.”
Exclusively representing J & H Marsh & McLennan in the transaction were Insignia/Edward S. Gordon Co., Inc.’s Tim Dempsey, Craig Reicher, Mary Ann Tighe and Gregory Tosko. Acting on behalf of The Port Authority of New York and New Jersey were Robert Alexander and Adam Foster, also of Insignia/Edward S. Gordon.
More than $700 million has been invested or programmed for capital improvements to the World Trade Center from 1992 through 2001. Recent improvements have included modernized elevators and escalators, increased electrical, heating and air-conditioning capacity, and a new state-of-the-art operations control center. The complex also features fiber-optic communications services, and access to cable TV and direct satellite transmission.
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