Private Equity Firm Returns to Office in Lower Manhattan

One World Trade Center. Image courtesy of CommercialEdge

Kain Capital LLC has moved its headquarters to One World Trade Center in Lower Manhattan. The private equity firm specialized in health-care services committed to the 49th floor of the skyscraper, leasing approximately 4,700 square feet, according to the New York Business Journal.

The lease marks the tenant’s return to a physical location, after years of working remotely. Prior to the pandemic, the firm’s offices were situated on the 20th floor of 360 Madison Ave. in the Plaza District. One World Trade Center is owned by the Port Authority of New York and New Jersey and The Durst Organization, according to CommercialEdge.

The office sector’s future is still uncertain almost three years after the pandemic interfered with the industry. Landlords are struggling with low occupancy levels at their properties, maturing loans and expiring leases. According to a recent CommercialEdge report, the national office vacancy rate continued its upward trajectory, reaching 16.5 percent in February. Manhattan’s rate hit 16.0 percent that month, while the average listing rate stood at $76.0 per square foot, still the highest in the country.

An iconic office setting

At 1776 feet high, One World Trade Center came online in 2014 is the tallest building in North America. The 104-story high-rise totals approximately 3 million rentable square feet and features a 55-foot office lobby, approximately 55,000 square feet of retail space, 54 passenger elevators and 25,000 square feet of amenity space on the 64th floor.

The building was designed by David Childs of Skidmore, Owings & Merrill, Tishman Construction was the main contractor, while WSP Group was the structural engineer and Jaros, Baum & Bolles provided the MEP engineer services. Considered one of the most environmentally sustainable skyscrapers, with its structure and interior built with recycled materials, the tower is LEED Gold certified.