Bank of New York Mellon, often called BNY, has just sealed a big deal for office space in New York City’s iconic One World Trade Center. The bank grabbed 192,000 square feet of space that used to belong to Condé Nast. This sublease agreement shows how Lower Manhattan’s commercial real estate market is bouncing back strong.
BNY needs these four floors as a temporary home base. Why? The bank is busy renovating its main headquarters at 240 Greenwich Avenue. Reports from Commercial Observer first tipped off the negotiations, and now it’s official.
This move highlights Lower Manhattan’s impressive recovery, especially 24 years after the 9/11 attacks. A recent report from the Downtown Alliance paints a bright picture. In the second quarter of this year, leasing activity jumped 87% compared to the same time in 2024. That’s the strongest it’s been since the COVID-19 pandemic hit.
Office space availability in the area also dropped for the sixth quarter in a row, hitting 22.8%. Part of that dip comes from converting 89,000 square feet of old office space into residential units, which is helping reshape the neighborhood.
Data from real estate giant CBRE backs this up. So far in 2025, downtown Manhattan saw 2.7 million square feet of leasing deals—both new leases and renewals. That adds up to over 870,000 square feet of positive absorption, meaning more space is getting filled than emptied.
The growth isn’t just about offices. The Downtown Alliance notes that the residential population south of Chambers Street, including Battery Park City, has more than doubled since before 9/11. Back then, it was under 33,000 people; now, it’s around 70,000. Lower Manhattan office space and real estate trends are clearly thriving, drawing businesses and residents alike to this resilient part of New York City.
Stay informed on all the latest news, real-time breaking news updates, and follow all the important headlines in world News on Latest NewsX. Follow us on social media Facebook, Twitter(X), Gettr and subscribe our Youtube Channel.
