Mercor Signs for Over 25K SF at One World Trade Center
Mercor Signs for Over 25K SF at One World Trade Center
One World Trade Center has moved to near-total occupancy following a new lease agreement with an artificial intelligence firm. CBRE-represented tenant Mercor has secured 25,550 square feet on the tower’s 77th floor, according to an announcement from the Durst Organization.
The deal commits the space to Mercor for a five-year term. While specific financial details were not publicly released, sources close to the transaction indicated that asking rents ranged from the high $80s to approximately $90 per square foot.
Mercor, a company that utilizes human experts to train AI algorithms, is establishing a significant footprint in Lower Manhattan. The firm, currently headquartered in San Francisco, signaled intentions to expand to New York City early this year. Leadership cited proximity to major enterprises and high-caliber talent as key drivers for the location selection.
On the landlord side, Durst Organization relied on an in-house team alongside brokers from Newmark. The leasing activity brings the 104-story skyscraper, developed by Durst and the Port Authority of New York and New Jersey, close to 100 percent leased capacity.
CBRE Group, Inc., which represented the tenant in the deal, currently trades with a market capitalization exceeding $41 billion. The firm operates globally across advisory services, building operations, and real estate investments.
What to watch
- Future vacancy rates at One World Trade Center as the building approaches full capacity.
- Subsequent leasing activity by Durst Organization involving other technology or AI tenants.
Source: original release