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Art investment company Masterworks is taking over space at One World Trade Center.
Masterworks, which allows users to buy and sell shares of paintings by well-known artists, has signed a sublease for 37,385 square feet on the 57th floor of the 104-story office tower owned by The Port Authority of New York and New Jersey and The Durst Organization, according to a March office report from CBRE (CBRE).
The landlord for the sublease is mortgage lender Network Capital, the New York Business Journal reported. It’s unclear how much total space Network Capital has at the building and whether Masterworks is taking over the entire of the space.
The length of the sublease and the asking rent were also unclear, but CBRE’s report found office rents in Lower Manhattan averaged $56.47 per square foot in February.
It’s also unclear who brokered the deal. Durst declined to comment, while spokespeople for Masterworks, Network Capital, CBRE and the Port Authority did not immediately respond to requests for comment.
The deal represents a relocation for Masterworks, which previously had its offices listed across the street at Brookfield Properties’ 225 Liberty Street, according to its website.
“This new space not only supports our continued growth and innovation but also places us at the center of one of New York City’s most vibrant business hubs,” a spokesperson for Masterworks told NYBJ.
Other tenants of the roughly 3 million-square-foot One World Trade include talent recruiter Specialist Staffing Group, mortgage lender Better Home & Finance and crypto finance company Circle Internet Financial.
Isabelle Durso can be reached at idurso@commercialobserver.com.
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