Masterworks, an innovative art investment company, has officially secured a new sublease spanning 37,385 square feet on the 57th floor of the iconic One World Trade Center. This development signifies a strategic relocation for the company as it seeks to enhance its operational capabilities in one of New York City’s premier business districts.

Details of the Sublease Agreement

According to a report by CBRE, the sublease has been finalized with Network Capital, a mortgage lender currently based in the tower. The specifics regarding the total area being vacated by Network Capital and whether Masterworks will occupy the entire space remain undisclosed.

Furthermore, while the exact terms of the sublease, including its duration and rental costs, have not been revealed, the average office rental rate in Lower Manhattan was noted to be $56.47 per square foot as of February 2023.

Context of the Move

This new location represents a significant transition for Masterworks, which previously operated from their offices at Brookfield Properties’ 225 Liberty Street. A spokesperson for Masterworks shared, “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.”

The choice to move to One World Trade Center aligns with the company’s goal to build a stronger presence within the art investment industry by providing a dynamic environment conducive to expansion and collaboration.

Other Notable Tenants

One World Trade Center is home to a diverse range of tenants, including the talent recruitment firm Specialist Staffing Group, mortgage lender Better Home & Finance, and the cryptocurrency finance company Circle Internet Financial. This notable mix of businesses reaffirms the tower’s status as a vital hub for contemporary commerce in New York City.

Looking Ahead

As Masterworks establishes its new foothold at One World Trade Center, the company aims to leverage its location to foster growth and innovation in the art investment space. The transition reflects a broader trend of companies evaluating their office needs and adjusting their strategies to remain competitive in today’s market.