Earth Tech Subleases Fidelity Space

NEW YORK CITY-Earth Tech to the list of everyone who is making the move to Lower Manhattan. The environmental engineering concern has subleased 37,999 sf of space at One World Financial Center from Fidelity Investments. Financial arrangements were not released, however space in the building is currently advertised at prices ranging from $35 to $40 per sf with sublease space going for less. Earth Tech joins Cadwalader, Wickersham and Taft LLP, which signed a 20-year lease for 450,000 sf of space, on the growing list of tenants the site is attracting.

The eight-year sublease, which runs thru June 2012, was arranged by Kevin Danehy, SVP of CB Richard Ellis. Earth Tech, which is relocating from 655 Third in Midtown, will occupy the entire 25th floor at 1 WFC.

“Over the past few months we have seen numerous tenants relocating Downtown from Midtown locations, driven by the incentives available and the overall economics of the deals,” explains Danehy. “Earth Tech will now occupy space in a top-tier, class A office property at a significantly lower cost per sf, while at the same time take advantage of its close proximity to the infrastructure work at Ground Zero.”