Morgan Stanley Takes 447,000 SF at One New York Plaza

NEW YORK CITY-Morgan Stanley has inked a deal to sublease approximately 447,000 sf of space from Wachovia at One New York Plaza. The transaction marks the firm’s return to Lower Manhattan–it had occupied space at the World Trade Center.

A source close to the deal says Morgan Stanley went through a four-month search process before deciding on the sublease space and that it was a win-win situation for both parties. Wachovia is vacating the space this month and Morgan Stanley expects to move in the early summer. Owner Trizec Properties declined to comment on the transaction. Morgan Stanley is not just making moves in Lower Manhattan; the company also extended a lease through 2013 at Harborside Plaza 2 in Jersey City. For additional information, go to GlobeSt.com UPDATE: Morgan Stanley Re-Ups for 306,000 SF.

“It bodes well for Lower Manhattan,” Shirley Jaffe, vice president of economic development with the Alliance for Downtown New York, tells GlobeSt.com. “It ratifies Lower Manhattan’s position as an important center for financial services.” Other firms planning an increased Downtown presence include Goldman Sachs which will construct a new office in the area.