285 Fulton Street
This lease transaction at One World Trade Center represents a high-quality, trophy-asset deal in the Financial District anchored by one of NYC's most reputable institutional landlords. The tenant, Norm Ai, is a growing AI-driven legal compliance firm relocating and expanding its footprint, which reflects positive business momentum, though the company's credit profile as a venture-backed tech firm introduces moderate tenancy risk relative to a conventional investment-grade tenant. Comparable leases at 1 WTC — including Scale AI at 80,000 SF and Energy Capital Partners at 70,425 SF — validate strong demand for large-block space in this submarket at estimated asking rents in the $75–$90 PSF range. The involvement of Savills as tenant rep and Durst Organization as landlord rep signals a professionally brokered, arms-length transaction with no red flags around distress, litigation, or defaults. Overall, this is a sound, market-rate office lease in a premier NYC submarket with minor credit risk on the tenant side being the primary underwriting consideration.
Deal Stats
Parties
Seller / Landlord
The Durst Organization is one of New York City's most prominent and financially stable commercial real estate owners and developers, co-owning One World Trade Center with the Port Authority of New York and New Jersey; the partnership brings institutional-grade ownership with deep government backing, making this one of the most creditworthy landlord arrangements in the NYC market.
Buyer / Tenant
Norm Ai is an AI-powered legal and compliance technology firm that is relocating its headquarters from 7 World Trade Center to One World Trade Center, signaling significant growth; as an early-stage or high-growth tech company in the legal AI space, it carries some tenancy credit risk typical of venture-backed firms, though its expansion trajectory is a positive indicator.
Score Analysis
Why this score
Landlord Credit Quality
Durst Organization's institutional ownership with Port Authority partnership creates best-in-class landlord creditworthiness and payment reliability.
Tenant Credit Risk
Norm Ai's venture-backed status and early-stage profile introduce moderate tenancy risk despite positive growth trajectory and expansion momentum.
Market Comparables Validation
Scale AI and Energy Capital Partners comps at 1 WTC validate strong institutional demand and market-rate pricing of $59/SF relative to $75-90/SF asking range.
Large Block Absorption
70,000 SF lease demonstrates strong large-block tenant demand in Financial District submarket with trophy asset credentials.
Tenant Growth Trajectory
Relocation from 7 WTC to 1 WTC signals expansion and operational momentum within high-growth legal AI sector.
How to improve
The following actions could meaningfully improve this deal's Homage score. Each suggestion is based on the deal's profile, asset type, and current rating — addressing them before approaching a lender can increase approval likelihood and lower borrowing costs.
Obtain Tenant Financial Statements
Request last 2 years of audited financials and venture funding rounds to validate burn rate, runway, and investor backing quality.
Confirm Lease Guarantees/Security
Document parent guarantees, letters of credit, or security deposit amounts to mitigate early-stage tech tenant default risk.
Validate Comparable Rents
Verify actual executed rents on Scale AI and Energy Capital Partners leases to confirm $59/SF represents market-rate or below-market positioning.
Raw Deal Textclick to expand
Submit Growing Financial Partnerships For Over 30 Years. Get Started Deals New York Office Lease 285 Fulton Street Daily limit: 10/10 Norm Ai Leases 70,000 Square Feet At One World Trade Center With Durst Organization And Port Authority LEASED + 3 70,000 SF Leased 2 weeks ago the deal players comps contact related Summary NEW YORK Asset Type: Price Per Square Foot: $0 Total Square Footage: Transaction Type: The asset involved in this transaction is a 70,000-square-foot office space located at 285 Fulton Street in the Financial District. The lease was signed by AI-powered legal and compliance firm Norm Ai to relocate its headquarters from 7 World Trade Center to One World Trade Center, which is owned by the Durst Organization in partnership with the Port Authority of New York and New Jersey. Summary of transaction details: Property Type: Office Transaction Amount: Not specified Address: 285 Fulton Street Market: Financial District Asset Size: 70,000 SF Landlord: Jonathan Durst - Durst Organization; Port Authority Of New York & New Jersey Tenant: Norm Ai Landlord's Representatives: Eric Engelhardt & Karen Rose - Durst Organization Tenant's Representatives: James Wenk, Kirill Azovtsev & Scott Bogetti - Savills This lease transaction involved key players including Jonathan Durst representing the landlord through the Durst Organization, while the tenant's representation was led by James Wenk, Kirill Azovtsev, and Scott Bogetti from Savills. The transaction showcases the collaboration between major firms in securing significant office space in a prime urban location. Players All Brokers Landlords | Tenants Kirill Azovtsev 26 deals $10.3M volume (212) 328-3956 BROKER Karen Rose 5 deals James Wenk 18 deals (212) 328-3955 Eric Engelhardt 8 deals (212) 667-8704 Scott Bogetti 10 deals (212) 326-1046 JD Jonathan Durst 4 deals LANDLORD PJ Port Authority Of New York & New Jersey NA Norm Ai TENANT Details Deal Summary IMAGE: Eric Engelhardt, Karen Rose, Jonathan Durst, Douglas Durst, James Wenk, Scott Bogetti & Kirill Azovtsev DATE: 05/04/2026 ADDRESS: 285 Fulton Street MARKET: Financial District ASSET TYPE: Office ~ SF: 70,000 LANDLORD: Jonathan Durst - Durst Organization (@TheDurstOrg); Port Authority Of New York & New Jersey TENANT: Norm Ai LANDLORD'S REP: Eric Engelhardt & Karen Rose - Durst Organization TENANT'S REP: James Wenk, Kirill Azovtsev (@KirillAzovtsev) & Scott Bogetti - Savills (@Savills) NOTE: AI-powered legal and compliance firm Norm Ai signed a 70,000-square-foot lease to relocate its headquarters from 7 World Trade Center to One World Trade Center, owned by Durst Organization and the Port Authority of New York and New Jersey. Email New York | @tradedny Comps 10 These are similar deals based on proximity and similarity to the subject deal. Energy Capital Partners Expands Office Space To 70,425 Square Feet At One World Trade Center New York | Office + 7 04/27/2026 Condé Nast Subleases 48,026 SF Office Space To Kroll In Downtown Manhattan New York | Office | PPSF: $59 + 4 05/08/2024 DAZN Group Leases Office Space At 1 World Trade Center, New York 10/25/2018 Constellation Agency Leases 48000 Square Feet At 1 World Trade Center From Advance Publications 08/30/2021 Scale AI Leases 80,000 Square Feet At One World Trade Center From Wunderkind New York | Office | PPSF: $65 + 2 10/09/2025 Rauxa Leases 50,000 Square Feet At 100 West Street New York From Brookfield Property Partners New York | Office | PPSF: $75 03/07/2017 Skidmore Owings & Merrill Leases 80000 Square Feet At 7 World Trade Center In New York Silverstein Properties Leases 69000 Square Feet At 2 World Trade Center With Christopher Hogan As Tenant's Rep 05/31/2016 Uber Technologies Expands Office Footprint At 3 World Trade Center By 86071 Square Feet 03/04/2026 Hudson River Trading Leases 75207 Square Feet At 3 World Trade Center From Silverstein Properties 12/14/2021 Contact Get in touch with the broker you want Select Brokers James (Jim) Wenk, Kirill Azovtsev, Karen Rose, Eric Engelhardt, Scott Bogetti, Jonathan Durst Name Phone (optional) Message I'm an agent Similar Tenants These are similar tenants of Office proper WeWork $3B Volume 18 Closed Deals Knotel 651K SqFt 24 Closed Deals Sierra 394K SqFt 2 Closed Deals Upgrade to unlock Sigma Computing 64K SqFt 1 Closed Deals Infor $325M Volume Unlock All Profiles Unlimited deal views Access investor profiles & contacts Exclusive comps & market data These are similar brokers based on this de Alan Friedman 3 Closed Deals (917) 806-0698 Dan Birney (212) 715-6153 Daniel Lolai $212M Volume 91 Closed Deals Darell Handler 12 Closed Deals (646) 597-6171 Eric Siegel 56 Closed Deals (732) 615-8506 Enter any address to instantly view nearby comps, investors, brokers, lenders, and a visual map. 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Deal Type SALE LOAN LEASE Property Size (sq ft) Rent per Square Foot (Annual) Lease Term (Years) Annual Escalation (%) Lease Type NNN (Triple Net) Free Rent Period (Months) Reset Effective Rent (Annual) $4,012,357.76 Total Lease Value $40,123,577.59 Net Landlord Cash Flow Is there something missing? Send suggestions We are telling CRE's story Traded is the #1 source for cutting edge CRE transactions & insights. 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