Seward & Kissel Solidifies Financial District Presence with Massive Lease Renewal at One Battery Park Plaza

In a significant vote of confidence for the Lower Manhattan office market, Seward & Kissel, a premier law firm specializing in financial services, has committed its long-term future to the Financial District. The firm has finalized an 11-year lease renewal for its sprawling 171,112-square-foot headquarters at One Battery Park Plaza, a landmark tower owned by the Rudin family and Allianz Real Estate.

This deal, highlighted in CBRE’s third-quarter 2026 market report, underscores the continued resilience of high-quality office stock in Downtown Manhattan, even as broader commercial real estate trends remain in flux. By anchoring itself in the 35-story tower for another decade, Seward & Kissel continues a tenure that has defined its operations for over a decade.

The Core Agreement: A Decade-Plus Commitment

The renewal secures the firm’s occupancy across the 19th through 24th floors of the 870,000-square-foot tower, also known as 24 State Street. While the specific financial terms of the lease—including the effective rent per square foot—were not publicly disclosed, industry benchmarks provide context for the transaction. According to recent data, the average asking rent for office space in Lower Manhattan hovered around $62.40 per square foot during the third quarter of 2026.

The negotiation process involved a high-profile team of real estate experts. Rudin was represented in-house by executive vice presidents Kevin Daly and Craig Panzirer, who have been instrumental in managing the building’s leasing momentum. Representing Seward & Kissel, a CBRE team comprised of Lewis Miller, Andrew Sussman, Cara Chayet, and Scott Sloves navigated the complex renewal, ensuring the firm maintained its optimal footprint while securing favorable long-term stability.

Chronology: A History of Occupancy and Expansion

Seward & Kissel’s relationship with One Battery Park Plaza is deeply rooted in the firm’s history of strategic growth. Having moved into the building in 2011, the firm established its identity within the Financial District, taking advantage of the tower’s proximity to the courts and the city’s major financial hubs.

• 2011: Seward & Kissel establishes its primary offices at One Battery Park Plaza, occupying its current multi-floor configuration.
• 2016: Allianz Real Estate acquires a significant stake in the building, joining the Rudin family as co-owners, which signaled a new era of capital investment and building upgrades.
• 2022: The building experiences a flurry of leasing activity, including significant entries from the International Refugee Assistance Project and Nationwide Mutual Insurance.
• February 2026: The New York City Independent Budget Office signs a lease for 18,765 square feet, further diversifying the building’s tenant base.
• June 2026: SFA Agency, a Northwestern Mutual affiliate, expands its footprint to 14,071 square feet.
• Third Quarter 2026: Seward & Kissel finalizes its 11-year renewal, cementing its position as a long-term anchor tenant.

Supporting Data: One Battery Park Plaza’s Competitive Edge

The building, constructed by Rudin in 1971, has remained a highly desirable asset due to its prime location overlooking Battery Park and its unobstructed views of the New York Harbor. Its architecture and infrastructure have aged gracefully, supported by consistent institutional upgrades following the 2016 Allianz investment.

The building’s tenant profile offers a snapshot of Lower Manhattan’s economic diversity:

1. Legal and Financial Services: Seward & Kissel (171,112 sq. ft.) acts as the primary driver of the building’s legal prestige.
2. Public Sector: The inclusion of the NYC Independent Budget Office reflects the tower’s appeal to government entities requiring centralized, accessible locations.
3. Insurance and Non-Profit: With tenants like Nationwide Mutual and the International Refugee Assistance Project, the building demonstrates a balanced risk profile, appealing to a wide array of professional service firms.

This mixture of tenants is a critical component of the building’s 870,000-square-foot footprint, creating a "vertical city" that functions independently of the wider market’s volatility.

Official Responses and Stakeholder Perspectives

The renewal has been met with enthusiasm by the ownership, which views the deal as a cornerstone of its 2026 portfolio performance.

"Their renewal extends a remarkable year of leasing at the building and across the portfolio, adding to the momentum of the Downtown market," said Michael Rudin, co-CEO of Rudin, in a statement regarding the transaction. His comments reflect the broader strategy of the Rudin organization: to cultivate long-term relationships with "anchor" tenants who provide stability and prestige to their Class A assets.

For Seward & Kissel, the decision to remain reflects a preference for continuity and a strategic belief in the importance of a centralized physical office for high-level legal work. While many firms have flirted with downsizing or shifting to remote-heavy models, Seward & Kissel’s choice to renew its full footprint suggests that the "collaborative office" remains the firm’s preferred model for delivering complex financial legal services.

Implications for the Lower Manhattan Market

The Seward & Kissel renewal carries significant weight for the Lower Manhattan commercial real estate landscape. As the city navigates the post-2025 economic environment, the "flight to quality" remains a dominant theme. Tenants are increasingly looking to lease space in buildings that offer not only physical amenities but also proven management, such as the partnership between Rudin and Allianz.

1. Stability in the Legal Sector

Law firms are historically the largest tenants in the New York office market. When a firm of Seward & Kissel’s stature renews for over 170,000 square feet for more than a decade, it sends a signal to other professional services firms that the Financial District remains the premier location for legal practice.

2. The Rudin/Allianz Partnership Model

The success of One Battery Park Plaza is a testament to the effectiveness of institutional ownership. By combining the local operational expertise of the Rudin family with the global capital reach of Allianz Real Estate, the building has successfully weathered the headwinds that have impacted smaller, less capitalized commercial properties.

3. Market Sentiment

The fact that this deal was finalized in the third quarter of 2026, a period of transition for the city’s office market, suggests that landlords with high-quality inventory can still command long-term commitments from blue-chip tenants. The "momentum" mentioned by Michael Rudin is not merely corporate spin; it is backed by the consistent lease signings observed throughout the first three quarters of 2026.

Looking Ahead: The Future of 24 State Street

As we look toward the remainder of the decade, One Battery Park Plaza is positioned as a benchmark for how heritage buildings can evolve. With its strategic location at the southern tip of Manhattan, the building offers a blend of historic significance and modern infrastructure that is difficult to replicate in newer, ground-up developments.

For Seward & Kissel, the next 11 years represent a period of continued evolution. The firm’s presence in the building through 2037 ensures that it remains at the heart of the city’s financial machinery. As the legal industry continues to integrate AI, remote collaboration, and shifting client demands, having a stable, expansive, and high-quality physical headquarters provides the necessary foundation for that transition.

The Seward & Kissel deal is more than just a lease renewal; it is a declaration of commitment to the physical office, to the Financial District, and to the enduring relevance of traditional professional service hubs in the heart of New York City. As the market continues to recalibrate, One Battery Park Plaza stands as a symbol of resilience, proving that when location, management, and tenant needs align, the office building remains the bedrock of the global economy.