Allied Global Marketing Renews Woolworth Building Lease as Lower Manhattan Office Demand Grows
New York City, USA | September 30, 2026: Allied Global Marketing has renewed its 28,098-square-foot office lease at Manhattan’s historic Woolworth Building for another three years, extending its presence at the Lower Manhattan landmark through a period of renewed leasing activity.
The marketing agency will continue occupying the building’s entire 13th floor, where it has been based since 2016. The renewal comes as Lower Manhattan records stronger office leasing activity and rising rents for premium office space.
Allied Global Marketing Extends Its Stay
The three-year lease renewal keeps Allied Global Marketing at 233 Broadway, the 57-story Woolworth Building owned by Cammeby’s International.
The agency focuses on integrated marketing for entertainment, hospitality and sports brands. Although the financial terms of the renewal have not been disclosed, the agreement secures continued occupancy of a full office floor.
The tenant was represented by David Dusek of Cushman & Wakefield, while David Ofman and Brian Siegel of the Lawrence Group represented the landlord.
Woolworth Building Continues to Attract Long-Term Tenants
Opened in 1913, the Woolworth Building was once the tallest building in the world and remains one of New York City’s most recognisable architectural landmarks.
The property has continued to attract tenants across several industries. Architecture firm SHoP Architects expanded its footprint to 56,196 square feet in March 2026 through a 15-year lease renewal and expansion.
Other tenants include Hawthorne Country Day School and restaurant and lounge Goody’s, which occupies 5,000 square feet on the ground floor.
The mix of established businesses and creative firms forms part of the building’s tenant profile.
Lower Manhattan Records Stronger Office Leasing
Allied’s renewal comes amid improving leasing activity across Lower Manhattan. The district recorded approximately 1.14 million square feet of new office leasing in the second quarter of 2026, 26% higher than the previous quarter and 36% above its five-year quarterly average.
The overall office vacancy rate stood at 22.3% at the end of the quarter, down 0.5 percentage points from a year earlier. Class A asking rents reached $63.60 per square foot, the highest level since the second quarter of 2021.
The average office asking rent across Lower Manhattan was $61.34 per square foot during the same period.
Major Office Deals Add to Downtown Activity
Large leasing transactions have also contributed to Lower Manhattan’s office market activity.
Law firm Cleary Gottlieb signed a lease covering nearly 476,000 square feet at 1 Liberty Plaza during the second quarter. AON Insurance also renewed its lease for approximately 201,000 square feet at the building.
These transactions demonstrate the scale of leasing activity taking place alongside smaller tenant renewals such as Allied Global Marketing’s agreement.
Manhattan Office Leasing Also Gains Momentum
The broader Manhattan office market recorded 8.2 million square feet of leasing volume in the second quarter of 2026, exceeding the 2025 quarterly average of 7.7 million square feet.
The borough’s overall vacancy rate declined by 60 basis points during the quarter to 19.3%, its lowest level since the third quarter of 2021.
Lower Manhattan’s comparatively lower asking rents may appeal to businesses evaluating office locations outside Midtown, although individual leasing decisions also depend on building quality, accessibility and workplace requirements.
What the Renewal Means for Property Owners
Allied Global Marketing’s decision to remain at the Woolworth Building provides the landlord with continued occupancy of a substantial office floor for the next three years.
For commercial property owners, the renewal highlights the role of tenant retention in maintaining occupancy, particularly in established buildings with distinctive locations and architectural character.
However, the undisclosed lease terms mean the transaction cannot be used to determine whether rents at the property have increased or declined.
What Happens Next
The renewal adds to the Woolworth Building’s existing tenant commitments as Lower Manhattan’s office market continues to record leasing activity.
Future leasing deals, rent disclosures and vacancy trends will help show whether the recent momentum can be sustained. For property owners, the performance of established buildings such as the Woolworth Building will remain an important part of the district’s evolving office market.