A marketing agency that has called Manhattan's landmark Woolworth Building home for nearly a decade just signed on for three more years. Allied Global Marketing renewed its lease for 28,098 square feet of office space at the historic tower, keeping the full-service agency in the entire 13th floor it has occupied since 2016.
The renewal was reported by Commercial Observer, which confirmed the three-year lease term at the Cammeby's International-owned building in Lower Manhattan. Allied Global Marketing describes itself as a full-service integrated marketing agency specializing in entertainment, hospitality and sports brands, according to CoStar. The Woolworth Building sits at 233 Broadway, between Park Place and Barclay Street, in a stretch of Lower Manhattan that sits between City Hall and the World Trade Center.
A Skyline Icon With Deep History
Few office addresses carry the pedigree of the Woolworth Building. The 57-story tower opened in 1913 and held the title of tallest building in the New York City skyline for 16 years, per the same Commercial Observer report on the building's tenant activity. Cammeby's International, the New York-based real estate investment firm that owns the tower, was founded in 1967 and now manages more than $13 billion in New York City-area real estate, according to CoStar.
The building's ownership has kept the property active with more than just marketing tenants. Architecture firm SHoP Architects expanded its own footprint in the Woolworth Building to 56,196 square feet in March, signing a 15-year renewal for its existing 28,098 square feet on the 11th floor while adding 22,612 square feet on the 10th floor, the report notes. The building also drew Hawthorne Country Day School, which took 34,076 square feet in November 2023, and French-inspired restaurant Goody's, which signed for 5,000 square feet on the ground floor in May 2025.
Lower Manhattan's Office Market Finds Its Footing
Allied Global Marketing's renewal lands as Lower Manhattan shows genuine signs of a comeback. The average office asking rent in the district was $61.34 per square foot in the second quarter of 2026, the same report states, even as landlords elsewhere in the submarket have pushed rents higher. According to Bloomberg, Lower Manhattan's office market is showing early signs of a revival as companies look for less costly alternatives to Midtown skyscrapers, with tenants leasing about 4 million square feet south of Canal Street through June — more than double the volume from a year earlier and the submarket's best first half since 2019.
The numbers from the Downtown Alliance back that momentum up. Lower Manhattan recorded 1.14 million square feet of new office leasing in the second quarter, a 26% jump quarter over quarter and 36% above the five-year quarterly average. Overall vacancy downtown finished the quarter at 22.3%, unchanged from the first quarter but down half a percentage point from a year earlier, while Class A asking rent climbed to $63.60 per square foot — the highest level since the second quarter of 2021.
Big Leases Keep Landing Downtown
Two of the quarter's largest deals underscore how far the district's fortunes have turned. Law firm Cleary Gottlieb signed the largest Lower Manhattan lease of the quarter, a nearly 476,000-square-foot deal at 1 Liberty Plaza, according to the Downtown Alliance report. AON Insurance also renewed its lease for 201,000 square feet at the same building during the same quarter.
Citywide, the recovery extends beyond downtown alone. Manhattan 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, according to Cushman & Wakefield. The borough's overall vacancy rate fell 60 basis points during the quarter to 19.3%, its lowest quarterly level since the third quarter of 2021 — a backdrop that makes Allied Global Marketing's decision to stay put in one of Lower Manhattan's most recognizable towers look increasingly like the norm rather than the exception.
