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One World Trade Center Real Estate

As completion of One World Trade Center nears, many people are concerned about the lack of tenants attracted to the tower. So far only 55% of the building has been leased out. The last major signing was with publisher Condé Nast, who signed a deal for 1 million square feet of office space in 2011. The deal included a 25 year lease that is estimated to be worth $2 billion. The other major tenants of the tower are the federal government and a Chinese developer.

The Port Authority and the Durst Organization (which is responsible for leasing and tenant installations) have worked hard to market the tower as “the” place to lease at in NYC. They have even gone to great lengths to distance the tower from the grim memory of 9/11 by changing the name of the building from the “Freedom Tower” to “One World Trade Center.”

Many have noted that unlike the original World Trade Center, there are fewer tenants from the FIRE sector (Finance, Insurance, and Real Estate), and instead more creative and technology oriented firms and agencies looking into leasing downtown.

Jordan Barowitz of the Durst Organization has said, “design-wise, [the World Trade Center complex] will be very different than the original trade center.” (Marketplace.org) The new complex will incorporate more green space and will have a performing arts center, in addition to serving as a memorial for those we have lost on 9/11.

For information on the topic, have a look at this article on the leasing of One World Trade Center- http://goo.gl/6DXh9c



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