1 WTC

Top 1WTC Security Officer Resigns

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The Durst Organization is reportedly looking for a successor to replace a top security official who resigned following a series of incidents that exposed seemingly gaping holes in security at 1 World Trade Center.

David Velazquez, assistant security director at the site, will not leave the firm until The Durst Organization has found a replacement. Read More

1 WTC

Teen Sneaks to Top of 1 World Trade Center

(Credit: NY Daily News via Twitter)

A 16-year-old boy from New Jersey was arrested this morning after making his way to the top of the country’s tallest skyscraper at 1 World Trade Center.

He reportedly squeezed though a one-foot opening in a fence surrounding the building, climbed scaffolding up to the sixth floor, took an elevator to the 88th floor, followed a staircase up to the 104th floor, then climbed a ladder to the tower’s spire. Read More

Power Broker

Family Matters: Tara Stacom on 1 World Trade Center

Tara Stacom. (Credit: Cushman & Wakefield)

The Stacom name has become almost synonymous with the country’s biggest real estate projects and deals. The foundations of that reputation were laid back in 1962 when the late Matthew Stacom brokered the sale of the development site that would become the Sears Tower, the Chicago office property that would later be declared North America’s tallest building.

Mr. Stacom’s daughters, Tara and Darcy, grew up with a constant reminder of their father’s landmark transaction: a photo of the Sears Tower on the wall of the family’s home. Read More

World Trade Center

World Trade Center Fence to Come Down, Marking 13 Years of Progress

A portion of the fence that surrounds the World Trade Center site (Photo: AP)

The World Trade Center site experienced numerous milestones last year, and now the blue fence that cordoned the 16-acre site off for the last 13 years will reportedly come down this year to show them all off.

The process of removing the fence, which will begin as early as May, will allow for a free flow of pedestrian traffic between the National September 11 Memorial & Museum and the rest of Lower Manhattan. 

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REBNY 2014

Such Great Heights: REBNY’S Year In Review

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As the city and real estate market continued its post-recession surge over the past year, a number of significant milestones played out under the watchful eyes—and in some cases careful direction—of the Real Estate Board of New York that will shape the future of the city for decades to come.  Read More

Year in Real Estate

The 10 Biggest Leases of 2013

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For two years in row, 1 World Trade Center scored among the city’s largest transaction, starting with 2011’s Condé Nast showstopper and following with last year’s 270,000-square-foot UGS deal. But in 2013, the buzz moved uptown when another marquee deal, L’Oreal’s 400,000-square-foot commitment to the Related Companies, stole the headlines at the new Hudson Yards development.

Last year was a relatively modest one compared to 2011 when it came to office leasing, but 2013 saw a significant rebound—the top 10 deals totaled more than 2.7 million square feet, a 50 percent increase year over year. Like 2012, a variety of sectors made the list, from financial services to law firms to the media and publishing industries.

Below are the top 10 leases of 2013 by square footage, courtesy of Cushman & Wakefield.

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Year in Real Estate

How 1 World Trade Center Officially Became the Tallest Building in the U.S.

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When construction workers hoisted the final crown atop 1 World Trade Center back in May, it reached its symbolic 1,776 feet. Flags
waved, onlookers cheered, and the Port Authority of New York & New Jersey proclaimed it the “tallest building in the Western Hemisphere.”

But great controversy regarding whether the tower would in fact dethrone Chicago’s Willis Tower ensued. The looming question: antennae or spire? The latter would solidify the accolade the Port Authority already touted, but the former would not. Last month, the Council on Tall Buildings and Urban Habitat official ruled that a spire—not an antennae—sits atop the 104-story tower.

After the jump, a step-by-step guide to measuring a tall building and some key factors that played into the ruling at 1 WTC, as told to The Commercial Observer’s Al Barbarino by officials with the Council on Tall Buildings.

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Year in Real Estate

The Year in Commercial Real Estate

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An astounding 54.3 million tourists are expected to have visited New York City by the end of this year, many of them for the first time. And while, of course, for many of these visitors, a runway at LaGuardia or the back of a cab driver’s head will be their first impressions of the city, the more memorable vision will be the one that has been enchanting tourists ever since 1870, when construction workers topped out the 130-foot tall Equitable Life Assurance Building, long considered the Big Apple’s first skyscraper. Read More

Lease Beat

US Army Corp, Customs to Join GSA at 1WTC

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The US Army Corp of Engineers and the US Customs and Border Protection agency will reportedly share the General Services Administration space at 1 World Trade Center.

The agencies will occupy 270,000 square feet of space and plan to move into the tower in 2015, according to a report that first appeared in the Read More

Parks and Recreation

World Trade Center’s Elevated Park Comes Into Focus

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Fresh off 1 World Trade Center‘s official designation as America’s tallest building, the WTC complex is more modestly reaching skyward with the elevated Liberty Park.

Word of the expanse, which is 25 feet above Liberty Street and just larger than an acre, has been out for a while. But recent renderings have helped clarify what the project will entail.  Read More

Lease Beat

Regus Renews at 14 Wall Amid Downtown Rebirth

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Office space provider Regus has signed a 10-year lease renewal at Alex Rovt’s 14 Wall Street for 37,000 square feet across the building’s entire 20th floor.

The deal, arranged by CBRE at asking rents of $45 per square foot, comes as brokers said the building’s appeal, paired with the rebirth of Downtown, has tenants giddy Read More

Size Matters

1 World Trade Center Officially Declared America’s Tallest Building

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The Second City will have to adjust to having the nation’s second tallest building, as a panel of architects officially declared today that 1 World Trade Center has displaced Chicago’s Willis Tower (formerly the Sears Tower) as America’s top skyscraper.

Specifically, the Height Committee of the Council on Tall Buildings and Urban Habitat proclaimed that the 408-foot needle atop 1 WTC is a spire rather than an antenna, making it a permanent part of the building and qualifying it for inclusion in height measurements.  Read More

1 WTC

Check Out the Marketing Center at 1 WTC

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1 WTC Model Office Space

On Thursday, the Durst Organization offered a sneak peak at what office space could potentially look like at 1 World Trade Center. Boasting floor-to-ceiling windows and unobstructed views of the city, office space below the 64th floor Sky Lobby will command rent of $75 per square foot. Designed by Gensler, the marketing center at 1 WTC showcases a number of potential layouts, including traditional office and open creative space. Set to open in early 2015, 1 WTC has already secured an anchor tenant in publishing giant Conde Nast, but leasing executives still have 45 percent of the building’s space to rent. Check out photos from The Commercial Observer‘s tour of the marketing center and building site after the jump. Read More

1 WTC

World Gets First View of 1 World Trade Center Model Offices

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For the first time since construction workers topped off 1 World Trade Center in May, the Durst Organization this morning unveiled a crisp, white-walled model office space that tenants could be replicating as early as next year. Replete with floor-to-ceiling windows and unobstructed views of the city, office spaces below the 64th floor will command $75 per square foot.

“This is the beginning of a big year for us as we begin our transformation from a construction site to an office building,” said Jordan Barowitz, director of external affairs for Durst, before introducing the project’s director of leasing, Eric Engelhardt.

“What we’ve done here is taken the first and biggest step in being able to showcase what the office space can look like for tenants,” Mr. Engelhardt added. Read More