Parks and Recreation
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.
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
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.
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.
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.
In 2010, with 1 World Trade Center rising slowly in the skyline of Lower Manhattan, the Durst Organization had a problem. The developer and its ownership partners at Port Authority still hadn’t secured an anchor tenant for the project.
Eric Engelhardt, who had previously sat across the table from the Port Authority pitching the case for a role in the development, was then part of Durst’s acquisitions and development group, and this time was on the same side of the table as the government agency—pitching Condé Nast.
Luxoft USA, Inc. has signed a roughly 4,700-square-foot, 10-year lease for a portion of the fifth floor at Savanna’s 100 Wall Street.
The software development and IT solutions provider relocates to the building from its former Penn Plaza location, representative of a broader shift among tech tenants moving Downtown.
“We definitely are seeing an influx of Read More
Though the city lost hundreds of millions of dollars in tourism revenue following the terrorist attacks of Sept. 11, 2001, a steady rebound in tourism and the closely tied retail market has occurred, perhaps best personified by the rebirth of Lower Manhattan.
“There’s a lot going on Downtown that shows it is stronger and better Read More
On the Market
When the Port Authority of New York & New Jersey landed Condé Naste as 1 World Trade Center’s anchor tenant three years ago, the agency agreed to buy out the media giant’s remaining lease at 4 Times Square.
Now, as the role of a consulting firm hired by the PA to evaluate options for the Read More
The property management wing of Cushman & Wakefield scored a major assignment today when the Port Authority of New York and New Jersey named the firm site-wide property manager of the new World Trade Center campus.
As a result of winning the Request for Proposals competition for the prominent job, C & W will manage operate all of the site’s common areas in addition to its river water pump house and central chiller plant, one of the city’s largest providers of air conditioning, which will cool the site’s retail and transportation concourses.
Some were surprised, to say the least, when news spread last month that Brazil’s Banco Itaú had agreed to pay upward of $200 per square foot for a 35,000-square-foot space on the 50th floor of the General Motors Building at 767 Fifth Avenue.
“I nearly fell off of my chair when I read that,” said Read More
From the outside, 222 Broadway fits the stereotype of the Downtown financial office tower.
But when Bank of America downsized, leaving roughly 250,000 square feet of space vacant, a series of tours guided by its new owner, L&L Holdings, quickly blasted that stereotype away.
Condé Nast committed to 80,000 square feet at the tower in early March. WeWork, which provides collaborative workspace for tech and media companies, was next in line.
Robert Becker, senior leasing manager at The Durst Organization, joined the company eight months ago. Having previously worked closely with the firm as an executive with Bank of America’s global real estate transactions and leasing operations team, Mr. Becker jumped on board with inside knowledge of the firm’s pivotal role in shaping the landscape of Read More
Lower Manhattan 2013
As Grand Central Terminal celebrates its centennial year as a crown of Midtown, the Fulton Center transit hub is being born three miles south.
It’s been a rocky delivery. Since 2004, when the Metropolitan Transportation Authority’s project—then known as the Fulton Street Transit Center—was introduced, its budget has ballooned from $750 million to $1.4 billion. And the completion date has been pushed back from 2007 to June of 2014.
Despite troubles common to a project of this scope, M.T.A. officials are optimistic that Fulton Center will transform commuting in lower Manhattan when it ultimately connects 11 previously separated subways lines and installs a pedestrian link to Santiago Calatrava’s World Trade Center PATH station, whose cost certain estimates put at $3.7 billion.
“Fulton Center is designed to create a focal point and an entranceway to Downtown,” said Aaron Donovan, a media liaison at the M.T.A. “Like Grand Central, it’s something everyone can gravitate toward. And lower Manhattan has not had that sort of landmark structure in the past.”
Everybody Go Downtown
After the storm, things are looking brighter for the lower Manhattan real estate market.
Even with construction scaffolds clogging the district’s narrow streets in a reminder of Hurricane Sandy’s devastation, Downtown office leasing activity jumped 73 percent in the first two months of the year, according to Cushman & Wakefield.