Lease Beat

Video Game Developer Signs at 1 WTC

1 World Trade Center. (Andrew Burton/Getty Images)

In the 12th lease to be signed at 1 World Trade Center, High 5 Games, a digital game creator, has signed a 87,663-square-foot deal spanning the entire 58th and 59th floors of the office tower, according to a press release about the deal.

The game developer is relocating to larger digs from 770 Broadway in the second quarter of 2015. Its offices are being designed by Gensler and built by The Durst Organization. Durst and the Port Authority of New York & New Jersey own the building. Read More

Mortgage Observer

Retail Now—Booming Business or Looming Stagnation?

Sam Chandan

From the vantage point of New York’s most coveted retail storefronts, the recovery in property fundamentals and values is a fait accompli. Rents and price tags for buildings with flashy retail continue rising, surpassing their pre-crisis peaks with increasing regularity. Buyers on the prowl for urban street retail with trophy status—or even a loose resemblance to fixed income—are not alone, but rather are backed up by lenders vying for opportunities to line up their capital behind stable, albeit aggressively valued, properties. Read More

Media

Slideshow: Lunch Options for Lower Manhattan’s Condé Workers

10 Photos

The view from inside 1 WTC.

Yesterday, media conglomerate Condé Nast started moving into its new offices at the 104-story 1 World Trade Center, a milestone that bookends the 13-year period when the complex was closed for business. Though USA Today reported that only roughly 170 of the company’s employees moved into the space this week, an additional 3,000 are expected to relocate by early 2015.

One World Trade Center is slightly less than 60 percent leased, with most of the lower floors having been signed (Commercial Observer reported yesterday that Condé Nast signed its 25-year lease well over three years ago). When completely leased, an estimated 12,000 tenants will occupy the building, providing a tremendous boost to downtown retailers in the vicinity. Read More

World Trade Center

PA to Vote on 1 WTC Pre-Built Expansion Wednesday

1 WTC pre-built space

The Port Authority of New York & New Jersey will vote on a proposal Wednesday to invest an additional $23.5 million into the Durst Organization‘s pre-built program for smaller office spaces at 1 World Trade Center, according to a board meeting agenda posted on the agency’s website last week.

The proposal would pay for one full additional floor of divided spaces under 20,000-square-feet plus multi-tenant renovations on 10 floors in the building with an octagonal floor plan and plates between 32,000 and 48,000 square feet, according to the agency. Recent leases for Cushman & Wakefield, the Westfield Corp., Legends Hospitality and BMB Group in spaces ranging from 2,191 square feet to 12,000 square feet show the success of the approach in the 3-million-square foot skyscraper, said Jordan Barowitz, Durst’s director of external affairs. Read More

Lease Beat

Servcorp Takes 35K SF at 1 WTC

One World Trade Center

Servcorp, a global provider of equipped executive offices and virtual office space, has signed a 15-year lease for 34,775 square feet on the 85th floor at 1 World Trade Center. The lease marks the fourth Manhattan location for the Australia-based company. Servcorp represented itself in yesterday’s transaction and The Durst Organization‘s Robert Becker represented Durst, according to the New York Post, which first reported the deal.

Featuring boardrooms, private offices and private workstations, Servcorp’s 1 World Trade Center location will open in the first quarter of next year, Durst and The Port Authority of New York and New Jersey said in a release. The Port Authority developed the 1,776-square-foot tall, 3-million-square-foot office building and Durst operates and leases it. Read More

Lease Beat

Two Tenants Lease 1 WTC Pre-Built Spaces [Updated]

1 WTC pre-built space

The Durst Organization and The Port Authority of New York & New Jersey have signed two 10-year leases for a total of 6,950 square feet of pre-built space at 1 World Trade Center.

Legends Hospitality Group has taken 4,759 square feet on the 45th floor of 1 World Trade to house its team developing the One World Observatory on the building’s 101st and 102nd floors. Legends Hospitality is a division of Legends, the sports and entertainment company. Read More

Lease Beat

Ad Agency KiDS Signs 1 World Trade Center Lease

(Photo: Andrew Burton/Getty Images)

KiDS Creative has signed a 15-year lease for the entire 34,775-square-foot 87th floor of 1 World Trade Center. The ad agency’s deal is the first new lease at the downtown tower for nearly three years.

“KiDS and 1 World Trade Center make a perfect match,” said Eric Engelhardt, the director of leasing at 1 World Trade Center for The Durst Organization, in a prepared statement. “KiDS is destined to a bright future at the top of 1 World Trade Center, the world’s most prestigious business address.” Read More

World Trade Center

Could String of World Trade Center Leases Appease Critics?

LowerManhattanSept2013

Hugo Boss is reportedly in talks with the Port Authority and the Durst Organization to take tens of thousands of square feet of office space at 1 World Trade Center, the latest in a string of rumored deals that could spark a new tone of optimism across the trade center site.

The news comes amid talk that online marketing software company Percolate is also in negotiations for 50,000 square feet at the gleaming tower. In addition, software developer MediaMath is said to be wrapping up a 120,000-square-foot lease at 4 World Trade Center, according to published reports.

A source close to the negotiations told Commercial Observer that the Hugo Boss deal is “not happening anytime soon,” calling the reports of a potential 100,000-square-foot commitment a “huge exaggeration.” Read More

1 WTC

Top 1WTC Security Officer Resigns

245px-OneWorldTradeCenter

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. 

Read More

REBNY 2014

Such Great Heights: REBNY’S Year In Review

1 WTC

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