Lease Beat

Cushman & Wakefield Opens Downtown HQ in 1 WTC

Base of One World Trade Center

Cushman & Wakefield, the exclusive leasing brokers for One World Trade Center, opened a downtown headquarters Monday through a 10-year, 10,222-square-foot lease on the 45th floor of 1 WTC, the firm announced yesterday.

The firm that maintains its global headquarters in Midtown now boasts an office footprint in space with asking rents of $69 per square foot that the company also markets on behalf of the Port Authority of New York and New Jersey and the Durst Organization. Read More

on the waterfront

Douglas and Helena Durst Talk Ferry Policy Aboard NY Water Taxi

Douglas and Helena Durst

Shortly after morning rush hour one day last week, Durst Organization Chairman Douglas Durst and his daughter, Durst Vice President Helena Rose Durst, invited Commercial Observer for an exclusive jaunt around the Hudson River aboard a New York Water Taxi vessel named for Mr. Durst’s father, the Seymour B. Durst.

During an hour-long trip starting and ending at Pier 84 at West 44th Street and West Side Highway, the pair dished on the challenging costs, lack of docks and transit connections and confusing oversight they say is hampering the city from taking full advantage of its many miles of prime waterfront property even as the private ferry service the company started in 2002 continues to prosper. Read More

World Trade Center

1 WTC: Inside the Tallest Building in the Western Hemisphere

One World Trade Center

As construction workers hammered on the World Trade Center site and hordes of tourists mingled with afternoon commuters last week, Jordan Barowitz of the Durst Organization invited Commercial Observer for an exclusive tour of One World Trade Center.

Although more than 2,500 laborers were applying the finishing touches to the 104-floor, 3-million-square-foot structure designed by David Childs of Skidmore, Owings & Merrill, the 1,776-foot building will open around November of this year, said Mr. Barowitz, Durst’s director of external affairs. Read More

on the waterfront

Panel: Ferry Boats Operating in Shifting Tides

Water Panel

Discussions over the future of the city’s ferry system at the New York Conference on Water this morning showcased the topsy-turvy nature of the boat transit that has a long history in the city.

New York Water Taxi president and Durst Organization Vice President Helena Durst and city Economic Development Corporation vice president of ports and transportation Andrew Genn offered nuanced views on the outlook for new and existing routes on the ferry system that’s the second largest in the world in a panel discussion at Fordham University. Read More

World Trade Center

Could String of World Trade Center Leases Appease Critics?


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

Lease Beat

Renewable Energy Markets Firm Inks 675 Third Avenue Lease

675 Third Avenue. (Credit: PropertyShark.)

Karbone, a renewable energy and environmental markets firm, has signed a lease for a 4,351-square-foot portion of 30th floor at the Durst Organization’s 675 Third Avenue, Commercial Observer has learned. Asking rent for the pre-built space was $60 per square foot.

The tenant is currently headquartered at 130 West 42nd Street and will relocate next month.  Karbone, which operates an additional office in London, provides brokerage, capital advisory and research services for new energy asset classes, including carbon credits, emission permits and clean fuels. 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


Check Out the Marketing Center at 1 WTC

11 Photos

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

Power Broker

On Top of the World: Durst Organization Director of Leasing Eric Engelhardt on Leasing Up 1 WTC


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. Read More

Lease Beat

Stempel Bennett Renews on Third Avenue

Courtesy of Simplestock

Stempel Bennett has renewed its lease on Third Avenue, the Commercial Observer has learned.

The law firm will continue to operate out of the 8,496-square-foot 22nd floor of 675 Third Avenue for another 10 years. The firm initially moved into the Durst Organization’s neighboring building, 655 Third Avenue, and made the move a few stops down the block about a decade ago. Read More

Everywhere a Sign

H&M Logo to Grace 4 Times Square


H&M is prepping to emblazon its logo atop Durst Organization‘s 4 Times Square, The Wall Street Journal reported.

The ad, to be completed later this year, will accompany the 42,500-square-foot H&M store that will open at the 48-story tower’s base, where it signed a lease for a new store and the rooftop signage in October.

The Read More