Office Deals

FedCap Makes Condo Deal at Durst’s 205 East 42nd Street

205 East 42nd Street. (The Durst Organization)

Just over a month after exchanging its 14th Street headquarters for a Midtown office condo, FedCap has made another condo deal, this time at the Durst Organization’s 205 East 42nd Street property.

The nonprofit has purchased a leasehold condo in the building, Durst announced today. The 64,303-square-foot deal consists of a portion of the ground floor, as well as the entire second and third floors of the building. FedCap will have a dedicated entrance on 43rd Street and a private elevator and staircase. Read More

Lease Beat

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

A prebuilt at 1 World Trade Center.

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

1 WTC

Asking Rents Reduced at 1 World Trade Center

(Photo: Andrew Burton/Getty Images)

The Durst Organization and the Port Authority of New York and New Jersey are reducing asking rents at 1 World Trade Center by nearly 10 percent, according to a report by The Wall Street Journal. Asking rent for larger tenants on the building’s middle floors now stands at $69 per square foot, down from $75 per square foot.

The tower’s owner has struggled to attract private tenants to the development. Publisher Conde Nast’s 1-million-square-foot deal signed in 2011 remains the only major lease done at 1 World Trade Center. The building is 55 percent leased. Read More

Legal Disputes

Durst Organization Sued by U.S. Attorney’s Office Over Inaccessible Buildings

The Helena, which the federal government claims is inaccessible.

The U.S. Attorney’s Office has filed suit against The Durst Organization, the second major New York developer to come within the cross hairs of the federal government in a dispute over what does and should constitute accessible housing. The federal government alleges that Durst “has engaged in a pattern and practice of developing rental apartment buildings that are inaccessible to persons with disabilities.” Also named in the suit are The Helena Associates and FXFOWLE Architects, who designed the Helena, a 595-unit rental building in Hell’s Kitchen that is at the center of the lawsuit. Read More

Lease Beat

Big East Conference Moving to Big Apple

Providence forward Kadeem Batts (10) dunks on Xavier's Matt Stainbrook (40). (Credit: Frank Victores, USA TODAY)

The Big East Conference is betting on the Big Apple to help usher in a new era.

The reconfigured conference has chosen The Durst Organization’s 655 Third Avenue in Midtown as its official headquarters after cutting a 10-year, 13,742-square-foot lease across the seventh floor of the 30-story property. Read More

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

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.

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

2013 Owners Magazine

The 2013 Owners Magazine

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When The Commercial Observer first set out to survey New York City’s most venerable commercial real estate owners in our inaugural Owners Inquisition last year, the old guard at some of Manhattan’s largest public relations firms pushed back, presuming their clients might wilt in the face of questions about their personal role models, biggest fears and Read More

Postings

REBNY Retail Deal of the Year Awards, Minute By Minute

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About 200 retail real estate specialists gathered at 101 Park Avenue’s 101 Club last Tuesday for the Real Estate Board of New York’s 15th annual Retail Deal of the Year Awards cocktail party.

Brokers flocked to a bountiful buffet and an open bar with generous pours. In a lonely corner, an ignored PowerPoint presentation summarized the nominees. Here’s what went down as the assembled waited to hear which of the nine submitted transactions would take home the evening’s two big honors. Read More