Retail

Brokers Divulge Westfield WTC Retail Details

WTC hub

Despite the fact that World Trade Center retail developer Westfield Group has yet to announce any tenants for the retail component in the Santiago Calatrava-designed Oculus transportation hub at the WTC site, the hub will open fully leased next year, a trio of CBRE retail brokers predicted earlier this week.

The global shopping center company that bought the eventual 440,000 square feet of retail space planned for the transit hub and towers 2,3 and 4 from the Port Authority of New York & New Jersey for $1.4 billion is looking for tenants who can offer omni-channel retailing, the new trend in which stores offer customers the ability to purchase products through a variety of mediums and devices, as well as a unique customer experience, the brokers said at a briefing for the media at CBRE’s Midtown offices. Read More

Power Broker

Daniel Libeskind Memorializes, Moves Forward

Daniel Libeskind. (Arman Dzidzovic)

World Trade Center master planner Daniel Libeskind’s office library contains nearly a dozen bookcases filled with books about philosophy, religious studies, history, travel, literature, art, architecture, design and other fields and genres. And when Commercial Observer visited Studio Daniel Libeskind three blocks south of the trade center site, he described the necessity in his work of the same four components Herman Melville wishes for in Moby Dick: time, strength, cash and patience.

He had invoked the same line a few days days earlier during a trade center construction update event at 4 World Trade Center timed for the week of the 13th anniversary of the 9/11 attacks. The four necessities have helped rebuild the site where 2,753 New Yorkers lost their lives and fulfill the vision that guided the nation-sized group of stakeholders to the site’s current status, he told a room full of local and international media outlets and several of the interested parties themselves. Read More

World Trade Center

‘Tribute in Light’ To Shine All Night on 9/11 Anniversary

WTC at night

The now-familiar dual beams rising into the night sky from the World Trade Center site will grace the landscape once again tomorrow night on the anniversary of the 9/11 tragedy, with rays visible from 60 miles away powered by 88 xenon light bulbs.

The Municipal Art Society and the nonprofit public art organization Creative Time first launched “Tribute in Light,” a pair of spotlights cast from the rooftop of a building just south of the trade center site, six months after Sept. 11 in March 2002, but the National September 11 Memorial & Museum now oversees the display, which it will feature as part of a series of events marking the first time the new memorial on the trade center site will open to the public on the night of the anniversary, said Joe Daniels, the museum’s President and CEO. Read More

Hotel Beat

Silverstein Showcases 30 Park Place Hotel and Condos

30 Park Place

Less than an hour after he left the stage at an event about the World Trade Center‘s progress ahead of the 9/11 anniversary, Silverstein Properties chairman Larry Silverstein invited reporters for a look at the Four Seasons hotel and condo development that’s rising just two blocks away from the trade center complex at 30 Park Place.

The 926-foot Robert A.M. Stern-designed building will feature 189 hotel rooms on the first 39 floors and 157 luxury condos leading up to the 82nd floor, including 11 penthouses with outdoor terraces starting on the 75th floor, when it opens in early 2016, according to Silverstein. Read More

World Trade Center

Silverstein, Officials Hail WTC Progress On Anniversary

WTC update

World Trade Center developer Larry Silverstein, master plan architect Daniel Libeskind and Port Authority of New York & New Jersey Vice Chairman Scott Rechler praised the progress of the 16-acre trade center site today in a “World Trade Center update” event timed for the week of the Sept. 11 anniversary.

Messrs. Silverstein, Libeskind and Rechler and a slew of other officials sought to draw attention to the strength of the downtown real estate market, Mr. Libeskind’s vision for the site and the now-on-track construction schedule as the process of rebuilding on the site nears the end of its 13th year. Read More

World Trade Center

New WTC Logo Adorns Site

WTC Logo

A new World Trade Center logo by the Landor corporate branding firm has emerged on signage at the site almost a year after the Port Authority of New York and New Jersey chose the firm to design it through a competitive bidding process, The New York Times reported yesterday.

The agency tapped the firm with a $3.57 million contract to paste the symbolic assemblage the company designed on construction fencing, directional markers and mobile applications in a markup that depicts the five new towers rising or slated to rise from the site in a W-like form while also evoking memories of the steel tridents of the now-fallen twin towers. Read More

Market Report

CompStak Q2 Report: Manhattan Office Market ‘Bullish’

Compstak graphs

The latest quarterly Manhattan office rent report from commercial lease database CompStak details a “bullish” market where new Manhattan office leases represented more than 66 percent of new leasing activity this year, versus only 54 percent in 2013.

Despite a $2.07-per-square-foot decline in Midtown South rents to $52.62, analysts pronounced all three markets healthy, citing large-scale leases at Brookfield Place and the World Trade Center, as well as notable signings like Yelp‘s 152,232-square-foot deal at 11 Madison Avenue. Read More

Real Estate and Politics

Building Congress Prez: Mayor ‘Should Pay More Attention to Office Development’

Richard Anderson

A day after the New York City Building Congress forecasted the largest three-year growth in office space since 1990, the president of the organization, Richard Anderson, called on Mayor Bill de Blasio to do more to foster office construction in the city.

The influential organization of real estate developers, construction firms, union officials and academics predicted Monday that new developments would create 9 million square feet of new space between 2013 and 2015 and a total of 24.4 million square feet between 2010 and 2019. But Mr. Anderson cautioned that emerging trends might threaten new construction and said he wants the mayor to devote more energy to office space. Read More

World Trade Center

Westfield Group Filling World Trade Center Hub With Ease

WTC construction

World Trade Center retail developer Westfield Group has leases either signed or out for signing at roughly 80 percent of its 150 slots at the WTC’s transit hub, the international mall developers told The Wall Street Journal today.

The steel and glass-winged train station, which renowned Spanish architect Santiago Calatrava dubbed “the Oculus,” will open next year with 365,000 square feet of retail space eyeballed by an estimated 200,000 pedestrians per day. Read More

World Trade Center

Slideshow: Inside the World Trade Center

11 Photos

Midtown Manhattan

Silverstein Properties invited Commercial Observer for an exclusive three-hour tour of the ear-popping existing buildings on the World Trade Center site, and the views were stunning. Even after a difficult week in which the Port Authority of New York & New Jersey thwarted Chairman Larry Silverstein‘s effort to get additional construction financing for 3 World Trade Center, Read More

Grand Openings

Fulton Center to Open to the Public on June 26

Renderings of Fulton Center

Fulton Center will open to the public on June 26, according to materials released Monday by the Metropolitan Transportation Authority’s Capital Program Oversight Committee.

First introduced in 2004, the project formerly known as the Fulton Street Transit Center has seen its budget grow from $750 million to $1.4 billion over the past decade. According to the documents released yesterday, the project’s cost is “trending below current budget of $1.4 billion.” Read More

The Sit-Down

JLL’s Downtown Don: John Wheeler

John Wheeler. (Credit: Lea Rubin)

John Wheeler was tapped in March 2012 to run JLL’s lower Manhattan office after returning to the firm in 2009. He is a managing director at the company and has been with JLL for 14 years. He had two stints working on the principle side of the business for Gramercy Capital and Antares Real Estate Partners. Today he directs JLL’s efforts on Gramercy Capital’s 13.5-million-square-foot national portfolio. A couple of his key transactions have been a 500,000-square-foot sublease to Morgan Stanley at 1 New York Plaza and a 450,000-square-foot master lease to the City of New York at 180 Water Street. In his entire career, Mr. Wheeler, 52, has negotiated 13 million square feet of leases for clients. Last week, Commercial Observer sat down with Mr. Wheeler in his office at 140 Broadway and talked about lower Manhattan post-Superstorm Sandy, leasing prices being pushed from the bottom up and the newly distinguished submarket of the Water Street corridor. Read More

Space Search

Soho Properties Shops for Temporary Park51 Space

44 Trinity Place. (Credit: CoStar)

More than three years after developer Sharif El-Gamal faced a firestorm over plans for an Islamic prayer and community center in lower Manhattan, the head of Soho Properties is searching for temporary space for Park51, Commercial Observer has learned.

Yesterday afternoon, Aziz Friedrich from Soho Properties was spotted touring a 2,000-square-foot second-floor space at 44 Trinity Place, being marketed by Eastern Consolidated’s James Famularo and Ravi Idnani. The asking rent for the Trinity Place space is $100 per square foot and the lease term is 10 years, according to the listing. It seems an unusual space for a center since it is above Wogies Bar & Grill. Messrs. Famularo and Idnani declined to comment. Read More

World Trade Center

World Trade Center’s PATH Concourse Unveiled

Platform A Opened on Tuesday. (Credit: Getty Images)

The Port Authority of New York and New Jersey has officially opened the first platform of the new World Trade Center PATH station.    

The new station, Platform A, will ultimately replace the interim station currently serving riders at the World Trade Center and is the centerpiece of the approximately $4 billion transportation hub project occurring at the site, the Wall Street Journal reported.

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