PA to Vote on 1 WTC Pre-Built Expansion Wednesday
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.
“The program is being expanded because of market demand,” Mr. Barowitz said. “There’s considerable interest in built-to-suit and pre-built space.”
The $21 million initial phase of the program sponsored by the WTC landlord agency and implemented by its joint equity partner converted two floors into pre-built suites and provided for three other floors of multi-tenant uses, according to the agency. The 45th and 46th floors offer available spaces from 1,777 square feet to 8,590 square feet, according to a marketing brochure on Durst’s 1 WTC website. Durst plans to open the building officially in the next few weeks.
Capital New York first reported the potential expansion of the program today in the publication’s morning real estate news email.