One World Trade Center, soaring to 1,776 feet and set to open by year's end, is having difficulty attracting tenants, according to a report in the Wall Street Journal.
Developer The Durst Organization and the Port Authority of New York and New Jersey have reduced asking rents for larger tenants to $69/sf, down from $75.
The 3.1 million-sf project—originally known as Freedom Tower—is reportedly the most expensive office tower ever built, at a construction cost of $3.9 billion. It is currently about 55% leased, according to the Wall Street Journal. Current large deals in downtown New York City have been made in the $50 to $60/sf range, making One World Trade unusually expensive for the market. The building is the largest in the Western Hemisphere and was designed by David Childs of Skidmore, Owings & Merrill after an initial concept was developed in Daniel Lieskind's master plan for the site.
Meanwhile, developer Larry Silverstein is still contemplating building an office tower named 3 World Trade on the site, after completing the 2.3 million-sf 4 World Trade (opened last fall and now 51% leased). Insiders now doubt that the Port Authority will approve Silverstein's proposed deal in light of questions about the match between available space and potential demand.
Related Stories
Retail Centers | Jan 31, 2022
Amazon Style: Amazon’s latest innovative physical shopping experience
In January, Amazon unveiled plans to build a physical fashion store concept, dubbed Amazon Style, in Los Angeles. The e-commerce giant says the store will offer “together the best of shopping on Amazon–great prices, selection, and convenience–with an all new shopping experience built to inspire.”
Sponsored | BD+C University Course | Jan 30, 2022
Optimized steel deck design
This course provides an overview of structural steel deck design and the ways to improve building performance and to reduce total-project costs.
Laboratories | Jan 28, 2022
3 must-know strategies for developers in today’s life sciences industry
While the life sciences industry had been steadily growing, this growth exploded when the pandemic arrived—and there is no indication that this lightning-fast pace will slow down any time soon.
Cultural Facilities | Jan 27, 2022
Growth in content providers creates new demand for soundstage facilities
Relativity Architects' Partner Tima Bell discusses how the explosion in content providers has outpaced the availability of TV and film production soundstages in North America and Europe.
Sponsored | Webinar | Jan 27, 2022
On-demand webinar: Open plenum design with baffles
With their vast, airy aesthetics, open-plan interiors offer a feel that can inspire and support occupants. But they can also create acoustical challenges that negate the effects of all that beauty. Baffles are an ideal ceiling design solution that address both aesthetics and performance.
Architects | Jan 27, 2022
Gensler’s latest design forecast is also a call to action
The firm urges the AEC industry to take the lead in creating a fairer, cleaner built environment that faces many obstacles.
Architects | Jan 26, 2022
HMC Architects Welcomes New Director of Sustainability
The Sacramento studio of leading national architecture and design firm HMC Architects has announced the appointment of new Director of Sustainability Jennifer Wehling, who joined in December
Market Data | Jan 26, 2022
2022 construction forecast: Healthcare, retail, industrial sectors to lead ‘healthy rebound’ for nonresidential construction
A panel of construction industry economists forecasts 5.4 percent growth for the nonresidential building sector in 2022, and a 6.1 percent bump in 2023.
Sponsored | Steel Buildings | Jan 25, 2022
Structural Game Changer: Winning solution for curved-wall gymnasium design
Sponsored | Steel Buildings | Jan 25, 2022
Multifamily + Hospitality: Benefits of building in long-span composite floor systems
Long-span composite floor systems provide unique advantages in the construction of multi-family and hospitality facilities. This introductory course explains what composite deck is, how it works, what typical composite deck profiles look like and provides guidelines for using composite floor systems. This is a nano unit course.