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
Multifamily Housing | Jan 4, 2018
Shigeru Ban’s mass timber tower in Vancouver gets city approval
The 232-foot-tall Terrace House luxury condo development will be the tallest hybrid wood structure in North America.
Architects | Jan 4, 2018
Integrated design for children and housing
Homelessness is an issue affecting millions around the globe.
Sponsored | | Jan 3, 2018
4 networking strategies to grow your business
Follow these networking strategies to grow your architectural business with the work that you want.
BD+C University Course | Jan 2, 2018
The art and science of rendering: Visualization that sells architecture [AIA course]
3D artist Ramy Hanna offers guidelines and tricks-of-the-trade to ensure that project artwork is a stunning depiction of the unbuilt space.
Green | Dec 22, 2017
Green builders can use ‘big data’ to make design decisions
More and more, green project teams are relying on publicly available “external datasets” to prioritize sustainable design decisions, says sustainability consultant Adele Houghton.
Reconstruction & Renovation | Dec 21, 2017
Interactive map includes detailed information on historic New York City buildings
The New York City Landmarks Preservation Commission launched a new, enhanced version of its interactive map, Discover NYC Landmarks.
High-rise Construction | Dec 20, 2017
Another record year for high-rise construction
More than 140 skyscrapers were completed across the globe this year, including 15 supertall towers.
Game Changers | Dec 20, 2017
Urban farms can help plant seeds for cities’ growth around them
Urban farms have been impacting cities’ agribusiness—and, on some cases, their redevelopment—for decades.
Market Data | Dec 20, 2017
Architecture billings upturn shows broad strength
The American Institute of Architects (AIA) reported the November ABI score was 55.0, up from a score of 51.7 in the previous month.
Public Health Labs | Dec 19, 2017
10 takeaways from SmithGroup’s ‘lab of the future’ initiative
The LAB2050 initiative digs into the scientific trends, technologies, and economics that will shape tomorrow’s research laboratory environments.