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
Sponsored | Architects | Aug 2, 2017
Are visual ergonomics the new key to project delivery?
An Australian Home Theater Company is out to prove that the easier you can see it, the easier you can sell it.
Multifamily Housing | Jul 27, 2017
Apartment market index: Business conditions soften, but still solid
Despite some softness at the high end of the apartment market, demand for apartments will continue to be substantial for years to come, according to the National Multifamily Housing Council.
Multifamily Housing | Jul 27, 2017
Game rooms and game simulators popular amenities in multifamily developments
The number of developments providing space for physical therapy was somewhat surprising, according to a new survey.
Building Enclosure Systems | Jul 26, 2017
Balcony and roof railings and the code: Maintain, repair, or replace? [AIA course]
Lacking familiarity with current requirements, some owners or managers complete a roof or balcony rehabilitation, only to learn after the fact that they need to tear noncompliant railings out of their new roof or terrace and install new ones.
Office Buildings | Jul 26, 2017
Meeting space leads to innovation
PDR Principal Larry Lander explains how to design for workplaces where four generations are working together.
Architects | Jul 25, 2017
AIA 2030 Commitment expands beyond 400 architecture firms
The 2016 Progress Report is now available.
Multifamily Housing | Jul 19, 2017
Student housing trends: The transformation of co-living in college
The Student Hotel is representative of a new model for delivering housing solutions for students globally.
Designers | Jul 19, 2017
5 laws every designer can live by
What is design? Who are designers? And are there any common laws or rules than can unite the many types of design that exist?
Sponsored | Architects | Jul 19, 2017
Introducing StrXur by Bluebeam
Our goal is to present unique perspectives you may not be able to find anywhere else.
Sponsored | Accelerate Live! | Jul 13, 2017
Defining the future by mastering the art of change
From my perspective, what separates organizations thriving in the digital revolution from those who are not boils down to one thing: leadership.