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 | | May 27, 2014
Grim Hall opens the door to fire safety with fire-rated ceramic glass
For the renovation of Lincoln University’s Grim Hall life sciences building into a state-of-the-art computer facility, Tevebaugh Associates worked to provide students and faculty with improved life safety protection. Updating the 1925-era facility's fire-rated doors was an important component of the project.
| May 26, 2014
New Jersey data centers will manage loads with pods
The two data center facilities totaling almost 430,000 sf for owner Digital Realty Trust will use the company's TK-Flex planning module, allowing for 24 pods.
| May 23, 2014
Big design, small package: AIA Chicago names 2014 Small Project Awards winners
Winning projects include an events center for Mies van der Rohe's landmark Farnsworth House and a new boathouse along the Chicago river.
| May 23, 2014
Top interior design trends: Gensler, HOK, FXFOWLE, Mancini Duffy weigh in
Tech-friendly furniture, “live walls,” sit-stand desks, and circadian lighting are among the emerging trends identified by leading interior designers.
| May 22, 2014
How to measure what matters
Measuring what matters is essential for professional services firms, says author and consultant Tim Williams, particularly as firms continue to experiment with the concept of outcome-based compensation agreements.
| May 22, 2014
BIM-driven prototype turns data centers into a kit of parts
Data center design specialist SPARCH creates a modular scheme for solutions provider Digital Realty.
| May 22, 2014
7 ways it pays to use BIM for data centers
Here’s where AEC firms and owners are getting the most bang for the buck when using BIM/VDC to coordinate data center projects.
| May 22, 2014
No time for a trip to Dubai? Team BlackSheep's drone flyover gives a bird's eye view [video]
Team BlackSheep—devotees of filmmaking with drones—has posted a fun video that takes viewers high over the city for spectacular vistas of a modern architectural showcase.
| May 22, 2014
NYC's High Line connects string of high-profile condo projects
The High Line, New York City's elevated park created from a conversion of rail lines, is the organizing principle for a series of luxury condo buildings designed by big names in architecture.
| May 22, 2014
Just two years after opening, $60 million high school stadium will close for repairs
The 18,000-seat Eagle Stadium in Allen, Texas, opened in 2012 to much fanfare. But cracks recently began to appear throughout the structure, causing to the school district to close the facility.
