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
| Feb 25, 2014
NYC's Hudson Spire would be nation's tallest tower if built
Design architect MJM + A has released an updated design scheme for the planned 1,800-foot-tall, superthin skyscraper.
| Feb 24, 2014
White Paper: Using social media to build your business
This white paper from Benjamin Moore provides practical guidance for building and sustaining an effective online presence, with the ultimate goal of helping your painting business become more successful.
| Feb 24, 2014
First look: UC San Diego opens net-zero biological research lab
The facility is intended to be "the most sustainable laboratory in the world," and incorporates natural ventilation, passive cooling, high-efficiency plumbing, and sustainably harvested wood.
| Feb 24, 2014
White Paper: The science of color and light
This white paper from Benjamin Moore provides an overview of the properties of color and light, along with practical guidance on how the relationship between the two affects design choices.
| Feb 21, 2014
Naturally ventilated hospital planned in Singapore
The Ng Teng Fong General Hospital will take advantage of the region's prevailing breezes to cool the spaces.
| Feb 21, 2014
Calatrava ordered to pay millions for 'shortcomings in his work' on conference center project
Famed architect Santiago Calatrava must pay 2.9 million euros due to faulty design work on the Palacio de Congresos project in Oviedo, Spain.
| Feb 21, 2014
First look: Goettsch Partners reveals 'lighthouse' tower scheme for China resort
Topped with glowing beacon that will be visible for miles in any direction, the Rosewood Sanya tower is the centerpiece of a new resort and meeting complex on China’s Hainan Island.
| Feb 20, 2014
5 myths about cross laminated timber
A CLT expert clears up several common misconceptions and myths surrounding the use of wood as a building material.
Sponsored | | Feb 20, 2014
Chicago’s historic Wrigley Building renovated to attract tech companies
Purchased in 2011 by a consortium of investors led by BDT Capital Partners, the building’s new owners have recently renovated and reimagined the next life for this architectural landmark—as a hub for tech firms.
| Feb 20, 2014
World's longest desk? Massive, undulating desk accommodates 145 office workers [video]
The desk is built from plywood and one continuous sheet of resin, and can serve all 145 office employees at once.
