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
Building Enclosure Systems | Mar 13, 2013
5 novel architectural applications for metal mesh screen systems
From folding façades to colorful LED displays, these fantastical projects show off the architectural possibilities of wire mesh and perforated metal panel technology.
| Mar 12, 2013
NYC reinvents the pay phone
New York's Reinvent Payphones competition attracts entries that transform the concept of public urban communication.
| Mar 12, 2013
'World's greenest' office building seeks tenants in Seattle
Superefficient Seattle office building is designed to meet the ambitious goals of the Living Building Challenge.
| Mar 6, 2013
Dual towers designed by SHoP create new affordable housing in NYC
With the construction of Hunters Point South, New York City will get its first large new housing development for middle-class families in more than 30 years. Related Companies is partnering with the nonprofit Phipps Houses in the project, designed by SHoP Architects with Ismael Leyva Architects.
| Mar 6, 2013
Robert Ivy, Jerry Yudelson announced as keynoters for BUILDINGChicago
Robert Ivy, FAIA, CEO of the American Institute of Architects, will be the keynote speaker at BUILDINGChicago on Tuesday, September 10, 2013. Jerry Yudelson, PE, LEED Fellow, the author of 13 books on sustainable design, will deliver the Wednesday, September 11, keynote address.
| Mar 6, 2013
German demonstration building features algae-powered façade
Exterior of carbon-neutral demonstration building consists of hollow glass panels containing micro-algae "farms."
| Mar 5, 2013
Recycled recreation: Waste-to-energy plant combines with ski resort
A new project near Copenhagen pushes the boundaries of the term "mixed use," combining a waste-to-energy plant with a ski resort.
| Mar 5, 2013
Barbara Mullenex joins Washington, D.C., office of Perkins Eastman as principal
The Board of Directors of top international design and architecture firm Perkins Eastman is pleased to announce that Barbara Mullenex RA has joined the growing Washington, DC, office as a Principal. Mullenex joins with a distinguished career of more than 26 years of industry experience in architecture and interior design focused on hospitality and corporate interiors.
