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
| Apr 16, 2012
Altoon + Porter Architects renamed Altoon Partners
The global practice, with offices in Los Angeles, Amsterdam, and Shanghai, specializes in retail, residential and mixed-use developments.
| Apr 16, 2012
Drake joins EYP as science and technology project executive
Drake’s more than 30 years of diversified design and project delivery experience spans a broad range of complex building types.
| Apr 16, 2012
$80 million in export financing for solar project in India
The project, “Rajasthan Sun Technique Energy Private Limited,” is a subsidiary of Reliance Power and is being co-financed by the Asian Development Bank and FMO, the Dutch development bank.
| Apr 13, 2012
Arcadis merges with Davis Langon & Seah
Merger will help company expand business in Asia.
| Apr 13, 2012
Goettsch Partners designs new music building for Northwestern
The showcase facility is the recital hall, an intimate, two-level space with undulating walls of wood that provide optimal acoustics and lead to the stage, as well as a 50-foot-high wall of cable-supported, double-skin glass
| Apr 13, 2012
Best Commercial Modular Buildings Recognized
Judges scored building entries on a number of criteria including architectural excellence, technical innovation, cost effectiveness, energy efficiency, and calendar days to complete, while marketing pieces were judged on strategy, implementation, and quantifiable results. Read More
| Apr 12, 2012
Solar PV carport, electrical charging stations unveiled in California
Project contractor Oltman Construction noted that the carport provides shaded area for 940 car stalls and generates 2 MW DC of electric power.
| Apr 11, 2012
Shawmut appoints Tripp as business development director
Tripp joined Shawmut in 1998 and previously held the positions of assistant superintendent, superintendent, and national construction manager.
| Apr 11, 2012
Corgan & SOM awarded contract to design SSA National Support Center
The new SSA campus is expected to meet all Federal energy and water conservation goals while achieving LEED Gold Certification from the United States Green Building Council.
