GLOBAL ICON SIGNS 1-MILLION-SQ.-FT LEASE WITH CONDÉ NAST; REACHES 90TH FLOOR
PORT AUTHORITY FORGES HISTORIC JOINT VENTURE WITH DURST ORGANIZATION
NEW YORK, January 3, 2012: One World Trade Center has completed a successful and exciting year. The substantial momentum in 2011 included reaching new leasing and development milestones and enhancing its operational, management and ownership structure.
With construction having risen to the 90th floor, One World Trade Center is now the tallest building in downtown Manhattan. Upon completion, One World Trade Center will rise to 1,776 feet to become the tallest structure in the Western Hemisphere, with 71 floors totaling three million square feet of leasable, Class-A office space.
In May, publisher Condé Nast signed a 20-year lease to occupy 1,046,260 square feet on floors 20-41, approximately one-third of the building. In combination with additional tenants — including China Center New York LLC, a division of Vantone Industrial Co., Ltd., which signed a 190,810-square-foot lease in March 2009, and the 300,000-square-foot commitment by the General Services Administration — One World Trade Center will soon be 50-percent leased.
Also in May, the Port Authority of New York and New Jersey closed a joint venture agreement with The Durst Organization for an equity interest in One World Trade Center. One World Trade Center is being developed by the Port Authority of NY/NJ and The Durst Organization, a widely respected and leading developer/owner/manager, whose other recent landmark projects include One Bryant Park and Four Times Square.
One World Trade Center will be managed, operated and leased by The Durst Organization. In addition, Cushman & Wakefield is serving as leasing and marketing agents for the building’s office space.
Topping-out is scheduled for spring 2012, with full-building completion anticipated in late 2013, and occupancy in 3Q-4Q 2014.
“Lower Manhattan is in the midst of a remarkable renaissance, and 2011 will go down in history as the tipping point for Downtown’s re-emergence,” said Jody Durst, President, The Durst Organization. “With the rising of this spectacular building and continued evolution of Lower Manhattan, New York City and the world at large already perceive this site as a beacon of strength, pride and enthusiasm — and as a new visual focal point for Manhattan’s one-of-a-kind skyline.”
“This past year has been one of tremendous achievement for One World Trade Center, a historic development that has coalesced through the combined efforts of three prominent organizations all dedicated to its success,” said Tara I. Stacom, Vice Chairman, Cushman & Wakefield. “When completed, One World Trade Center will be a monumental accomplishment in which all New Yorkers will take immense pride.”
One World Trade Center is designed to be the world’s most environmentally sustainable project of its size. The building incorporates environmentally sensitive features based on LEED CS Gold criteria established by the US Green Buildings Council. Benefits to tenants include lower energy expenses, lower operating expenses, access to natural light and views, and highly filtered air.
Designed by world-renowned architect David Childs of Skidmore Owings & Merrill, One World Trade Center offers unobscured views, column-free floors, floor-to-ceiling clear glass windows, five-foot window mullions allowing for modular planning, a hardened core, high ceilings and flexible corner office conditions. The building’s distinctive design maximizes flexibility for workplace design, with a high utilization and planning efficiency that eliminate extra circulation space.
In a dynamic Lower Manhattan venue that has rapidly emerged as one of New York City’s most upbeat, 24/7 communities, the site will be served by the World Trade Center Transportation Hub. The Hub, designed by famed architect Santiago Calatrava, will connect to 11 subway and PATH lines.
In addition to its office space, the World Trade Center site will also include at least 360,000 square feet of world-class retail, including shops, restaurants and services, and an observation deck located in One World Trade Center.
Tishman Construction is One World Trade Center’s builder of record.
The Port Authority of New York and New Jersey
The Port Authority of New York and New Jersey, which is self-sufficient and does not receive tax dollars from either state, operates many of the busiest and most important transportation links in the region. They include John F. Kennedy International, Newark Liberty International, LaGuardia, Stewart International and Teterboro airports; AirTrain JFK and AirTrain Newark; the George Washington Bridge and Bus Station; the Lincoln and Holland tunnels; the three bridges between Staten Island and New Jersey; the PATH (Port Authority Trans-Hudson) rapid-transit system; Port Newark; the Elizabeth-Port Authority Marine Terminal; the Howland Hook Marine Terminal on Staten Island; the Brooklyn Piers/Red Hook Container Terminal; the Port Authority-Port Jersey Marine Terminal and the Port Authority Bus Terminal in midtown Manhattan. The agency also owns the 16-acre World Trade Center site in Lower Manhattan.
The Durst Organization
The Durst Organization, founded in 1915 by Joseph Durst, is the owner, manager and builder of 13 million square feet of premiere Manhattan office towers. Durst Fetner Residential has built, owns and manages more than 1,700 rental units with 1,200 more in the development pipeline. The Organization is recognized as a world leader in the development of high-performance and environmentally advanced commercial and residential property.
Cushman & Wakefield, Inc.
Cushman & Wakefield is the premier global commercial real estate services firm. Founded in 1917, it has 234 offices in 61 countries and approximately 13,000 employees. The firm represents a diverse customer base ranging from small businesses to Fortune 500 companies. It offers a complete range of services within five primary disciplines: Leasing, Capital Markets, Corporate Occupier and Investor Services, Consulting Services, and Valuation & Advisory Services. A recognized leader in global real estate research, the firm publishes a broad array of proprietary reports available on its online Knowledge Center at www.cushmanwakefield.com.
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Sr VP – The Marino Organization