One World Trade Center Leasing Gains Momentum With Help of Unlikely Sectors
A piece by Bloomberg’s David Levitt recently highlighted the leasing activity of the newly opened One World Trade Center. Despite the World Trade Center’s storied past for formerly housing top financial institutions, the new buildings have largely become home to media, technology and advertising firms.
As per the article:
“People were expecting financial companies to be a substantial portion of the leased space” in the new towers, said Christopher Jones, vice president of research at New York’s Regional Plan Association. “I don’t think many people would have thought that it would be virtually nothing.”
The November opening of 1 World Trade Center, the 1,776-foot (541-meter) skyscraper built at the site of Sept. 11, 2001, terrorist attacks, marked a milestone in a lower Manhattan renaissance that’s been fueled by a changing mix of inhabitants beyond the area’s finance-industry roots. That shift is presenting a challenge: The creative companies dominating New York’s office market tend to be comparatively small, leaving landlords to fill their monumental buildings floor-by-floor.
With 63% of 1WTC leased, companies will have to start acting quickly to live in the iconic tower. ServCorp, an Australian-based multinational office service organization is one such tenant that recently took space in the building:
One World Trade Center was at the top of the list when Servcorp Ltd. (SRV) shopped for a fourth New York location, said Chief Operating Officer Marcus Moufarrige. The Sydney-based firm provides temporary high-end offices to global companies, targeting the most famous and opulent properties in the markets it serves, such asLondon’s “Cheesegrater.”
“We’ve been working on this deal for three years,” said Moufarrige, whose company rented about 35,000 square feet at 1 World Trade, the entire 85th floor. “It’s going to be the most iconic building in the world. There was no hesitation in us wanting to be there.”
The full article can be found by clicking here.