The Real Deal New York

Port Authority renews 60K sf lease near WTC site

Agency reduces footprint at Capital Properties’ 115 Broadway

July 14, 2015 06:36PM
By Rich Bockmann

111 and 115 Broadway in the Financial District

111 and 115 Broadway in the Financial District

Though the Port Authority returned its headquarters to the World Trade Center complex earlier this year, it hasn’t entirely shed the other lease spaces it took following the September 11th attacks.The bi-state agency, in fact, renewed more than 60,000 square feet on a lease at 115 Broadway just last month, an agency spokeswoman told The Real Deal.

In addition to the 315,000 square feet the Port Authority took at 225 Park Avenue South following the September 11th attacks, the agency had also leased roughly 104,000 square feet to the southeast of the Ground Zero site at 115 Broadway in 2002.

When the agency relocated its Park Avenue headquarters to Silverstein Properties’ 4 World Trade Center earlier this year, it also began moving several offices out of 115 Broadway, which forms half of Capital Properties’ 900,000-square-foot Trinity Centre.

The authority’s engineering and World Trade Center construction departments, however, have stayed behind to continue work on the one-acre Liberty Park and the Santiago Calatrava-designed transit hub.

Renewal terms for the 62,000-square-foot space, spread across three floors are staggered, the agency official said, with portions of the lease covering different sections of the space expiring between the next two and ten years.

Online greeting card company Paperless Post, meanwhile, expanded its footprint at 115 Broadway and will occupy the 19th floor space vacated by the bi-state agency.

Construction is underway at 3 World Trade Center, and after Rupert Murdoch’s News Corp. and 21st Century Fox signed a letter of intent in June to anchor the site’s final building, Silverstein released renderings for a new design of 2 World Trade Center by Danish architect Bjarke Ingels.