search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aCharles Cohen’s 750 Lex value slashed by 83%, foreclosure loomsCharles Cohen’s 750 Lex value slashed by 83%, foreclosure loomsMeridian’s Ralph Herzka gives rallying call, despite strugglesMeridian’s Ralph Herzka gives rallying call, despite strugglesViceroy reborn: Related launches sales of branded Brickell condo tower Viceroy reborn: Related launches sales of branded Brickell condo tower 
New York

7 WTC is expensive for Downtown, but not Midtown

Sign Up for the undefined Newsletter

German bank WestLB announced last week that it would be moving to the top three floors of 7 World Trade Center. Its rent for the 15-year lease will start at more than $70 per square foot. The $150 million aggregate rent is more than WestLB would have paid in other buildings Downtown, but is about 40 percent less than the bank would have paid in Midtown. This month, Manhattan’s commercial availability is below 10 percent, and availability in Downtown’s 85 million-square-foot market is below 8 percent.