First private-sector tenant at 1 WTC looks to cut space by half

Move comes as building's owners are decreasing rental rates due to tepid demand

TRD New York /
May.May 27, 2014 03:05 PM

The China Center, the World Trade Center’s first private-sector tenant, is now looking to cut its commitment in the building by half.

The group, which aims to give Chinese businesses a foothold in the city by providing office space and other amenities, reportedly wants to trim its One World Trade Center space down to 100,000 square feet.

Despite the move to slim its space, the China Center is arranging to take three floors higher in the property — 88, 89 and 90 — which have more costlier rents than the firm’s previous space on floors 64 to 69, Crain’s reported. The group would pay rents of roughly $100 per square foot in the higher-level space, a 25 percent jump from the previously agreed-upon rent.

The news comes amid reports that the Port Authority of New York and New Jersey and the Durst Organization, a partnership at the helm of One World Trade, are slashing rents due to tepid demand. The 1,776-foot property is slated to open by the end of this year, but at the moment is only 55 percent leased, according to the Wall Street Journal. [Crain’s]Julie Strickland


Related Articles

arrow_forward_ios
Durst Organization chairman Douglas Durst and Advance Publications president Donald Newhouse with One World Trade Center (Newhouse by Ilya S. Savenok/Getty Images for The Association for Frontotemporal Degeneration; Unsplash)

Condé Nast may be moving out of 1 WTC

Condé Nast may be moving out of 1 WTC
Moody's CEO Raymond McDaniel and 1 World Trade Center (McDaniel by Alex Wong/Getty Images; Pixabay)

Moody’s looks to sublease its 1 WTC office

Moody’s looks to sublease its 1 WTC office
Clockwise from left: Celonis co-founders Bastian Nominacher, Alexander Rinke, and Martin Klenk with 1 World Trade Center (Credit: Celonis)

German tech firm snags full floor at 1 WTC

German tech firm snags full floor at 1 WTC
A Victoria's Secret store in New York (Credit: Getty Images)

Victoria’s Secret sues WTC landlord amid store closures and layoffs

Victoria’s Secret sues WTC landlord amid store closures and layoffs
The architect claims the design, construction and marketing of the tower rips off the design of a tower he planned and modeled for his thesis

Lawsuit over WTC design is whittled down

Lawsuit over WTC design is whittled down
Condé Nast lands a second full-floor to sublease its space at 1 WTC

Condé Nast lands a second full-floor to sublease its space at 1 WTC

Condé Nast lands a second full-floor to sublease its space at 1 WTC
Condé Nast subleases 50K sf at 1 WTC to cut costs

Condé Nast subleases 50K sf at 1 WTC to
cut costs

Condé Nast subleases 50K sf at 1 WTC to
cut costs
Silverstein Properties may be part of a hack related to 9/11 documents

Silverstein Properties may be part of a hack related to 9/11 documents

Silverstein Properties may be part of a hack related to 9/11 documents
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...