Four years after opening, 20 percent of
1 WTC remains empty. Here’s why

"It’s a site that’s had continued construction for the last 17 years."

TRD New York /
Sep.September 11, 2018 10:30 AM

One World Trade Center (Credit: iStock)

Four years after opening its doors, 20 percent of 1 World Trade Center remains empty.

The Durst Organization, which co-owns the building with the Port Authority of New York and New Jersey, has faced several challenges in filling the tower’s 3.1 million square feet of space, including a slower-than-expected office market, competition from Hudson Yards and a site that has largely felt unfinished.

“It’s a site that’s had continued construction for the last 17 years,” Eric Engelhardt, head of leasing at 1 WTC, told the Wall Street Journal.

Still, interest in the building seems to have recently spiked, according to the developer. Earlier this month, Durst backed out of negotiations with WeWork, which was expected to lease roughly 220,000 square feet at the tower. Durst indicated that it had received better offers.

The building was originally called Freedom Tower, but the owners felt that name served as a constant reminder of the Sept. 11 terrorist attacks. Brokers and developers working on the site have said that it’s past hasn’t deterred tenants.

“You can never forget,” Silverstein Companies’ Marty Burger. “But it’s just as safe or vulnerable as any other place in the city.”

According to CBRE, availability rate downtown was 14.2 percent at the end of June, up from 11.3 percent in early 2017. Other towers on the site 4 WTC and 3 WTC are respectively nearly 100 percent and 38 percent leased. Burger told the Journal that 3 WTC should be fully leased in a year. [WSJ] — Kathryn Brenzel


Related Articles

arrow_forward_ios
An example of roll-off waste management (Credit: YouTube, iStock)

Big building owners prevent city from dumping container-pickup in trash-collection reform

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

“I can talk about erections all day”: NAR tech consultant’s bizarre fireside chat

Durst Organization chairman Douglas Durst in a coworking space

Durst Ready: Developer to launch flexible office space arm

Council member Vanessa Gibson (Credit: New York City Council)

Commercial landlords face new fines as City Council passes anti-harassment bill

The MTA says it has the funding to extend the Second Avenue Subway to East Harlem, and the real estate industry is thrilled. (Credit: Getty, iStock)

Developers see dollar signs in Second Avenue subway extension

As House begins impeachment inquiry, here’s what we know about Trump’s Ukraine-real estate ties

Embattled Prodigy Network CEO Rodrigo Niño to step down

arrow_forward_ios