Port Authority taps CBRE to manage WTC

Firm takes over from Cushman, whose 8-year management tenure was marked by criticism

New York /
Mar.March 26, 2021 09:30 AM
CBRE CEO Robert Sulentic and One World Trade Center (CBRE, iStock)

CBRE CEO Robert Sulentic and One World Trade Center (CBRE, iStock)

CBRE is the new manager of the World Trade Center’s 16-acre campus in Lower Manhattan.

The Port Authority of New York and New Jersey said Thursday that it awarded CBRE a seven-year contract to manage the property, which includes the $3.9 billion Oculus transportation hub. The $850,000-a-year contract is effective July 1.

The Oculus is both a high-end shopping center and transit hub that connects the subway and PATH rail system.

The Port Authority put out an RFP for a property manager in October 2020. The contract includes infrastructure management and support for events such as the 9/11 memorial ceremony.

CBRE will replace Cushman & Wakefield, whose eight-year management of the site was marked by criticism. In 2017, the Oculus’ retractable skylight began to leak. Later, an employee was charged for allegedly taking bribes. The Oculus leak cost $250,000 to fix, but officials have said it needs long-term repairs that have been delayed by Covid.

The bi-state agency has lost $1.7 billion during the pandemic, the Wall Street Journal reported. Total losses are expected to balloon to $3 billion by March 2022.





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