Long-Time Tenant Expands by 44K SF at 1 World Trade Center

The Durst Organization and the Port Authority of New York and New Jersey are creeping closer to full occupancy of the 104-story 1 World Trade Center in the Financial District.

Investment firm Energy Capital Partners is tacking on roughly 44,000 square feet to existing space at the property, the Commercial Observer reported, grabbing the entire 59th floor of the building. The firm already occupied 26,000 square feet on part of the floor below, bringing its total footprint to approximately 70,000 square feet.

The latest lease represents ECP’s third expansion at the property. It initially moved over in 2017 with a lease for slightly more than 6,000 square feet.

This latest lease’s length and asking rent were not disclosed, but the average asking rent of a Class A office property in the neighborhood was $77.18 per square foot during the first quarter, according to Colliers.

Durst was represented in-house along with a Newmark team including David Falk, Peter Shimkin and Hal Stein. Newmark’s Eric Zemachson and Corey Borg represented ECP.

“The building offers an ideal commute for our expanding team, amenities, unmatched views, and a shared commitment to innovation and sustainability,” ECP chief operating officer Murray Karp said in a statement.

ECP’s deal brings the property to 97 percent occupancy, but there are frequently moving parts shifting around behind the exterior.

Late in the summer, the Bank of New York agreed to sublease 192,000 square feet from publishing giant Condé Nast. Condé leases 1.2 million square feet in the 3.1 million-square-foot building, but started subleasing space almost immediately after moving in; since 2019, more than 230,000 square feet had been claimed by subtenants before the latest agreement.

A year ago, Durst made the 89th and 90th floors available to lease, the first time they’re being marketed to office tenants. The landlord is seeking to capitalize on the sky-high floors and garner rents in the ballpark of $160 per square foot.

The Manhattan office market posted 11.8 million square feet leased from January to March, marking the strongest first quarter since 2014, according to Colliers.

— Holden Walter-Warner