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Old May 27th, 2014, 08:59 PM   #54841
A.J.B 22
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Fantastic progress made on the elevator.

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Old May 27th, 2014, 09:47 PM   #54842
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Rents at One World Trade Center cut amid slow demand

"One World Trade Center is billed as "the new icon of New York's magical skyline," but so far, that status isn't drawing the tenants its owners had hoped for.

Some rents are getting a 10 percent haircut, with the owner now asking $69 a square foot, down from $75 per square foot, The Wall Street Journal reports, citing an interview with developer Douglas Durst.

"The market's not there," Durst told the publication. "When we started in 2011, everybody expected the economy to take off, and obviously that hasn't happened..."


1 WTC tenant looking to halve its commitment

"The China Center was the first private-sector tenant to sign on, but now it wants to downsize, sources said. The move comes amid falling rents and a debate over whether there's a glut of office space downtown.

The downsizing would bring the group, which aims to give Chinese businesses a foothold in the city by providing them with offices and other amenities like conference and dining space, to about 100,000 square feet..."

"...There is a small silver lining for the Durst Organization and the Port Authority in the move by the China Center to cut its space. The organization is arranging to take three floors higher in the property. Those floors (88, 89 and 90) rent for more than the firm's previous space on floors 64 to 69. The China Center would pay rents of about $100 per square foot for the new space, 25% higher than its previous rent. "
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Old May 27th, 2014, 10:03 PM   #54843
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This is great news! I always thought the asking at the complex are too high as they were more in line with Midtowns sky high asking. Lower Manhattan is not midtown just yet but it is clear, the companies exiting midtown for lower Manhattan are looking for better savings along with the tax incentives to re-locate downtown. They tried to see what they can get by asking for the moon and it had not worked so well so this news is most welcomed.

Although, lowering it to $69 from $75 per is still kind of like the lower end of midtown rates.

This will have a positive snowball effect with Silverstein’s expectations for both towers 2 & 3 as he will be forced to adjust accordingly with his asking to be more competitive. By doing this, we could very well see an anchor for tower 2 much sooner rather than later.

Last edited by Vertical_Gotham; May 27th, 2014 at 10:18 PM.
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Old May 27th, 2014, 10:46 PM   #54844
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One World Trade Center inks first lease in 3 years with Box Studios

By Steve Cuozzo
May 27, 2014

"One World Trade Center has signed its first new lease in nearly three years, The Post has learned.

KiDS Creative, an advertising agency offshoot of digital artistry shop Box Studios, has taken the tower’s 87th floor (37,500 square feet) for a rent sources said was over $90 a square foot.

The deal with KiDS, which calls itself “a finishing house devoted to the image,” comes as a surprise. In Tuesday’s Wall Street Journal, Douglas Durst, who is partners with the Port Authority in 1 WTC, suggested that leasing was so quiet, he’s had to reduce asking rents to $69 a square foot.

Although relatively small, the Box Studios deal is a breakthrough..."
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Old May 27th, 2014, 11:14 PM   #54845
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Quote:
Originally Posted by Vertical_Gotham View Post
This is great news! I always thought the asking at the complex are too high as they were more in line with Midtowns sky high asking. Lower Manhattan is not midtown just yet but it is clear, the companies exiting midtown for lower Manhattan are looking for better savings along with the tax incentives to re-locate downtown. They tried to see what they can get by asking for the moon and it had not worked so well so this news is most welcomed.

Although, lowering it to $69 from $75 per is still kind of like the lower end of midtown rates.

This will have a positive snowball effect with Silverstein’s expectations for both towers 2 & 3 as he will be forced to adjust accordingly with his asking to be more competitive. By doing this, we could very well see an anchor for tower 2 much sooner rather than later.
I think once the Transit Hub is finished, then this area will be justified to charge those kinds of rates.

This whole site is still a heavy construction zone and so many people don't like working down here.

And construction is not exepcted to end here until 2021.
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Old May 27th, 2014, 11:17 PM   #54846
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See, now that the buildings are nearing completion and the site is looking less and less like a construction site, tenants will want to lease space. I've also read reports of MediaMath(4 WTC) and Hugo Boss(1 wtc) looking to lease office space.

Patience is a virtue.
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Old May 27th, 2014, 11:21 PM   #54847
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true there is momentum and yes eventually the complex can command such prices but now is really too soon. I fear the whole complex will take a huge step backwards if 3 WTC news is not favorable because the reason why there is interest imo, is prospective tenants can see the promise of this site being nearly completed. Unfinished tower 3 will not help with that.

btw, isn't tomorrow the day we should get some news for 3 WTC??
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Old May 27th, 2014, 11:23 PM   #54848
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Quote:
btw, isn't tomorrow the day we should get some news for 3 WTC??
Yes, tomorrow is the vote.
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Old May 28th, 2014, 12:59 AM   #54849
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The announcement about the KiDS Group's lease on the 87th floor is also on @WTCProgress on twitter. By the way, if you don't have a twitter and are interested on the WTC please make one and follow @WTCProgress.
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Old May 28th, 2014, 01:39 AM   #54850
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All images here are originally taken by NYGuy over at SkyScraperPage.

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Old May 28th, 2014, 01:46 AM   #54851
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Ridiculously insane amount of pictures......

I think that's a record.
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Old May 28th, 2014, 02:09 AM   #54852
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Why are so many glass panes on One WTC has those bolts attached to them?
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Old May 28th, 2014, 02:18 AM   #54853
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Quote:
Originally Posted by weidncol View Post
All images here are originally taken by NYGuy over at SkyScraperPage.
Oh No. The guy hates when posting his stuff on this site. He was once a member here but for some reason he is only now at SSP.
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Old May 28th, 2014, 03:42 AM   #54854
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Quote:
Originally Posted by iiConTr0v3rSYx View Post
Ridiculously insane amount of pictures......

I think that's a record.
I can't see any of them except 32. Is anyone else having the same problem?
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Old May 28th, 2014, 03:50 AM   #54855
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I've just watched 16 Acres (on Netflix) because of this thread. While I would like to quote the post that led me to 16 Acres, I'm afraid I'm a bit Cheers!
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Old May 28th, 2014, 08:55 AM   #54856
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Quote:
Originally Posted by Mercenary View Post
Why are so many glass panes on One WTC has those bolts attached to them?
Those indicate defective panes that have been replaced.
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Old May 28th, 2014, 11:33 AM   #54857
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Looking at these pictures with Alicia Keys and Jay-Z singing New York in the back ground makes me want to go back. How I want to go back.....
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Old May 28th, 2014, 09:42 PM   #54858
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Web World Trade Center 2 by Mike Tschappat on Flickr


Web World Trade Center 1 by Mike Tschappat on Flickr
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Old May 29th, 2014, 06:43 AM   #54859
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What's going on at the WFC?
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Old May 29th, 2014, 06:44 AM   #54860
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Restorations. It's also called Brookfield Place now.
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