Press Release Article


PORT AUTHORITY AND THE DURST ORGANIZATION SIGN LEASE WITH THE U.S. GENERAL SERVICES ADMINISTRATION FOR SPACE AT ONE WTC

Date: Jul 18, 2012
Press Release Number: 95-2012

One World Trade Center is now more than 55 percent leased

The Port Authority of New York and New Jersey’s One World Trade Center is now more than 55 percent leased, after the U.S. General Services Administration (GSA) signed an agreement to lease more than 270,000 square feet of space in what will be the tallest building in the Western Hemisphere when completed.

The GSA, which manages space for U.S. government offices, will lease floors 50 through 55 in One World Trade under a 20-year agreement. The GSA’s six-floor lease represents a successful resolution of a multi-year effort with the Port Authority and the Durst Organization, the Port Authority’s partner in the tower. The federal government was an original tenant of the former 6 World Trade Center.

The GSA joins world-class publisher Condé Nast, which has leased nearly 1.2 million square feet to house its global headquarters, and Vantone China Center, which leased 190,000 square feet. More than half of One World Trade Center is now leased more than two years prior to completion and occupancy.

Tenants and visitors to One World Trade Center will benefit from a direct connection to retail and restaurants throughout the concourses and buildings at the World Trade Center. The amenities will be leased and operated by Westfield, one of the world’s leading retail developers and the Port Authority’s retail joint venture partner. The new retail destination is integrated into the iconic transportation hub at the World Trade Center, designed by architect Santiago Calatrava, which will link the PATH train and 11 subway lines.

“This lease continues the strong momentum we are generating in attracting quality tenants to what will be one of the most prestigious business addresses in the world,” said Port Authority Chairman David Samson. “With over half of One World Trade Center leased, we are fulfilling our commitment to making the World Trade Center site the center of economic and commercial activity in lower Manhattan.”

“This lease brings One World Trade Center one step closer to being one of the most successful commercial developments in the world, and a significant generator of jobs and economic activity,” said Port Authority Vice Chairman Scott Rechler. “The Port Authority looks forward to working with the federal agency and others as the tower moves closer to its opening.”

“We welcome the GSA to One World Trade Center,” said Port Authority Executive Director Pat Foye. “When their work force moves in, they will experience world-class transportation, shopping and dining options on the site, in addition to commercial office space in one of the safest and most environmentally friendly structures in the world.”

"The approval of the GSA lease represents another important milestone in the rebuilding of the iconic One World Trade Center," said Port Authority Deputy Executive Director Bill Baroni.

“The completion of the GSA deal means that, two years before it opens, One World Trade Center is 55 percent leased,” said Jonathan (Jody) Durst, president of the Durst Organization. “This is a significant achievement in any market and is demonstrative of the enthusiasm for One World Trade Center's exemplary design, extraordinary views, efficient floor plates and unsurpassed access to transportation.”

One World Trade Center, when completed, will be the tallest building in the Western Hemisphere. The tower will include state-of-the-art security, and architectural and environmental elements. It aims to be one of the most sustainable office buildings of its size with a LEED Gold certification. These standards will result in lower energy expenses, lower operating expenses, access to natural light through floor to ceiling glass windows and highly filtered air.

CONTACT:
Steve Coleman, 212 435-7777

Founded in 1921, the Port Authority of New York and New Jersey builds, operates, and maintains many of the most important transportation and trade infrastructure assets in the country. The agency’s network of aviation, ground, rail, and seaport facilities is among the busiest in the country, supports more than 550,000 regional jobs, and generates more than $23 billion in annual wages and $80 billion in annual economic activity. The Port Authority also owns and manages the 16-acre World Trade Center site, where construction crews are building the iconic One World Trade Center, which is now the tallest skyscraper in New York. The Port Authority receives no tax revenue from either the state of New York or New Jersey or from the City of New York. The agency relies on revenues generated by facility users, tolls, fees and rents as well as loans, bond financing, and federal grants to fund its operations. For more information, please visit http://www.panynj.gov.


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