NEW YORK CITY-In announcing Thursday’s agreement with Silverstein Properties Inc. on a development plan for SPI’s three World Trade Center towers, the Port Authority of New York and New Jersey noted that the deal followed other recent milestones at Ground Zero. They include a joint venture with the Durst Organization in which Durst will take a minority stake in the Port’s 1 World Trade Center, continued progress on building the 1,776-foot tower and a letter of intent by Conde Nast to lease one million square feet there. Looking out beyond the WTC redevelopment site, the Alliance for Downtown New York would point to other positive signs in Lower Manhattan, including a surge in office leasing.

“Downtown had a blockbuster month of leasing” in July, says the most recent MarketView Downtown Manhattan Snapshot from CB Richard Ellis. The 620,000 square feet leased during July topped the five-year monthly average by 63%, the first time in 11 months that this occurred, according to CBRE.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.