NEW YORK CITY-As the good feelings fade from the celebration last week of the spire being lifted to the roof of 1 World Trade Center comes the harsh reality that leasing at the 104-story tower has been slow.
No office lease has been signed at the property since Condé Nast inked a 1.2-million-square-foot deal two years ago. More than 3 million square feet of vacant office space is expected to open in 2014 at 1 WTC and 4 WTC. Another 2 million square feet of space is on the drawing board at 3 WTC, whose construction is stalled at seven stories due to lack of demand for commercial tenants, according to Crain's New York Business.
The biggest office tenant in the NYC market at present is Time Warner Inc., which is looking for new headquarters space in Manhattan totaling 1 million square feet. It has turned its focus to the Hudson Yards, according to a report last week in The Wall Street Journal. The law firm Jones Day, which was believed to be interested in anchoring 3 World Trade Center, is reportedly close to signing a 400,000-square-foot deal at Brookfield Place across West Street from the trade center site. See story in Crain's New York Business.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
