NEW YORK CITY—The Durst Organization, which acquired a 10% stake at 1 World Trade Center in 2010 for $100 million, needs to secure 150,000 square feet in leases at the tower within a year after its opening or face possibly being pushed out of the project.
Durst, according to a report in the New York Post, must secure that minimum lease threshold or face the possibility of the Port Authority of New York and New Jersey buying back its interest in the 3-million-square-foot property.
The 150,000-square-foot threshold would not include the 1.5 million square feet of space signed with Condé Nast, China Center and the US General Services Administration at 1 WTC. The lease deals since those transactions closed amounts to approximately 50,000 square feet, which includes the 35,000-square-foot transaction with KiDS Creative.
Durst recently reduced asking rents on the middle floors of 1 World Trade Center to the $60s per square foot from the low $70s. See story in the New York Post.
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