NEW YORK CITY—The Durst Organization, whichacquired a 10% stake at 1 World Trade Center in2010 for $100 million, needs to secure 150,000 square feet inleases at the tower within a year after its opening or facepossibly being pushed out of the project.
Durst, according to a report in the New York Post, mustsecure that minimum lease threshold or face the possibility of thePort Authority of New York and New Jersey buyingback its interest in the 3-million-square-foot property.
The 150,000-square-foot threshold would not include the 1.5million square feet of space signed with Condé Nast, China Centerand the US General Services Administration at 1 WTC. The leasedeals since those transactions closed amounts to approximately50,000 square feet, which includes the 35,000-square-foottransaction with KiDS Creative.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
