One World Trade Center Gets $30 Million for Pre-Built Offices

Source: Bloomberg Markets

The Port Authority of New York and New Jersey approved $30 million to reconfigure office space at lower Manhattan’s One World Trade Center in a bid to draw smaller tenants to the nation’s tallest skyscraper.

The Durst Organization, the agency’s equity partner on the tower, plans to construct three floors of pre-built offices, which will be fitted out and furnished by the developer. The authority on Thursday also authorized $1.5 million for a “media wall,” furniture, artwork and finishes in lobby of the 104-story skyscraper.

The vote is the fourth time the agency has extended Durst’s pre-built program in the 3 million-square-foot (279,000-square-meter) tower since mid-2013. The program was developed to meet the demand for offices smaller than the skyscraper’s standard floors, which range from 32,000 to 48,000 square feet, the authority said in a statement. For tenants, the advantage is that they don’t have to pay to custom-design their offices, but they have to accept how the landlord builds them.

One World Trade Center, which opened in November 2014, was about 70 percent occupied as of early this month, according to the building’s website. Its anchor tenant, the publishing company Conde Nast, leases about 1.2 million square feet. In the most recently announced deal, Ameriprise Financial Inc. agreed to rent the entire 37,704-square-foot 78th floor. It was the second financial-services firm in nine months to take space in the tower, following a lease to Moody’s Corp. in September.

To date, about 166,000 square feet of pre-built space in the tower is leased.

Source: Bloomberg Markets