1 World Trade Center Owners Slash Rent Due To Tenant Shortage
NEW YORK (CBSNewYork/AP) — The owners of One World Trade Center have begun slashing office rent nearly 10 percent, as they have found themselves unable to secure enough tenants.
The skyscraper is 55 percent leased, according to a Wall Street Journal report. No private office tenant has signed a lease in almost three years, the newspaper reported.
The owners are cutting asking rents to $69 a square foot for larger tenants on the building’s middle floors. Developer Douglas Durst tells the newspaper that is down from $75 a square foot.
Durst bought a stake in the 1,776-foot tower from the Port Authority of New York and New Jersey in 2011.
Major tenants in the building include magazine publisher Conde Nast and the government’s General Services Administration.
The skyscraper, which has been ruled the nation’s tallest building, is scheduled to open later this year.
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