Industry News
Oct 19, 2007
By: Paul Rosta, Senior Associate Editor
Cushman & Wakefield Inc. has landed one of the nation’s highest-profile office leasing assignments. Yesterday the Port Authority of New York and New Jersey tapped Cushman & Wakefield to lease 1.5 million square feet at Freedom Tower, the $3 billion, 2.6 million-square-foot tower rising at the World Trade Center site in Downtown Manhattan. The contract is for three years plus options for two one-year extensions.
The Port Authority retained Cushman & Wakefield to market about 60 percent of the available space at the tower, which is scheduled for completion in 2012. Up to now the Port Authority has handled leasing in house. So far federal and state tenants have signed on for about 1.1 million square feet. The U.S. General Services Administration will take 653,000 square feet, and the New York State Office of General Services has committed to 412,000 square feet. The Metropolitan Television Alliance is negotiating a lease with the Port Authority for the 89th and 90th floors as well as the right to broadcast from the building’s rooftop.
Representing Freedom Tower will give Cushman & Wakefield a high-profile presence at the World Trade Center alongside CB Richard Ellis Group Inc., one of Cushman & Wakefield’s principal New York City competitors. CB Richard Ellis handles leasing for 7 World Trade Center, the trophy tower completed last year by Silverstein Properties Inc.
Cushman & Wakefield officials declined to comment on the firm’s selection, referring inquiries to the Port Authority. A spokesperson for the agency said yesterday that the redevelopment of the World Trade Center site is accelerating on multiple fronts. The Freedom Tower’s foundation is approaching completion. By the end of the year, reconstruction will be complete on the southern section of the retaining wall dubbed the “bathtub.” That will enable Silverstein Properties to start construction of the office buildings currently known as Towers 3 and 4. And next year, the Port Authority will finish construction on the bathtub’s northern section, enabling Silverstein to kick off construction of Tower 2.
By: Paul Rosta, Senior Associate Editor
Cushman & Wakefield Inc. has landed one of the nation’s highest-profile office leasing assignments. Yesterday the Port Authority of New York and New Jersey tapped Cushman & Wakefield to lease 1.5 million square feet at Freedom Tower, the $3 billion, 2.6 million-square-foot tower rising at the World Trade Center site in Downtown Manhattan. The contract is for three years plus options for two one-year extensions.
The Port Authority retained Cushman & Wakefield to market about 60 percent of the available space at the tower, which is scheduled for completion in 2012. Up to now the Port Authority has handled leasing in house. So far federal and state tenants have signed on for about 1.1 million square feet. The U.S. General Services Administration will take 653,000 square feet, and the New York State Office of General Services has committed to 412,000 square feet. The Metropolitan Television Alliance is negotiating a lease with the Port Authority for the 89th and 90th floors as well as the right to broadcast from the building’s rooftop.
Representing Freedom Tower will give Cushman & Wakefield a high-profile presence at the World Trade Center alongside CB Richard Ellis Group Inc., one of Cushman & Wakefield’s principal New York City competitors. CB Richard Ellis handles leasing for 7 World Trade Center, the trophy tower completed last year by Silverstein Properties Inc.
Cushman & Wakefield officials declined to comment on the firm’s selection, referring inquiries to the Port Authority. A spokesperson for the agency said yesterday that the redevelopment of the World Trade Center site is accelerating on multiple fronts. The Freedom Tower’s foundation is approaching completion. By the end of the year, reconstruction will be complete on the southern section of the retaining wall dubbed the “bathtub.” That will enable Silverstein Properties to start construction of the office buildings currently known as Towers 3 and 4. And next year, the Port Authority will finish construction on the bathtub’s northern section, enabling Silverstein to kick off construction of Tower 2.
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