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September 24, 2013

One WTC Launches Build-to-Suit Leasing Program

By Barbra Murray, Contributing Editor

One WTCCondé Nast signed on for 1.2 million-square-feet, the U.S. General Services Administration committed to 270,000 square feet and Vantone China Center grabbed 190,000 square feet. Big names have staked big claims to office space at One World Trade Center, but now that The Durst Organization has kicked off a new leasing endeavor, size really doesn’t matter at the 3 million-square-foot tower.

Durst, co-developer of One WTC along with the Port Authority of New York and New Jersey, recently launched its pre-build/build-to-suit program, earmarking a total of 94,000 square feet for units ranging in size from 2,000 to 20,000 square feet to accommodate as many as 18 tenants. The developer is working with Cushman & Wakefield, the commercial real estate services firm charged with leasing up One WTC, to execute the new program.

“We initially went out to find the anchor tenant and in doing that, others called and expressed an interest in taking space,” Tara Stacom, executive vice chairman with C&W, told Commercial Property Executive. “However, not able to start dividing up a 3 million-square-foot tower for smaller space at the time, we kept a list of those interested in coming into the building once we had enough leases and could divide up some space.”

The square footage is being made available on the 45th and 46th floors of the 104-story, 1,776 feet-high tower, which will allow smaller, lower-profile tenants to set up shop in the skyscraper that holds the distinction of being the tallest building in the Western Hemisphere. Tenants will be able to take immediate occupancy with pre-built space, or tailor their own surroundings with the build-to-suit option. And to ensure that no single user attempts to claim all of the space, Durst will lease no more than 43,000 square feet to an individual tenant.

Despite the fact that a global publisher will anchor One WTC, taking up more than one-third of the office space, the leasing team is not targeting tenants in any particular industry for the pre-built/build-to-suit program. All are welcome to vie for a mini-footprint in what will be a premier, LEED CS Gold-certified building.

“It’s very exciting,” Stacom said. “Marketing to the larger users is one thing but when you can open up a building as iconic as One World Trade and allow other companies that are much smaller in scale to have their place on the stage and increase their local brands and increase their visibility by occupying One World Trade, it’s a great pleasure in attracting all of those small users now.”

The big day is not too far off now. One WTC is on track to make its official debut in January 2015. Durst will commence construction of the pre-built spaces on the 45th and 46th floors early next year. And there’s still room for the big guys; One WTC is 55 percent leased.