EN | JP
Cushman & Wakefield Completes One Million-SF Lease at One World Trade Center
25 May, 2011, New York
Working as the exclusive agent on behalf of The Port Authority of New York and New Jersey and The Durst Organization, Cushman & Wakefield has successfully arranged Condé Nast's one-million-square-foot office lease within One World Trade Center in Manhattan.
Cushman & Wakefield was selected in 2007 by the Port Authority, which is developing the building together with The Durst Organization, to spearhead office leasing for the iconic, 3-million-square-foot, $3.1 billion tower that will be completed in 2013. With the closing of the Condé Nast transaction, more than one-third of the building has now been rented more than three years before the first tenant assumes occupancy.
The signing of the Condé Nast lease represents a major milestone in the renaissance of Lower Manhattan, the city at large and the nation as a whole. The Condé Nast deal stands as Lower Manhattan's largest, private-sector leasing transaction in 20 years.
Conde Nast will relocate its headquarters and consolidate its offices from several midtown Manhattan office buildings to occupy floors 20-41, or approximately one-third of One World Trade Center's office space.
"Cushman & Wakefield is honored to have been the representative of the Port Authority and its new equity partner, The Durst Organization, on this historic transaction," said Glenn Rufrano, President and Chief Executive Officer of Cushman & Wakefield. "When we were originally chosen by the Port Authority as their exclusive leasing agent, skepticism about the future of Lower Manhattan was hard to ignore. With this landmark transaction, it is abundantly clear that the Port Authority's vision is fast becoming reality for Lower Manhattan. Tara Stacom and her team of brokers on the building are unparalleled for their unwavering dedication and commitment to the success of this project."
"One World Trade Center is a global icon and this deal is a catalyst for the new downtown," said Carlo Sant'Albano, Cushman & Wakefield's Chairman of the Board, based in London. "We are extraordinarily proud of our representation of ownership in this landmark transaction that brings Conde Nast, the international trend setter of fashion and ideas, to One World Trade Center, the market maker and leader of the renaissance of Lower Manhattan. Cushman & Wakefield has enjoyed a long history of involvement with the World Trade Center and we look forward to continuing that association as we bring this unique opportunity to prospective tenants throughout the Americas, Europe and Asia."
Cushman & Wakefield Vice Chairman Tara I. Stacom and Executive Director Alan L. Stein represented the Port Authority on this transaction.
"Condé Nast's decision to relocate into Lower Manhattan from Midtown is a transformative moment in the history of a community that had been closely identified with the financial services sector for more than two centuries. Downtown has now evolved to a more diversified roster of businesses that include publishing, advertising, architecture and design, the law, the arts and myriad other creative professions that drive the New York City economy," said Cushman & Wakefield Vice Chairman Tara I. Stacom. "As the largest relocation ever from midtown to downtown, the one million square foot Conde Nast lease validates the progress at the World Trade Center site under the leadership of PA Exec Director Chris Ward, and in bringing one of the world's most iconic brands to One World Trade Center validates it as the go-to location for companies looking for state of the art headquarters space. Conde Nast recognized the outstanding features of One World Trade Center's new construction, the overall importance of the site and park, the largest transportation hub in Manhattan and the iconic stature of the tower."
The transaction represents the second major corporate tenant to lease office space in One World Trade Center. China Center New York LLC, a division of Vantone Industrial Co., Ltd., signed a 190,810 square-foot lease in March, 2009. Vantone will occupy a portion of the 64th floor and the entire 65th through 69th floors.
Cushman & Wakefield has a long history of involvement with the overall World Trade Center site. For example, in 1985 at the original complex, the company served as leasing broker for the Port Authority for the project's largest office tenant in a deal totaling approximately one million square feet with Dean Witter. In 2001 the company completed the 99 year lease of the World Trade Center to Larry Silverstein. More recently, Cushman & Wakefield represented the Port Authority in the re-negotiation of its net lease with Silverstein Properties, and in its joint venture of One World Trade Center with The Durst Organization.
CB Richard Ellis Vice Chairmen Mary Anne Tighe and Gregory A. Tosko led a team that represented Condé Nast on the transaction.
With an antenna tower rising 1,776 feet high, One World Trade Center will become the Western Hemisphere's tallest building upon completion. Now well under construction, the structure presently stands 67 stories above ground level. A new floor of the tower is being completed every week.
The property will consist of 3 million square feet of Class-A office space on 71 office floors, a grand public lobby graced with 50-foot ceilings and an observation deck 1,241 feet above ground, among other amenities. Designed by world-renowned architect David Childs of Skidmore Owings & Merrill, One World Trade Center is expected to be the most environmentally sustainable project of its size in the world. The project incorporates environmentally sensitive features based on LEED Gold criteria established by the US Green Buildings Council.
Workers commuting to and from One World Trade Center will enjoy seamless access to an unprecedented confluence of mass transit service. Ultra-modern, climate-controlled corridors will connect the tower to The World Trade Center Transportation Hub -- designed by eminent architect Santiago Calatrava -- and the new PATH terminal, eleven NYC Transit subway lines and the new Fulton Street Transit Center, the World Financial Center and ferry terminal, and approximately 500,000 square feet of world-class shopping and dining.
Cushman & Wakefield is one of the world's largest commercial real estate services firms. Founded in 1917 and headquartered in New York City, the firm has 234 offices in 61 countries, and 13,000 employees.
The Port Authority of New York and New Jersey, which is self-sufficient and does not receive tax dollars from either state, operates many of the busiest and most important transportation links in the region. The agency also owns the 16-acre World Trade Center site in Lower Manhattan.
The Durst Organization, founded in 1915 by Joseph Durst, is the owner, manager and builder of 10 million square feet of premiere midtown Manhattan office towers. The Organization is recognized as a world leader in the development of high-performance and environmentally advanced commercial and residential property.
* * *