710 KNUS News

5/27/2014 5:16 AM
Rents cut at 1 World Trade Center, owners say

NEW YORK (AP) — The owners of the World Trade Center's signature skyscraper are slashing office rents nearly 10 percent because they can't find enough tenants.

The Wall Street Journal (http://on.wsj.com/1jVTyVD ) reports that 1 World Trade Center is 55 percent leased. It says no private office tenant has signed a lease in almost three years.

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's 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, the nation's tallest building, is scheduled to open later this year.

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Information from: The Wall Street Journal, http://www.wsj.com



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(Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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