A new tenant in New York One World Trade Center

Manhattan, Cushman & Wakefield finalized the agreement

Cushman&Wakefield signed a lease agreement occupying 92 900 square meters of office space in One World Trade Center. American publishing house Condé Nast will be one of the main tenants of One World Trade Center building. The cost of the construction of the building amounts to over $3 billion.

Cushman & Wakefield, exclusive agent of Port Authority of New York and New Jersey and Durst Organization, took part in the lease transaction of nearly 93 000 square meters of office space in  One World Trade Center on Manhattan, which is one third of the entire tenant space of the building.

Port Authority and Dust Organization, the investors, commissioned Cushman & Wakefield in 2007 to commercialize the office space in One World Trade Center. The construction of the building will be completed in 2013 and will cost $ 3.1 billion. Overall space of the building will amount to 278 thousand square meters.

Signing the lease agreement with Condé Nast is a clear signal for the market of the Lower Manhattan. It is the biggest commercial lease transaction in the private sector in the region in 20 years. Condé Nast is going to relocate its headquarters and all offices scattered across Midtown Manhattan to one place - One World Trade Center, occupying floors 20 to 41.

Representing Port Authority and its equity partner Durst Organization in this crucial step is a great honor for Cushman & Wakefield – says Glenn Rufrano, President and Chief Executive Officer of Cushman & Wakefield. The transaction shows that Port Authority's anticipations regarding the development potential of Lower Manhattan were correct.

In the transaction Port Authority was represented by Tara I. Stacom, Vice Chairman at Cushman & Wakefield and Executive Director at Alan L. Stein.

Having Condé Nas, one of the best known brands in the world, as a tenant in the building shows that World Trade Center is a good location for companies looking for state of the art space – said Tara I. Stacom, Vice Chairman at Cushman & Wakefield.

The agreement signed with Condé Nast is the second lease transaction of the office space in One World Trade Center made with a large company. In March 2009 China Center New York LLC a branch of Vantone Industrial Co., Ltd. signed a lease agreement to rent over 17 700 square meters. Vantone will occupy floors 64 to 69.

In the transaction Condé Nast was represented by Mary Ann Tighe, CEO of CB Richard Ellis, and Gregory A. Tosko.

One World Trade Center with its antenna will be reaching 541 meters high. It will be the highest building in the Western Hemisphere. Until now 67 floors have been completed (another floor is built every week).

In the building there will be 278 700 square meters of class-A office space on 71 floors. One World Trade Center was designed by world famous architect David Childs from Skidmore Owings & Merrill architectural firm according to the highest ecological standards based on the criteria of LEED Gold awarded by US Green Buildings Council.

Port Authority of New York and New Jersey is a state authority overseeing transportation infrastructure in the region including airports, bridges and seaports. The company owns 16 acres of ground in Lower Manhattan, that is the site of One World Trade Center.

Durst Organization, established in 1915 by Joseph Durst, builds, owns and manages over 8.5 million square feet of Class-A Midtown office space. The firm is world leader in commercial and residential real estate with high parameters and advanced sustainability solutions.

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