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Ad firm doubles space at 1WTC as report hails redevelopment as good investment

Mobile advertising company xAd is doubling its office space at 1 World Trade Center.

1 WTC
1 WTC

The Durst Organization announced the lease for the entire 61st floor of the building in a statement detailing a total of 12 leases signed at the Western Hemisphere’s tallest building since it opened one year ago.

The news comes as a report from NYU’s Rudin Center predicted that the Port Authority will recover nearly all of its $16.76 billion investment in the rebuilding of the World Trade Center.

Entitled “Surprise! World Trade Center Rebuilding Pays Off for the Port Authority – And the Region,” the study estimates that when the World Trade Center is fully built out and occupied, more than 51,100 people will be employed there collecting over $7.3 billion in salaries and wages.

“The general view of New Yorkers, the media, and the civic community has been that the rebuilding of the World Trade Center, while necessary, has come at a major cost to the Port Authority’s bottom line. Our findings tell a different story: The World Trade Center project will ultimately generate enormous economic return for New York and the region, while preserving the Port Authority’s ability to invest in its core transportation assets,” said Mitchell L. Moss, director of the Rudin Center for Transportation and Henry Hart Rice Professor of Urban Policy & Planning at New York University. Read more on the report inside this week on Page A10.

On the one-year anniversary of 1WTC opening, the Port Authority and The Durst Organization announced that they signed almost a lease a month and now has 23 tenants representing 1.988 million square feet of space.

“With occupancy reaching nearly two million square feet, One World Trade Center is attracting consistent interest from firms representing a wide spectrum of business sectors,” said Eric Engelhardt, Vice President of Leasing at One World Trade Center.

“They’re excited to take space in a top-quality building whose name is instantly recognized worldwide.”

ERIC ENGELHARDT
ERIC ENGELHARDT

“One World Trade Center is the catalyst propelling Downtown Manhattan’s emergence as one of New York City’s most vibrant business districts,” said Beth Wolfowitz, Port Authority director of leasing and development for the World Trade Center Redevelopment Department.

“We’re seeing tenants of all sizes stepping forward to sign leases, which underscores this remarkable property’s wide-ranging appeal.”

In the xAd transaction, Engelhardt represented Durst inhouse along with Tara Stacom, executive vice chairman of Cushman & Wakefield. xAd was represented by Jon Mayeske and Jamie Katcher, also of Cushman & Wakefield.

The largest leases signed since the building opened last fall include an 87,663 s/f lease with High 5 Games, an 86,517 s/f lease with xAd (43,849 on the 60th floor and 42,634 on the 61st floor), and 75,312 s/f with Moody’s Corporation.

Other tenants who have leased space in One World Trade Center in the last year include Symphony Communications (8,590 s/f); Kensho (7,530 s/f; Olam America (5,451 s/f); Tinypass (4,936 s/f), Decryptex (4,156 s/f); Town Square Trading (3,510 s/f); ValueWorks (2,995 s/f); Casablanca Capital (2,488 s/f); and Legends Hospitality (2,344 s/f).

“One World Trade Center offers a unique advantage for the large number of rapidly expanding tech tenants in today’s marketplace because it can provide much-needed expansion space,” said Stacom.

TARA STACOM
TARA STACOM

“Several tenants who moved in have already significantly increased their space needs, and One World Trade accommodated their growth.”

Durst has set aside a total of 212,420 rentable square feet on the 45th, 46th, 47th, 83rd and 84th floors to accommodate small-space tenants from a range of sectors. The suites feature a variety of layouts and high-end finishes, and are available in sizes ranging from 2,000 to 20,000 s/f.

Durst just signed three new leases for built-to-suit space with financial services companies Town Square, ValueWorks and Decryptex.

Global publishing giant Condé Nast, the anchor tenant, situated its 1.2-million-square-foot headquarters between the 20th and 44th floors.

The General Services Administration has approximately 273,000 s/f on floors 50 to 55, Servcorp has approximately 35,000 s/f on the 85th floor, China Center New York has approximately 33,000 s/f on the 89th floor and One World Observatory has approximately 115,000 ss/f on 100-102 and lobby floors.

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