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Deals & Dealmakers

Cushman & Wakefield inks own deal for 1 WTC space

The Durst Organization has signed Cushman & Wakefield, the privately held commercial real estate services firm handling leasing at One World Trade Center, to a ten-year, 10,222 s/f lease on the 45th floor of the tower.

Cushman & Wakefield employs more than 16,000 professionals worldwide. Founded in 1917, the firm operates 250 offices in 60 countries.

The space will serve as the company’s Downtown headquarters. Cushman & Wakefield — whose world headquarters is situated in Manhattan at 1290 Avenue of the Americas — assumed occupancy on September 1.

With the closing of the transaction, the three-million-square-foot office tower is nearly 58 percent leased.

1 World Trade Center
1 World Trade Center

“One World Trade Center and Cushman & Wakefield are an excellent fit because both carry brands that resonate around the globe,” said Jonathan (Jody) Durst, president of The Durst Organization. “Cushman & Wakefield is a world-renowned real estate company taking space at the world’s premier business address.”

“This transaction with Cushman & Wakefield underscores the diversity of tenants, both domestic and international, who seek office space at One World Trade Center,” said Port Authority acting director of WTC Redevelopment Beth Wolfowitz.

“One WTC is attracting world-class tenants who appreciate its proximity to exceptional public transit, retail shops and restaurants that are part of the revitalized Lower Manhattan.”

“We are thrilled to have Cushman & Wakefield’s Downtown office located at One World Trade Center, and extremely proud to take part in the renaissance of Lower Manhattan by establishing operations in this globally recognized, iconic property,” said Ron Lo Russo, president, NY Tri-State Region, Cushman & Wakefield.

“One World Trade Center offers access to an extensive transportation network, proximity to a talented workforce, first-rate amenities, and a globally known brand,” said Cushman & Wakefield executive vice chairman Tara Stacom, who leads the firm’s leasing team on behalf of the building.

“Moreover, this distinctive property is anchoring Lower Manhattan’s rapid transformation from a financial center to an exciting and diversified, 24/7 community.”

The Durst Organization was represented on the transaction by Eric Engelhardt, the company’s vice president and director of leasing at One WTC. Lo Russo represented Cushman & Wakefield.

International publishing giant Condé Nast, the property’s anchor tenant, has nearly completed interior construction for nearly 1.2 million square feet between the 20th and 44th floors. The space will serve as the company’s global headquarters.

One World Trade Center will mark its official opening toward the end of this year when Condé Nast begins to move personnel into the building.

The property also recently signed two, full-floor, 34,775 s/f leases: Global executive office space provider Servcorp — an Australian-based firm — will occupy the entire 85th floor, and ad agency KiDS Creative, LLC will occupy the entire 87th floor.

Legends Hospitality, LLC — the sports entertainment company developing the building’s One World Observatory on floors 100-102 — will situate members of its Observatory operations team nearby Cushman & Wakefield in space on the 45th floor. Also, London-based BMB Group, an international, investment advisory firm, is leasing pre-built space on the 46th floor.

China Center New York LLC, a division of Vantone Industrial Co., Ltd., has leased 202,732 s/f and will occupy the entire 65th through 69th floors, as well as a portion of the 64th floor.

Also, the U.S. General Services Administration is leasing 272,995 s/f between floors 50 through 55.
The Durst Organization has a pre-built/build-to-suit program setting aside a total of 94,000 s/f on the 45th and 46th floors for small companies with big ambitions.
Tenants will have access to 365,000 s/f of shopping, dining and amenities in 150 shops curated by the Westfield Group.

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