Sign in to comment!

Menu
Home

ECONOMY

Rents cut nearly 10 percent at 1 World Trade Center amid slow leasing activity, owners say

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. Develop 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.

___

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

Bank Rates

Loan Type Graph Rate +/- Last Week
30 Y Fixed Graph 4.20% dw 4.27%  
15 Y Fixed Graph 3.27% up 3.21%  
30 Y Fixed Jumbo Graph 4.61% up 4.57%  
5/1 ARM Graph 3.53% up 3.38%  
5/1 Jumbo ARM Graph 3.85% up 3.67%  
Loan Type Graph Rate +/- Last Week
$30K HELOC Graph 4.29% -- 4.29%  
$50K HELOC Graph 4.04% -- 4.04%  
$30K Loan Graph 5.09% up 5.08%  
$50K Loan Graph 4.52% -- 4.52%  
$75K Loan Graph 4.52% -- 4.52%  
Loan Type Graph Rate +/- Last Week
36 M New Graph 2.93% -- 2.93%  
36 M Used Graph 3.46% dw 3.47%  
48 M New Graph 3.22% -- 3.22%  
48 M Used Graph 2.98% -- 2.98%  
60 M New Graph 3.24% -- 3.24%  
Loan Type Graph Yield +/- Last Week
6 month Graph 0.35% up 0.34%  
1 yr Graph 0.69% up 0.68%  
5 yr Graph 1.39% -- 1.39%