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Pricey Midtown Rents Mean Big Tenant for 7 WTC
By
Jen Chung
Published Jun 20, 2006
Modified Mar 7, 2008
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By
Jen Chung
Published Jun 20, 2006
Modified Mar 7, 2008
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The jury is still out on whether developr Larry Silverstein will be able to attract tenants to 7 World Trader Center, but he's got a new "major" tenant: Moody's Investors Service, which will take 15 floors (7WTC is 52 floors) - a total of 600,000 square feet. The NY Times is quick to point out that though Silverstein "held out for a premium rent downtown," a few factors worked in his favor: 1) Rising Midtown rents; 2) A Lack of "large blocks of space"; 3) Rents downtown are 30% less than Midtown; 4) City and state tax incentives for renting downtown. 7 World Trade Center is a beautiful building, but we can see why some firms are wary about renting there - there will be construction there for the next 6 years and commuting is not the smoothest.
7 World Trade Center officially opened last month. And Silverstein has rented out six and a half floors so far; the price per square foot ranges from $50-60.
Tagged
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construction
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larry silverstein
midtown
News: NYC
ny times
The NY
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Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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