8 January 2010 ? While not located in one of Chicago’s 77 neighborhoods, 1 World Trade Center (formerly known as Freedom Tower), the new tower under construction at Ground Zero in New York City, holds a symbolic place in all of our hearts. Despite its symbolism, the building is not immune from the troubled real estate market. In downtown New York, commercial rental rates are down almost 45% and vacancy rates are approaching 10%. The current owner of the building, the Port Authority of New York, is seeking commercial developers to participate not only in the ownership, but also in the marketing and management duties of the new building ? no small task in today’s market. The Port Authority currently has lease arrangements with both state and federal governments, as well as a Chinese real estate firm. While the owners have found lukewarm interest in potential partners, they are confident that the building’s significance, location, and design make it an enticing product ? even at a cost of $3.2 Billion. Slated for completion in 2013, the tower today is only slightly above street level. When completed, it will rise 105 stories and stand 1776 feet tall.Email This Post To a Friend.
Like Chicago Spire, World Trade Center Seeking Out New Business Partners
January 8, 2010
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