One World Trade Center, Still 25% Vacant, Brings On New Leasing Broker
The longtime leasing team at the United States' tallest building has been replaced.
Cushman & Wakefield's team, led by Tara Stacom, has moved on after 12 years and 2.3M SF of leases signed at the 1,776-foot-tall tower, and will be replaced by Newmark Knight Frank New York Tri-State Region President David Falk, Commercial Observer reports.
The Durst Organization manages the 3.1M SF tower and owns 5% of the building, while the Port Authority of New York & New Jersey owns 95% of the building and controls the land of the entire World Trade Center complex. The other buildings developed to replace the buildings destroyed in the Sept. 11 terrorist attacks — the already-completed 7 World Trade Center and 4 World Trade Center, the nearly complete 3 World Trade Center and the yet-to-start-construction 2 World Trade Center — are being developed, leased and managed by Silverstein Properties.
One World Trade still has 25% of its space vacant despite leasing wins scoring Condé Nast — the deal that kicked off the wave of media companies moving Downtown — and most recently signing The Stagwell Group to 84K SF last year. To bring the building to a higher occupancy, Durst wanted "fresh eyes," according to CO.
"The Durst Organization and Cushman & Wakefield collectively agreed that the timing was right for a change for the last phase of the leasing campaign. This is an opportunity to continue the momentum that Cushman & Wakefield has created over the past 12 years,” Durst Senior Managing Director of Leasing at One World Trade Eric Engelhardt said in a release.
Peter Shimkin, Hal Stein, Andrew Peretz, Jason Greenstein and Travis Wilson will join Falk as NKF's team on the building, replacing Stacom's team of Justin Royce, Barry Zeller, Peter Trivelas and Connor Daugstrup.
CORRECTION, APRIL 12 5:50 P.M. ET: Cushman & Wakefield decided jointly with the Durst Organization to move on from leasing One World Trade Center, rather than being removed, as a previous version of this story indicated. This story has been updated to include a statement from Durst.