One World Trade Center Tenant Grows Footprint Again

One World Trade Center rises 104 stories in Manhattan’s Financial District. Image courtesy of CommercialEdge

Energy Capital Partners has inked a leasing agreement with The Port Authority of New York and New Jersey and The Durst Organization for 26,292 square feet at One World Trade Center, greatly expanding its presence in the building. The deal was facilitated by Newmark, along with in-house representation from The Durst Organization, which co-developed the property and acts as leasing broker.

ECP initially moved into the building in 2017, occupying 6,173 square feet. The company first expanded its footprint this January, adding another 4,719 square feet. With the latest expansion, the tenant quadrupled its original commitment.

The transaction comes on the heels of a series of leasing agreements at One World Trade Center, with  tenants including LMAX Group, Onyx Point and RQD Clearing. Additionally, Pilot Fiber, Capital Rx, Fractal Analytics and Campisano Capital renewed their commitments.

Completed in 2009, the skyscraper rises 104 stories and comprises 3.1 million square feet. In 2011, the property became subject to a $672.5 million 30-year loan from Bank of New York Mellon, according to CommercialEdge data. The LEED Gold-certified property is now 95 percent occupied. Located at 285 Fulton St. in Manhattan’s Financial District, the high-rise includes a 25,000-square-foot amenity space on the 64th floor.

Manhattan’s asking rates slightly contract

Newmark Executive Managing Director Eric Zemachson and Managing Director Corey Borg represented ECP in the transaction. The firm’s Vice Chairmen Peter Shimkin and Hal Stein, along with President David Falk, Executive Managing Director Jason Greenstein and Director Nathan Kropp, together with The Durst Organization Senior Vice President Eric Engelhardt and Managing Director Karen Rose, represented the ownership.

Manhattan’s average asking rate continued to be the highest in the U.S., clocking in at $70.05 as of September, representing a 0.5 percent drop year-over-year, according to a recent CommercialEdge report. The borough’s vacancy stood at 17.7 percent, marking a 2 percent increase over 12 months, and only 10 basis points from the national average of 17.8 percent, the same source shows.