The eight-year sublease, which runs thru June 2012, was arranged by Kevin Danehy, SVP of CB Richard Ellis. Earth Tech, which is relocating from 655 Third in Midtown, will occupy the entire 25th floor at 1 WFC.

"Over the past few months we have seen numerous tenants relocating Downtown from Midtown locations, driven by the incentives available and the overall economics of the deals," explains Danehy. "Earth Tech will now occupy space in a top-tier, class A office property at a significantly lower cost per sf, while at the same time take advantage of its close proximity to the infrastructure work at Ground Zero."

Owned by Brookfield Properties, 1 WFC offers floor sizes as large as 70,000 sf. In late April, Brookfield replaced a maturing $402 million fixed-rate mortgage on the building with $300 million of floating-rate debt from Deutsche Bank. The previous $402 million mortgage carried an interest rate of 7.51% and a maturity of November 2003. The new floating rate financing is set at LIBOR plus 2%. This financing provides maximum operating and leasing flexibility at One World Financial Center, a 40-story, 1.6 million sf tower, until leases expiring, primarily in 2005 are addressed.