Under the terms of the three-year agreement, C&W will provide advisory services and assist Port Authority staff in the marketing of the Freedom Tower and negotiating leases. Cushman & Wakefield will be responsible for leasing approximately 60% of the building's office space, or 1.5 million gross sf. The brokerage firm expects to have the Freedom Tower substantially leased by the building's completion date of 2012 at competitive rental rates.
The remaining 1.1 million gross sf have leases approved: 412,000 sf is approved to the New York State Office of General Services; 653,000 sf is being finalized with the US General Services Administration; and the agency is negotiating with the Metropolitan Television Alliance for the entire 89th and 90th floors, as well as the right to broadcast from the building's rooftop. The Port Authority assumed control over the construction and leasing of the Freedom Tower last September in an agreement with Silverstein Properties that placed Port Authority in charge of constructing the three major components of the World Trade Center.
According to a Port Authority release, major progress has been made during the past year with more than 600 workers at the site each day, more than 100 pieces of heavy equipment, and more than $1.7 billion in contracts awarded for the Freedom Tower, the Memorial and the World Trade Center Transportation Hub. The foundation work for the Freedom Tower is nearly complete with steel rising and more than 12,000 cubic yards of concrete already poured.
C&W was selected through a request for proposal process, publicly advertised in June. "Cushman & Wakefield is thrilled and honored to have been named as the exclusive leasing agent for the Freedom Tower," notes Bruce Mosler, president and CEO of Cushman & Wakefield in a prepared statement. "This building is a symbol of New York's--and our nation's--resurgence, and will become one of the most successful and globally recognized icons of all time."
Mosler adds that the company is proud to partner with the Port Authority "to bring this historic vision to reality, and to continue to play a leading role in the revival of Downtown Manhattan." Tara Stacom, vice chairman, is leading the Cushman & Wakefield leasing team.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
