P.A. Picks Leasing Agent for Freedom Tower

NEW YORK CITY-Locally based Cushman & Wakefield has been named the exclusive leasing agent for 1 World Trade Center, the Freedom Tower , by the Port Authority of New York and New Jersey. The Freedom Tower, which is currently under construction at the site of the former World Trade Center, will total 2.6 million sf upon its completion in 2012.

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.