Long Island Press Long Island Press
Serving the opinion leaders of Long Island
Long Island Press Long Island Press
Long Island Press Long Island Press
  • Home
  • Long Island News
  • Columns
  • Entertainment News
  • Living
  • Special Series
  • CURRENT LONGISLANDPRESS.COM
  • SECTIONS
    • Home
    • Long Island News
    • Columns
    • Entertainment News
    • Living
    • Special Series
    • CURRENT LONGISLANDPRESS.COM

Long Island Remembers 9/11: Ten Years, Ten Stories

by Long Island Press on September 8, 2011

MOVING IN: Who Will (Or Would Want To) Lease Space At 1 World Trade Center?

The first World Trade Center took 34 years to achieve its highest level of occupancy after the Port Authority began clearing lower Manhattan for its construction in March, 1966.

Hopes are high that it won’t take that long for the new World Trade Center to do the same. When the first phase of reconstruction of the 16-acre complex is complete, it’s expected to add at least 10 million square feet to downtown Manhattan. For comparison’s sake, Long Island has 50 million square feet of similar Class A & B office space, and its current average vacancy rate is 11 percent, or about 5 million square feet.

Concerns that a Ground Zero address might be a drawback to a prospective tenant have proven short-sighted. In May of this year the publishing giant, Conde Nast, agreed to lease 1 million square feet of 1 World Trade Center, once known on the drawing boards as the Freedom Tower. It’s already the tallest building in Manhattan and it won’t be completed until 2013. Joining the publisher there will be The China Center, a consortium of Chinese businesses, which has just signed a lease for 200,000 square feet. With those formal leases, only another 1.8 million square feet is still up for grabs.

The Port Authority hopes its new tenants can move into 1 World Trade in 2014. It also is responsible for Tower Five, which has many years to go before it can be leased. Silverstein Properties, Inc., which signed a 99-year lease for the World Trade Center in July 2001 for $3.2 billion, is responsible for Towers Two, Three, Four and Seven. The Port Authority decided in 2006 to move its headquarters to 4 World Trade, which should be ready in 2014, in order to draw other tenants there.

So far, 7 World Trade Center, the first tower to be rebuilt, is now 92 percent leased, according to a source in Silverstein Properties who asked not to be identified because he wasn’t authorized to speak on his company’s behalf. That tower’s big tenant is Moody’s, the bond-rating firm, which recently gave the Port Authority a negative rating because of its revenue problems battling the recession. Tower Two is slated to open in 2016 so “it’s much too early” to discuss leasing, the Silverstein source says; and the same goes for Tower Three, set to open for 2015.

Tower Three will be built to a five-story “podium” level after which construction stops until it gets a signature tenant; and Tower Two will only come to street level, “until the real estate market warrants additional space downtown,” says Port Authority spokesman, Steve Coleman.

Some in Long Island’s real estate industry see “all positives” from businesses taking up space at the rebuilt WTC and no threat from companies out here suddenly deciding to kiss the suburbs goodbye. “It’s definitely going to benefit us with new people living here who will be employed down there,” says David Pennetta, president of the Commercial Industrial Brokers Society of Long Island, and a board member of the Association for a Better Long Island, a developers’ lobbying group. “I don’t see any negative.”

PAGES
1 2 3 4 5 6 7 8 9 10
Your reaction
LOL
0%
Cool
0%
What!?
0%
Meh...
0%
Sad
100%
RAGE!
0%
Long Island News, National News, News
9/119/11 CommissionAl QaedaAlex JonesAll My ChildrenAndrew CuomoAnn McGovernAnniversary Sept. 11 Commemorative DollarArt SpeigelmanAssociation for a Better Long Islandbarack-obamabruce springsteenCaptain AmericaCarl KeyesChris ChristieCIAClaremont School of TheologyConde NastCover StoryDavid PennettaDavid Ray GriffinDavid SamsonDickinson Elementary SchoolDon DeLilloDr. DoomDr. Faroque KhanDr. Shaik UbaidDylan AveryEJay WeissEmily Arnold McCullyFaisal ShahzadFBIfeaturedfeatured-scrollFlag of Honor/Flag of Heroes ProjectFreedom TowerGeorge W. BushGround ZeroHabeeb AhmedHomeland Security CommitteeIn the Shadow of No TowersInc.Islamic Center of Long IslandJack ScaliaJeremy StahlJohn MichelottiJohn VigianoJohn Vigiano IIJoyce Carol OatesKhalid Sheikh MohammedKristy JacksonLawrence WrightLee IelpiLehman WeichselbaumLest We Forgetlily allenLincoln TunnelLong IslandLong Island Muslim SocietyLupe FiascoMarvel ComicsMary Anne CowanMelissa EtheridgeMichael MooreMichael RuppertMirette on the High WireMoody'sMordicai GersteinMuslim Peace Coalition CommitteeMy Chemical RomanceNancy KerriganNational Collector’s MintNational Security AgencyNeil YoungNelson DeMilleNew York State Department of EducationOksana BaiulOpinion Research BusinessOsama Bin LadenPa.PentagonPeter KingPeter O’Neill Jr.Philip RothPhilippe PetitPort AuthorityRescue MeRichard HowardRichard ReidRudolph GiulianiSaddam HusseinSandler O’Neill & PartnersSasha CohenShanksvilleSharon ColburnSilverstein PropertiesSpider-ManSs. Cyril and MethodiusSteve ColemanTalat HamdaniTara ModlinThe China CenterThe CranberriesThe Man Who Walked Between the TowersThe StrokesToby SeldaTori AmosU.S. Congressional Budget OfficeU.S. Department of DefenseUmar Farouk AbdulmutallabUrban Life MinistriesViktor PetrenkoWar on TerrorWestbrook Elementary SchoolWorld Trade Center
9/11, 9/11 Commission, Al Qaeda, Alex Jones, All My Children, Andrew Cuomo, Ann McGovern, Anniversary Sept. 11 Commemorative Dollar, Art Speigelman, Association for a Better Long Island, barack-obama, bruce springsteen, Captain America, Carl Keyes, Chris Christie, CIA, Claremont School of Theology, Conde Nast, Cover Story, David Pennetta, David Ray Griffin, David Samson, Dickinson Elementary School, Don DeLillo, Dr. Doom, Dr. Faroque Khan, Dr. Shaik Ubaid, Dylan Avery, EJay Weiss, Emily Arnold McCully, Faisal Shahzad, FBI, featured, featured-scroll, Flag of Honor/Flag of Heroes Project, Freedom Tower, George W. Bush, Ground Zero, Habeeb Ahmed, Homeland Security Committee, In the Shadow of No Towers, Inc., Islamic Center of Long Island, Jack Scalia, Jeremy Stahl, John Michelotti, John Vigiano, John Vigiano II, Joyce Carol Oates, Khalid Sheikh Mohammed, Kristy Jackson, Lawrence Wright, Lee Ielpi, Lehman Weichselbaum, Lest We Forget, lily allen, Lincoln Tunnel, Long Island, Long Island Muslim Society, Lupe Fiasco, Marvel Comics, Mary Anne Cowan, Melissa Etheridge, Michael Moore, Michael Ruppert, Mirette on the High Wire, Moody's, Mordicai Gerstein, Muslim Peace Coalition Committee, My Chemical Romance, Nancy Kerrigan, National Collector’s Mint, National Security Agency, Neil Young, Nelson DeMille, New York State Department of Education, Oksana Baiul, Opinion Research Business, Osama Bin Laden, Pa., Pentagon, Peter King, Peter O’Neill Jr., Philip Roth, Philippe Petit, Port Authority, Rescue Me, Richard Howard, Richard Reid, Rudolph Giuliani, Saddam Hussein, Sandler O’Neill & Partners, Sasha Cohen, Shanksville, Sharon Colburn, Silverstein Properties, Spider-Man, Ss. Cyril and Methodius, Steve Coleman, Talat Hamdani, Tara Modlin, The China Center, The Cranberries, The Man Who Walked Between the Towers, The Strokes, Toby Selda, Tori Amos, U.S. Congressional Budget Office, U.S. Department of Defense, Umar Farouk Abdulmutallab, Urban Life Ministries, Viktor Petrenko, War on Terror, Westbrook Elementary School, World Trade Center
About the Author
Long Island Press
You might also dig
 

9/11 Families Prepare for Guantanamo Arraignment

by KAREN MATTHEWS, Associated Press  on May 5, 2012
Nearly 11 years after the 2001 terror attacks, family members of some of the victims will watch via closed-circuit TV as the self-proclaimed mastermind of the attacks and four co-defendants are arraigned at Guantanamo Bay, Cuba. “I want to bear [...]
 

Ahmadinejad To U.N.: Holocaust an “Excuse;” 9/11 “Mysterious”

by Christopher Twarowski on September 22, 2011
Iranian President Mahmoud Ahmadinejad delivered a fiery tirade before the United Nations General Assembly Thursday, accusing the United States, Israel and NATO of tyranny and insinuating U.S. Special Forces killed Osama bin Laden in order to keep [...]
 

AP sources: No Sign of US Entry for Terror Plot

by MATT APUZZO, Associated Press  on September 10, 2011
U.S. intelligence agencies have found no evidence that al-Qaida has sneaked any terrorists into the country for a strike coinciding with the 10th anniversary of the Sept. 11 attacks, senior officials said Saturday. But authorities kept a high alert as [...]
Long Island Press is a registered trademark of Schneps Communications. © 2017. All rights reserved.