Federal Government Returning to World Trade Center
General Services Administration to lease approximately 270,000 square-feet of space.
WASHINGTON, July 18, 2012 /PRNewswire-USNewswire/ -- Today, the U.S. General Services Administration announced that it has signed a lease with the Port Authority of New York and New Jersey and the Durst Organization to occupy approximately 270,000 rentable square feet of space on six floors at One World Trade Center.
"This reaffirms the federal government's commitment to the redevelopment of the World Trade Center site and to this project that demonstrates the undaunted resilience of the American people. There will once again be a federal presence in the World Trade Center, as there was from its beginning," said GSA Acting Administrator Dan Tangherlini. "We worked closely with the Port Authority and the Durst Organization to negotiate a lease that will result in the best value for taxpayers, the federal government and the City of New York."
Not only is the return of the federal presence to the World Trade Center site significant, but with this agreement, One World Trade Center will be more than 55 percent leased. Under the terms of the agreement, GSA will occupy floors 50 through 55 of the building for an initial term of 20 years starting in 2015.
In addition, this lease will help the federal government reduce its overall real estate needs in Manhattan as it occupies space in One World Trade Center and evaluates its long-term agency housing needs in New York City.
The Port Authority is owner and developer of One World Trade Center, soon to be the tallest building in the Western Hemisphere. The Durst Organization is an equity partner in the property and bears primary responsibility for leasing, operating and managing the building.
SOURCE U.S. General Services Administration