"The Market's Not There" - One World Trade Center Lowers Asking Rents By 10%

05-27-2014 • http://www.zerohedge.com, by Tyler Durden

In fact quite the opposite: according to the WSJ the owners of the towering 3.1 million square foot One World Trade Center, which at last check was 55% leased, have been forced to cut asking rents by 10% from 75% to $69. Why? "The market's not there," said Mr. Durst, whose Durst Organization bought a stake in the tower from the Port Authority in mid-2011. "When we started in 2011, everybody expected the economy to take off, and obviously that hasn't happened."

As WSJ reports, things are not going well for One World Trade Center...

No private office tenant has signed a lease at One World Trade Center in nearly three years. The 3.1-million-square-foot skyscraper, formerly named the Freedom Tower, is 55% leased.

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"The Market's Not There" - One World Trade Center Lowers Asking Rents By 10%

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