Only 4 Companies Rent Space in One World Trade Center

What's This?

The top of One World Trade Center in New York at sunset. When the top spire was added on May 10, 2013, it became the tallest structure in the Western Hemisphere.

Image: Flickr, Anthony Quintano

By Eric Larson2014-05-29 10:08:59 UTC

Editor's Note: This is a developing story. We'll continue to update the list and infographic as more companies join (or leave) One World Trade Center building.

It's the tallest building in the Western Hemisphere, yet half of it is completely empty.

Last week, the owners of the highest tower of New York's One World Trade Center, formerly called the "Freedom Tower," announced plans to cut office rent prices by nearly 10%, down from $75 to $69 per square foot.

The Durst Organization, the real estate company that manages One World Trade Center, decided to lower prices, citing less than stellar buyer interest. Only 55% of the 104-story building has been leased thus far. And with its grand opening only months away, Durst is hoping to attract more companies — practically anyone — to take space in the giant lower Manhattan skyscraper.

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Jordan Barowitz, director of external affairs for Durst, tells Mashable that four businesses have bought space in One World Trade Center so far: Condé Nast (1.1 million square feet), the General Services Administration (300,000 square feet), China Center (200,000 square feet) and Legends Hospitality (100,000 square feet.)

Here's a breakdown of each occupancy, floor-by-floor:

Image: Mashable Infographic

Talk about a ghost town.

Part of the reason for the low occupancy might be its price. The building cost nearly $4 billion to construct, making it the most expensive office tower in New York. The Wall Street Journal reports average rent prices in the city's downtown area are currently running approximately $50 per square foot. It's only natural, then, that competition has been tough — at least in the short term.

"The market's not there," Douglas Durst, chairman of Durst, said in a recent Wall Street Journal interview. "When we started in 2011, everybody expected the economy to take off, and obviously that hasn't happened."

On Wednesday, Crain's reported China Center had begun negotiating with Durst to downsize its commitment even further, to 100,000 square feet.

All four organizations did not respond to requests for comment. We'll update this post and infographic as more information becomes available.

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Topics: architecture, Business, Mashable Must Reads, infographics, Jobs, new york, office, U.S., US & World, Work & Play, world trade center