Rents cut at 1 World Trade Center

Created: 05/27/2014 6:52 AM WHEC.com
By: Associated Press

The owners of 1 World Trade Center are slashing office rents nearly 10 percent because they can't find enough tenants.
The Wall Street Journal says the skyscraper is 55 percent leased. It says no private office tenant has signed a lease in almost three years.
The owners are cutting asking rents to $69 a square foot for larger tenants on the building's middle floors.
Develop Douglas Durst tells the newspaper that's down from $75 a square foot.
Durst bought a stake in the 1,776-foot tower from the Port Authority of New York and New Jersey in 2011.
Major tenants in the building include magazine publisher Conde Nast and the government's General Services Administration.
The skyscraper is slated to open later this year.

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