As we briefly noted late last week, Larry Silverstein has secured another tenant for LEED Gold 7 World Trade Center. Advertising firm Arnell Group will pay $70 per square foot for the entire 40,000 square feet on the building’s 37th floor. According to the New York Observer, only 440,000 square feet remain across 11 floors of the 1.7 million-square-foot, 52-story tower. 10 of the 11 floors are at the very top of the building, where Silverstein is asking $75 per square foot. Downtown rents have historically been lower than those in Midtown, and Mr. Silverstein is demanding figures that were once unheard of, even prior to September 11. It’s also significant that an advertising agency - and not another financial services firm, de rigueur for Downtown - has inked a deal with Mr. Silverstein. Here’s hoping that green will be the catalyst that continues to diversify the tenant rosters at the series of towers scheduled to rise at the site of the former World Trade Center.
Silverstein Nails Another at 7 WTC (NYO) Gold Greenwich Street Towers (gbNYC) 11 Floors Remain at 7 WTC (gbNYC)