full in July 2011, taking 300,000 feet.
This year, Condé decided to take an additional 133,000 square feet at the building,
now occupying floors 20 through 44—more
than a third of the property. And though it’s
not yet official, Midtown law firm
Chadbourne & Parke is said to be the next
big tenant to make the move to the WTC.
For the remaining 40% of the building,
Stacom says the Condé deal “ignited inter-
est” in the communications and technology
firms that are situated both in Midtown and
Midtown South and which are now focused
on Downtown. She tells Forum that several
active negotiations are in the works. “While
many firms may have considered Downtown
as an inkling, now it is an absolute,” she says.
“Downtown is viewed differently and it’s
been a complete renaissance. It’s attracting
the younger communications and technol-
ogy media firms because of Conde Nast.”
Despite the tenant diversification at 1
World Trade and the successful lease-up of
7 World Trade, obstacles remain for
Downtown. Namely, Wall Street profits, jobs
and bonuses are likely to drop, according
to a 2011 report from New York State
Comptroller Thomas P. DiNapoli, who esti-
mated the city could lose nearly 10,000 jobs
in the securities sector by the end of 2012.
This would bring total job losses in the
industry to 32,000, making it the highest
since January 2008. This phenomenon
could create a ripple effect throughout the
city’s economy and impact office moves,
sources say.
Avemore Apartments $29,000,000 Charlottesville, VA
From 7 World Trade, Silverstein Properties CEO Larry Silverstein can survey the construction at the World Trade Center site in Lower Manhattan Photo by Jacqueline Hlavenka
22 REAL ESTATE FORUM FEBRUARY/MARCH 2012
Part of the ForumLOCAL Series
www.reforum.com
