This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

The State of World Trade Center Real Estate

NEW YORK ( TheStreet) - A decade after the Sept. 11, 2001 terrorist attacks, the opening of the new One World Trade Center is poised to once again alter the landscape of New York City's Financial District, but in many ways the real estate changes have already taken shape.

Lower Manhattan is a much livelier and more prolific area of the city than it was a decade ago, and is no longer known only for Wall Street and its financial tenants, thanks in part to $30 billion of private and public investment. A number of varied industries have moved their headquarters to the southern reaches of the island, from media and nonprofit organizations to information technology and law firms. Notable among them: publisher Condé Nast, which recently finalized its agreement with the Port Authority to lease more than one million square feet of office at One World Trade Center, moving its headquarters from Midtown.

The new skyscraper, with around 2.6 million square feet of office space, will also house offices of New York State -- around half a million square feet, with the option to lease another half million. A number of large downtown tenants have opted to leave Lower Manhattan however, such as Fidelity Investments, headed for Jersey City, N.J. in 2012, accounting firm Deloitte & Touche, bound for Rockefeller Center from the World Financial Center a year later, and Japanese bank Nomura, also headed for Midtown. The Federal Deposit Insurance Corporation (FDIC) relocated to the Empire State Building in 2010.

View More 9/11 Coverage

There are some concerns about these large firms' recent and upcoming departures, and the inventory of office space they will leave behind. "The biggest worry is that once One World Trade Center goes on line the area will have a lot of available commercial space for rent, and the concern will be trying to fill that up," Ron Lagnado, a partner in the Real Estate Services Group at WeiserMazars, told TheStreet.

More than 750 companies, and 650,000 jobs, left Lower Manhattan in the first two years following Sept. 11, though the area below Chambers Street made a remarkable comeback and has just 4% fewer workers and about 130 more companies now than it did a decade ago, according to a recent Alliance for Downtown New York report.

"The neighborhood's diversification makes it more attractive," Lagnado said. With financials, publishing and other big industries operating side by side, "it's now a true cross section of what New York City is all about, and that can only help the neighborhood."

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,042.90 -28.32 -0.17%
S&P 500 1,972.29 -5.51 -0.28%
NASDAQ 4,493.39 -12.4620 -0.28%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs