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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV