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July 29, 2014- The Post reports, “It’s crunch time for the Durst Organization at 1 World Trade Center….According to PA board minutes we unearthed from August 2010, if Durst doesn’t achieve a “minimum threshold for lease-up” once the tower opens, the agency can buy back his $100 million share…the 150,000-foot total can’t include the roughly 1.5 million square feet previously signed to Condé Nast, China Center and the federal GSA. The few, freshly signed office leases since those total about 50,000 square feet, including 35,000 feet for KiDS Creative — a mere third of the threshold figure.
The “iconic” 3 million square-foot tower is about 60 percent leased. Durst, citing weak demand, recently reduced asking rents on middle floors to the $60s per square foot from the low $70s, although KiDS Creative is paying in the $90s for the 85th floor.”
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