Durst Organization Pre-Built Leasing Program, One World Trade Center
Rosenberg & Estis, P.C. assisted the Durst Organization in its successful effort to facilitate the pre-built leasing program at One World Trade Center, structuring lease documents to speed and simplify the leasing process. The Durst Organization, a joint venture partner with the Port Authority of New York and New Jersey, oversees the construction, leasing, and management of the three million-square-foot One World Trade Center. Initially, the Durst Organization primarily leased full floors and large blocks of space at the building. However, it also has successfully offered commercial tenants prebuilt and build-to-suit space options ranging in size from 3,000 to 26,500 square feet. Pre-built spaces are designed and completed by the landlord prior to leasing, providing an attractive option to smaller tenants who seek to act quickly and who are less inclined to engage in lengthy negotiations and the process of building out space. William Byers, member, of Rosenberg & Estis, assisted the Durst Organization by developing lease documents that simplify the lease agreement negotiation process for the smaller tenants. The leases are approximately half the length of a typical lease document, and lease negotiations have become extremely efficient as the pre-built program has advanced. The pre-built program and lease documents could serve as a model for other owners, significantly streamlining leasing for landlord and for tenant alike. To date, Durst has leased approximately 250,000 square feet of pre-built space to some 35+ tenants, including Progenics Pharmaceuticals, Kensho Technologies and Westfield. Eight floors were dedicated to the program and it was recently expanded it to include another floor.