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Silverstein Says Rents at 4 World Trade Will Start at $75 a Foot

Nov. 9 (Bloomberg) -- Annual rents for the remaining space at 4 World Trade Center will start at around $75 a square foot, Larry Silverstein, the building’s developer, said today at the Bloomberg Commercial Real Estate Summit in New York.

Silverstein, chief executive officer of Silverstein Properties Inc., is developing the 977-foot (298-meter) tower on the southeast corner of the World Trade Center site in lower Manhattan, along with two other buildings.

“The rent is going to be a function of the market and $75 per square foot is really where it’s at,” Silverstein said, adding that the concession package for tenants will be “conventional.”

Silverstein signed a 99-year, $3.2 billion lease on the World Trade Center complex six weeks before the Sept. 11 attacks. Development on the site had been stalled for years because of indecision on its design, infighting among stakeholders and a lack of financing and tenant interest after the financial meltdown.

To contact the reporters on this story: Katie Spencer in New York at kspencer14@bloomberg.net; David M. Levitt in New York at dlevitt@bloomberg.net

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net

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