Real Estate Update - Summer 2011

By this time every year, you would have received our Annual Real Estate update. This year, while we were setting about to write about our view of the market and to list some of our accomplishments during the past 18 months, part of our story could not be told. Now it can. Just before Memorial Day, it was announced that Condé Nast had leased a 1 million square foot space at One World Trade Center from a joint venture between the Port Authority of New York and New Jersey and the Durst Organization in what many leading New York real estate experts have referred to as a "Gamechanger" for downtown Manhattan. We were fortunate to be a part of the legal team representing the landlord, WTC Tower 1 LLC, which is indirectly owned by The Port Authority of New York and New Jersey and the Durst Organization, in this complex transaction and landmark lease for downtown and New York City, which took over 9 months to document and finalize. It was not just the size of the transaction