Three World Trade Center has secured a major tenant for its long-vacant podium level, with event space operator Glasshouse signing a deal to launch its first downtown outpost across 66,436 square feet on three floors.
The lease, struck with Unibail-Rodamco-Westfield (URW), which owns the WTC’s retail space, and the Port Authority, which owns the land, ends a decade-long struggle to fill the lower levels of the 2.5 million square-foot skyscraper. Glasshouse partner Alex Holiday called the move a once-in-a-generation opportunity to establish a flagship at one of the most important destinations in the world.
The deal comes on the heels of another milestone for the World Trade Center site: groundbreaking last week for the new Amex headquarters at Two World Trade Center, which will complete the site’s quartet of skyscrapers replacing the Twin Towers. Together, the two developments signal a revitalization of the downtown commercial district.
The Glasshouse venue is expected to accommodate up to 2,000 attendees. Most of the space will occupy the second and third floors, with a 2,000-square-foot ground-level space on Church Street serving as a VIP arrival lobby and guest entrance. The opening is at least 18 months away due to design and construction requirements.
Three World Trade Center, developed by Larry Silverstein, has successfully filled 90% of its office space with tenants including Uber, WPP, and various financial and legal firms. But the empty podium floors remained a persistent challenge for URW and its predecessor, Westfield America, particularly after two high-profile restaurant deals fell through.
Brazilian restaurant Fogo de Chao already operates 5,000 square feet on the ground floor, and the Glasshouse lease still leaves some retail space available. CBRE’s Chris Mansfield, Anthony Dattoma, and Zachary Weil represented Glasshouse in lease negotiations, while URW represented itself.
Mansfield, a CBRE vice-chairman, called the lease a defining milestone for Glasshouse that reflects growing demand for high-quality, experiential venues in the city. Glasshouse already operates three Manhattan venues, including a 660 Twelfth Avenue location that has hosted the Real Estate Board of New York’s annual gala.
The deal reflects broader trends in Manhattan’s commercial real estate market, where experiential and event-based venues are increasingly filling spaces that traditional retail tenants once occupied. The World Trade Center site, which has seen steady office occupancy growth, is benefiting from growing foot traffic and the area’s emergence as a mixed-use destination.
For downtown Manhattan, the Glasshouse opening promises to bring new event-driven activity to the Financial District, complementing the office tenants that have populated the tower and the ongoing development of the broader World Trade Center campus.
