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 Boston is one of the US's most historic cities. It is also the state capital, as well as the commercial, economic and cultural center of the New England region. In the US, Boston is rivaled only by California's Silicon Valley as a leading hub for high tech industries. Boston is also an important center for financial services, health care and education. The WTC Boston was built as a redevelopment of the historic Commonwealth Pier. The project was a joint venture between Boston-based development firm Drew Company, Inc., and financial service provider Fidelity Investments. The $110 million Phase One opened in 1986 with 830,000 square feet of office and convention space. The $110 million Phase Two Seaport Hotel opened in 1998. Phase Three, a $130 million World Trade East Tower, opened in July 2000 with 500,000 square feet of Class-A office space. A $150 million World Trade West Tower is scheduled to open in 2002. Concentration of International Services The WTC Boston is a focal point for international activity in New England. It houses the US Export Assistance Center, including the US Department of Commerce and other trade-related organizations. It offers one of the largest regional venues for international trade and business meetings, exhibitions and conventions. Through the WTC Institute, the WTC Boston works with the Commonwealth of Massachusetts, the Massachusetts Port Authority, local universities and industry councils to host visiting trade delegations, provide business data and organize match-making programs. Real Estate Premiums The original WTC tower is 100% occupied. The East Tower, opened last year, is 76% occupied, with future commitments for close to full occupancy. The West Tower is more than 50% pre-leased. The overall market occupancy rate is 91 %. The retail space at WTC Boston is 99% leased at $35 per square foot, above the region's median rate of $32. The Seaport Hotel's average daily rate for 2000 was $265, compared to $202 for the overall market. Redevelopment Impact The WTG Boston has played a vital role in redefining Boston's Seaport District as an emerging commercial and business district. This area was previously a derelict industrial zone. Economic Impact The WTC Boston generates 350,00 overnight visitor days, and 200,000 day-trip visits. The estimated direct, indirect and induced spending associated with the WTC Boston equals $101 million annually. WTC, World Trade Center, and MAP Logo are all registered trademarks of the World Trade Centers Association, Inc. |
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