New York -- The Port Authority Board of Commissioners Thursday  approved a three-year agreement with Cushman & Wakefield Inc. to provide exclusive real estate brokerage and related services for 1 World Trade Center, the Freedom Tower.

Under the agreement, the brokerage firm will provide advisory services and assist Port Authority staff in the marketing the Freedom Tower and negotiating leases.

Cushman & Wakefield will be responsible for leasing approximately 60 percent of the building’s office space, or 1.5 million gross square feet.  The brokerage firm expects to have the Freedom Tower substantially leased by the building’s completion date at competitive rental rates.

The remaining 1.1 million gross square feet have leases approved: 412,000 square feet is approved to the New York State Office of General Services; 653,000 square feet is being finalized with the U.S. General Services Administration; and the agency is negotiating with the Metropolitan Television Alliance for the entire 89th and 90th floors, as well as the right to broadcast from the building’s rooftop.

The commitments made by the anchor tenants have proven critical.  Their presence created momentum for further leasing opportunities, such as today’s agreement, which ensures the building will be a vital component of the continued revival of Lower Manhattan as a second central business district.

The Port Authority assumed control over the construction and leasing of the Freedom Tower last September in an agreement with Silverstein Properties that placed Port Authority in charge of constructing the three major components of the World Trade Center.