The owner of the World Trade Center in New York City on Thursday awarded CBRE Group Inc. a seven-year contract to manage the 16-acre campus in lower Manhattan.
CBRE, one of the country’s largest commercial real-estate services firms, is expected to begin managing the site’s shared infrastructure and public spaces, including the $3.9 billion Oculus transit hub, on July 1.
The Port Authority of New York and New Jersey, the bistate agency that owns the site, will pay CBRE $850,000 a year, an authority executive, Alan Reiss, said at a board meeting on Thursday.
Tom Lloyd, a senior managing director at CBRE, said in a statement that the firm is excited to take on the contract. The firm’s responsibilities will include maintenance of heating and cooling systems that serve spaces such as the National September 11 Memorial & Museum, as well as electrical substations that serve the campus’s commercial towers.
Mr. Reiss, the authority’s interim director of World Trade Center operations, told Port Authority commissioners that penalties will be imposed for subpar performance. Kevin O’Toole, the agency’s chairman, said after the meeting that performance goals will include achieving savings on energy and maintenance costs.
