realestate

Larry Silverstein seeks American Express partnership for WTC tower construction

The Unfinished Tower: A Key Element in the Successful Revival of the Trade Center Site Post 9/11


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    Larry Silverstein is attempting to secure a tenant for Two World Trade Center for the third time, as he believes this will be the key to obtaining construction financing for the delayed skyscraper. The developer is in serious talks with American Express (Amex) to either anchor or fully occupy the building. This move is crucial for Silverstein as Two World Trade Center is the missing piece in his successful commercial revival of the Trade Center site since the September 11 terror attacks. Previous negotiations with News Corp and Citigroup did not materialize after several months of discussions.

    Silverstein Properties has entered into an exclusive negotiating period with Amex, according to a report by The Real Deal. The credit card giant owns one million square feet in the lower half of 200 Vesey St., while Brookfield owns the upper half. Amex has expressed its intention to remain in Manhattan but may also consider other downtown locations such as Paramount Group's repositioned 60 Wall St., which has over one million square feet of available space.

    The Hudson Yards area is another potential location for Amex, but industry insiders believe that the World Trade Center offers better transit options and access to talent pools in Downtown Brooklyn and New Jersey. Amex hired Cushman & Wakefield two years ago to explore its options.

    Silverstein has stated that the proposed tower's design by Norman Foster is flexible and can be modified to meet a tenant's needs. He also mentioned that construction can begin immediately on the site, which is currently used as a beer garden. The foundation of the tower has been built to grade, making it ready for construction to start immediately.

Larry Silverstein meets with American Express executives at World Trade Center site.