NEW YORK | 175 Greenwich St. | 1,079 FT | 80 FLOORS

[NewYorker2009]

Originally Posted by Onn

He's been trying to lease the space for 5 years. That's what I mean, how can no one in the entire city want 10 floors? Is that really so much to ask for?

Silverstein should post ads or put up billboards saying "Space Available For Lease At The New Three World Trade Center." lol

[towerpower123]

Didn't we go through this nonsense in 2010 when they were planning to stop ALL of the towers where they were and leave them as retail stumps until market conditions would allow them to complete them. While there are several instances of that happening, there are also several instances of that failing (i.e. MetLife North tower although that was the Depression and then the war taking all of the building materials.) This is old news that was brought up again because a deadline is coming up. I say that they should build it and they will fill it eventually. NO ONE WILL INVEST IN A TOWER THAT WON'T BE BUILT!!!!! If they go ahead with construction, it will give future tenants the confidence to move into the building. Moving operations to a new building is a lengthy process that I am certain costs money to plan so a company won't plan to move if they are worried that they won't have a place to move to. If they are moving out of a building, they will cancel the lease agreement to do so. They don't want to be left hanging...

[Dac150]

^^^ You don't want to flood the market with an excess of space - you need to build in accordance with specific demand otherwise you will dilute the market. I understand where you're coming from, however building on spec is very risky . . . especially with commercial space.

[Roadcruiser1]

Originally Posted by Dac150

^^^ You don't want to flood the market with an excess of space - you need to build in accordance with specific demand otherwise you will dilute the market. I understand where you're coming from, however building on spec is very risky . . . especially with commercial space.

You can say that to the builders of the original World Trade Center in 1973. During that time the economy was in a recession, and we were in the Vietnam War, but the Twin Towers rose even though they had no potential tenants at their time. In fact the Port Authority and the State of NY were the first tenants of the original World Trade Center because of the recession then, but because of their popularity in the end especially with the observation deck, and their restaurant along with some good events it changed the World Trade Center from being something that was empty and wasteful to something that was utilized. You can't say that these new buildings now would be empty.

[Dac150]

Originally Posted by Roadcruiser1

1973.

Enough said - that was a mistake that is intended to be averted this go around. No developer wants to have vacant space on their hands - in other words they cannot build for the sake of building or out of principle.

This building will be built accordingly when it makes financial sense for the developer.

[JSsocal]

Originally Posted by Roadcruiser1

You can say that to the builders of the original World Trade Center in 1973. During that time the economy was in a recession, and we were in the Vietnam War, but the Twin Towers rose even though they had no potential tenants at their time. In fact the Port Authority and the State of NY were the first tenants of the original World Trade Center because of the recession then, but because of their popularity in the end especially with the observation deck, and their restaurant along with some good events it changed the World Trade Center from being something that was empty and wasteful to something that was utilized. You can't say that these new buildings now would be empty.

It didn't become profitable and leased out til the mid 1990's.

[NYguy]

http://www.globest.com/news/12_270/n...TC-317842.html

Foye Anticipates Anchor Tenant for 3 WTC

By Jacqueline Hlavenka
January 24, 2012

Following reports that an 80-story skyscraper could be capped at the World Trade Center site, Patrick Foye, the new executive director of the Port Authority of New York & New Jersey, told reporters that he expects the tower to be fully completed and leased as originally planned.

“We’re rooting for and betting on Larry Silverstein getting those tenants,” Foye said directly after his address at the New York Building Congress’ annual membership meeting at the Mandarin Oriental Hotel in Midtown. “No one has made any money in this city betting against Larry frankly in the city or the region or at the World Trade Center. I don’t think there’s any news there. He needs a 400,000-square-foot tenant or tenants, and my money is on the fact that he will get it and that’s how it will go forward.”

“I’m rooting for it and the Port Authority is rooting for Larry,” he said. “If I had to come up with a guess, I think this is a time where there are a number of big tenants in the city in need of state-of-the-art class A space. I think that One World Trade Center and Three World Trade Center are going to be prime targets for those tenants.”

[THE BIG APPLE]

Oh! For a moment I thought a company I've never heard of named Foye was anticipating leasing space at 3WTC.

[Dac150]

Above the endorsement, it's refreshing to hear some good vibes being delivered by the PA towards Silverstein. Granted the PA is going to always speak positively about the project, I think Foye is genuine in his assessment of Larry's ability to get the job done.

[hlostoops]

Originally Posted by Fishman92

The curtain walls aren't blue ¬_¬. The sky is blue, not the facade.

Ahh.... Darn those realistic rederings with reflection!!

[NYguy]

http://www.downtownexpress.com/?p=6369

Tower 3 tenant issue is ‘old news’



Aline Reynolds
January 25, 2012

Media reports published in the last week concerning the building of 3 World Trade Center are partially inaccurate and are otherwise relaying old news, according to Silverstein Properties spokesperson Dara McQuillan.

According to a pre-leasing agreement made in 2010 between Silverstein and the Port Authority of New York and New Jersey, the developer would build a temporary roof atop a seven-story retail and mechanical podium at 3 W.T.C. — and thereby halt construction of the upper floor office space — if he doesn’t find a 400,000-square-foot tenant by the end of 2013 and not by the end of 2012.

“There’s nothing new here,” said McQuillan. “This is exactly what was called for in the 2010 agreement with the Port Authority, the city, and the state. Keep in mind that, with 7 W.T.C., we didn’t sign any leases until we opened the building in 2006. Obviously, this is a different situation with a pre-lease requirement, but it’s still early.”

http://www.cpexecutive.com/regions/n...ust-seven-yes/

At 3 WTC, the concrete core is at the fourth floor. Steel will start to arrive in May, and the building will rise at least to the 7th floor initially.

[NYCLuver]

January 24th, 2012

[Dac150]

Two years to lease 400,000sqft . . . I think he can handle it.

[NYguy]

Originally Posted by Dac150

Two years to lease 400,000sqft . . . I think he can handle it.

It remains to be seen just which fish Silverstein will get, but I do believe it'll happen...


http://therealdeal.com/issues_articl...-office-space/
Big fish scour market looking for office space
Tightening market yields no large deals — so far

February 01, 2012
By Adam Pincus

Noticeably lacking is a headline-grabbing deal, such as the one that supply-chain firm Li & Fung inked for 490,000 square feet in the Empire State Building in the first week of 2011. In fact, a review of office leasing in industry database CoStar Group shows no relocation deals larger than 100,000 square feet in Manhattan through the first three weeks of January.
The biggest deal discussed last month was not even for a signed lease, but instead for one in advanced negotiations. Law firm Chadbourne & Parke is expected to lease about 300,000 square feet at 1 World Trade Center, the New York Times reported.

“These deals take a long time to finish,” said David Lebenstein, a senior managing director at Cassidy Turley. “I would imagine you would see announcements through the year, and more in the second and third quarters.”

To give some perspective, for all of last year, there were a record 51 deals of 100,000 square feet or more, figures from Cushman & Wakefield show.

And there are more than 500 tenants in the market at any one time, scouring for between 2,000 square feet and over 1 million square feet, a market report from commercial firm Cassidy Turley shows.

Sources said some of the largest tenants looking right now include Time Warner, which is reevaluating its 4 million-square-foot portfolio, including its headquarters at the Time Warner Center; law firm White & Case, located at 1155 Sixth Avenue; and Viacom, which is looking for 1 million square feet.

[FMIII]

What is the point about saying that Silverstein has until 2013 to find a major tenant instead of 2012? It would take only a couple of months to reach the seventh floor mark, long before the end of 2012. So to give him one more year is meaningless.

Then, what do they do if he doesn't find a tenant at the end of 2013? They tear down the seven floor podium and build a park instead ?

Whether I missed or misunderstood an episode or the PA should quit smoking g.....

[THE BIG APPLE]

^ The (retail) podium stays until a tenant is acquired. Until that tenant is acquired the (retail) podium stays.

[FMIII]

Originally Posted by THE BIG APPLE

^ The (retail) podium stays until a tenant is acquired. Until that tenant is acquired the (retail) podium stays.

That's what I thought, indeed there is no deadline...

[Davidsam52]

The retail podium is part of the building. The tower portion proceeds when he gets a tenant.

[NYguy]

Originally Posted by FMIII

What is the point about saying that Silverstein has until 2013 to find a major tenant instead of 2012? It would take only a couple of months to reach the seventh floor mark, long before the end of 2012. So to give him one more year is meaningless.

Then, what do they do if he doesn't find a tenant at the end of 2013? They tear down the seven floor podium and build a park instead ?

All of the towers, minus the Freedom tower, will have a retail base. As far as construction of the base goes, steel will start arriving in May. Who says it will take a couple of months to complete the base?

http://www.crainsnewyork.com/article...TATE/120129972

By Theresa Agovino
January 23, 2012

...sources close to Mr. Silverstein said that that the podium won't be fully completed until some time next year since the company will still be working on the interiors. That would give Mr. Silverstein nearly two years to find a tenant or call a total halt.

[cadiomals]

I am optimistic that Silverstein will find a sufficient tenant within a year or two to trigger the construction of the rest of this tower. I don't see why not. There has to be someone, somewhere, interested in Lower Manhattan, and as the economy improves the demand will get higher. Aren't there incentives in place?