NEW YORK | 200 Greenwich - 2 WTC | 1,270 FT | 80 FLOORS | ON HOLD

[chris123678]

I honestly don't see this tower getting built. Imagine how long it will take before a tenant is found? First they have to find one for tower 3 and have that built, then tower 2, this will either be cancelled, or build in 2030 something

[-Filipe-]

Originally Posted by chris123678

I honestly don't see this tower getting built. Imagine how long it will take before a tenant is found? First they have to find one for tower 3 and have that built, then tower 2, this will either be cancelled, or build in 2030 something

i highly doubt larry would not build this considering everyone knows how nice this is, i mean seriously do you think they would leave the plot empty on one of the most famous construction sites because of what happened on 9/11? if it takes a while it takes a while, and im sure that larry will find tenants even if tis on hold till 2015 and ends construction whenever it does, and your over exagerating in my opinion, it wont takes 20 years to find a tenant, lets be real..

[yankeesfan1000]

Originally Posted by chris123678

I honestly don't see this tower getting built. Imagine how long it will take before a tenant is found? First they have to find one for tower 3 and have that built, then tower 2, this will either be cancelled, or build in 2030 something

You have no idea what you're talking about.

[Silverfox]

Originally Posted by -Filipe-

i highly doubt larry would not build this considering everyone knows how nice this is, i mean seriously do you think they would leave the plot empty on one of the most famous construction sites because of what happened on 9/11? if it takes a while it takes a while, and im sure that larry will find tenants even if tis on hold till 2015 and ends construction whenever it does, and your over exagerating in my opinion, it wont takes 20 years to find a tenant, lets be real..

Just be patient. Anything could happen within the next year.

[chris123678]

Originally Posted by yankeesfan1000

You have no idea what you're talking about.

I wouldn't have wrote it if I didn't know what i was talking about.
I remember reading that back in 2007, Larry wanted to cap both buildings at 7 stories. If he finds no tenant, then these towers will never be built. I'm pretty sure tower 3 will be built, but I question 2. Tower 2 is 3 billion dollars.


I'm just being real, if nobody wants to lease space, especially is this tragic economy, then what's the purpose for them?

[chris123678]

Originally Posted by -Filipe-

i highly doubt larry would not build this considering everyone knows how nice this is, i mean seriously do you think they would leave the plot empty on one of the most famous construction sites because of what happened on 9/11? if it takes a while it takes a while, and im sure that larry will find tenants even if tis on hold till 2015 and ends construction whenever it does, and your over exagerating in my opinion, it wont takes 20 years to find a tenant, lets be real..

I don't think I'm over exaggerating, just saying an honest opinion. I love this tower alot,but I can also see the concern. Why built it if there is no need. They have to lease 3 wtc first, so before they even begin on tower 2, I bet they will fill the entire tower 3 up before they start 2.

[TechTalkGuy]

I trust that this tower will rise soon with a major lease signed by the end of the year.

[Don098]

Originally Posted by chris123678

I don't think I'm over exaggerating, just saying an honest opinion. I love this tower alot,but I can also see the concern. Why built it if there is no need. They have to lease 3 wtc first, so before they even begin on tower 2, I bet they will fill the entire tower 3 up before they start 2.

I understand you're concern...it's shared by everyone. But I think your assessment is overly pessimistic. Many of New York-based tenants are waiting until the Presidential Election is over so that they can get some more long-term certainty. If Romney is elected, just the perception of what his economic policies might be could drive these major companies to loosen their belts a little bit and be more willing to find these new digs throughout the city. If Obama is re-elected, that perception won't be as favorable through the lenses of big corporations, fair or not. But in either case, these tenants (which will most likely be major banks) want certainty before locking themselves into 15, 20, or 30 years leases.

I also think you don't understand Larry Silverstein's commitment. This isn't a side project that he's going to forget about. This is his baby, and he's stated that a number of times. His remaining towers at the World Trade Center site are his #1 priority, and they'll likely represent the final touch on his real estate legacy. And even if he simply can't find tenants in the conventional matter, he'll team up with politicians to drum up support, or figure something out in the 11th hour. Two massive holes at the WTC site would instantly become the biggest tangible symbols of American decline, and it would partially achieve the mission of Al Qaeda's terrorist attack on September eleventh. In other words, this is not a typical development, so you can expect its journey to be just as unique.

[yankeesfan1000]

Originally Posted by chris123678

I wouldn't have wrote it if I didn't know what i was talking about.
I remember reading that back in 2007, Larry wanted to cap both buildings at 7 stories. If he finds no tenant, then these towers will never be built. I'm pretty sure tower 3 will be built, but I question 2. Tower 2 is 3 billion dollars.


I'm just being real, if nobody wants to lease space, especially is this tragic economy, then what's the purpose for them?

Oh, okay, I apologize. You read something five years ago, now you're an expert. Almost 90% of Manhattan's commercial real estate predate 1970. Can't argue with statistics. With that in mind, outside of us slipping into a prolonged depression/recession the fact that so much of Manhattan's space is so incredibly old almost single handedly guarantees this will be get a tenant, maybe not next month, or next year, but within 5 maybe 8 years, absolutely.

Why would Silverstein spend millions of dollars building it up to this point, and then because he can't get an anchor tenant, throw up the white flag and say oh well looks I'll never be able to get a tenant? That makes no sense.

[chris123678]

Originally Posted by yankeesfan1000

Oh, okay, I apologize. You read something five years ago, now you're an expert. Almost 90% of Manhattan's commercial real estate predate 1970. Can't argue with statistics. With that in mind, outside of us slipping into a prolonged depression/recession the fact that so much of Manhattan's space is so incredibly old almost single handedly guarantees this will be get a tenant, maybe not next month, or next year, but within 5 maybe 8 years, absolutely.

Why would Silverstein spend millions of dollars building it up to this point, and then because he can't get an anchor tenant, throw up the white flag and say oh well looks I'll never be able to get a tenant? That makes no sense.

No, I'm not an expert, and I honestly don't know why you have to make smart remarks to me.

I'm just calling it as I see it. I'm pretty sure that Tower 2 isn't going to be completed until Tower 3 is full. Whenever he finds a tenant for tower 3, i doubt he'll go over and start with 2. He's probably going to lease out all of 3 and then start with 2, that would make the most since.

Take the American Commernce Center for instance, it was going to get built, the same people who constructed the Comcast tower, purchased the site for over 40 million dollars, and guess what? It was cancelled.
I'm just stating my opinion, if you disagree, that's your opinion.

[Don098]

Originally Posted by chris123678

I'm pretty sure that Tower 2 isn't going to be completed until Tower 3 is full.

Larry only needs to lease 400,000 square feet to continue and finish construction of tower 3. Once he secures that anchor tenant, tower 2 will be the only one left, and he'll turn his full attention to this building at that time. It takes many years for most office towers to become completely leased-out. If you need a reminder, just look at the empty, brightly lit upper floors of 7WTC and Goldman Sachs. Both of those buildings have been finished for several years, and they're still not fully leased.

[chris123678]

Originally Posted by Don098

Larry only needs to lease 400,000 square feet to continue and finish construction of tower 3. Once he secures that anchor tenant, tower 2 will be the only one left, and he'll turn his full attention to this building at that time. It takes many years for most office towers to become completely leased-out. If you need a reminder, just look at the empty, brightly lit upper floors of 7WTC and Goldman Sachs. Both of those buildings have been finished for several years, and they're still not fully leased.

Yeah, Your right, here's what I was thinking: He'd find a tenant that will lease the amount needed to continue. He'd complete tower 3, but tower 3 wouldn't be fully lease. He'd find more tenants for tower 3 and then go to tower 2, but then again, that's not how 1 and 4 went, so maybe your right.

[NYC GUY]

Im positive this will have a tenant when 1WTC and 4WTC are complete.

[jd3189]

Agree. Once those buildings are occupied, it should be more viable for tenants to move there. I personally think that Silverstein should concentrate on attracting foreign companies to have headquarters in NYC. London is becoming more of a world center than NYC because of that and the restrictions the US puts upon businesses beyond its borders.

[Don098]

Originally Posted by jd3189

Agree. Once those buildings are occupied, it should be more viable for tenants to move there. I personally think that Silverstein should concentrate on attracting foreign companies to have headquarters in NYC. London is becoming more of a world center than NYC because of that and the restrictions the US puts upon businesses beyond its borders.

It won't take a global headquarters to fill 400,000 square feet. Silverstein's messaging continues to assert that his search is indeed global, so I agree that he's pursuing foreign companies. The US and European economies are both in bad shape, so I'm sure he's searching for Asian corporations that are growing and flush with capital. New York still has power over the global economy, so it would an attractive place for a foreign entity to have a prominent presence. It also looks good to their companies back home because New York still has that ring to it, regardless of where the true center of the global economy is these days, which is debatable.

[yankeesfan1000]

Originally Posted by chris123678

No, I'm not an expert, and I honestly don't know why you have to make smart remarks to me.

I'm just calling it as I see it. I'm pretty sure that Tower 2 isn't going to be completed until Tower 3 is full. Whenever he finds a tenant for tower 3, i doubt he'll go over and start with 2. He's probably going to lease out all of 3 and then start with 2, that would make the most since.

Take the American Commernce Center for instance, it was going to get built, the same people who constructed the Comcast tower, purchased the site for over 40 million dollars, and guess what? It was cancelled.
I'm just stating my opinion, if you disagree, that's your opinion.

Right, but say Credit Suisse leases 1M sf of space in 3 WTC, including the trading floors, which big financial firms love and need. Because of that, 3 WTC becomes uninhabitable to a UBS, who if they wanted to move into the WTC would have to move into 2 WTC, because they too want and need trading floors which would only be available at 2 WTC. 3 WTC doesn't have to be filled, or hit some sort of arbitrary occupancy level before Silverstein can start leasing at tower 2.

And I don't see what the ACC has to do with the WTC. Without diverting into a city v city, New York and Phily's commercial market's are completely different. The two have very little, if anything, to do with each other. Basically, a tower in Philly got cancelled, what does that have to do with New York's market?

[Stained]

I really do not understand the confusion. This tower will be built. It might take a few years, but certainly not decades or more. With the aging of many prminent office highrises, there will be too much of a need for nicer, newer office space in the next few years. Once Tower 3 secures a tenant and begins construction, the search for a tenant for Tower 2 will begin. It is as simple as that.

[chris123678]

Originally Posted by yankeesfan1000

Right, but say Credit Suisse leases 1M sf of space in 3 WTC, including the trading floors, which big financial firms love and need. Because of that, 3 WTC becomes uninhabitable to a UBS, who if they wanted to move into the WTC would have to move into 2 WTC, because they too want and need trading floors which would only be available at 2 WTC. 3 WTC doesn't have to be filled, or hit some sort of arbitrary occupancy level before Silverstein can start leasing at tower 2.

And I don't see what the ACC has to do with the WTC. Without diverting into a city v city, New York and Phily's commercial market's are completely different. The two have very little, if anything, to do with each other. Basically, a tower in Philly got cancelled, what does that have to do with New York's market?

You missed the point of the ACC, wtc comparison.

[yankeesfan1000]

Originally Posted by chris123678

You missed the point of the ACC, wtc comparison.

And you were wrong about tower 3 needing to be fully leased before Silverstein can move onto tower 2.

Also someone wrote that 7 WTC isn't full, but it's completely full.

[Don098]

Originally Posted by yankeesfan1000

And you were wrong about tower 3 needing to be fully leased before Silverstein can move onto tower 2.

Also someone wrote that 7 WTC isn't full, but it's completely full.

That's good news...have they moved in yet? The last nighttime pictures I saw showed empty upper floors..