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Posted Sep 27, 2015, 12:17 PM
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Registered User
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Join Date: Oct 2010
Posts: 130
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Well this thread suddenly got quiet (ironically just as the building itself is blasting ahead at top speed!). Let's see if we can get it going again.
First, there's Larry Silverstein's interview on wtc.com.
Quote:
Larry Silverstein: There’s a lot going on, both Downtown and here at the new World Trade Center. The most exciting is the activity of 21st Century Fox and News Corp at 2 WTC. That building contains about 2.8M SF and they will occupy about 1.4M SF of that in the lower half of the building. That lease is expected to be signed by the end of 2015. 3 WTC is about halfway up. That building should be finished by the end of 2018. [And all buildings will be fully rebuilt and opened by 2020.]
Larry: Followed by 2 WTC, of course the PATH terminal (pictured) will be completed in the first quarter or first half of 2016. Once the PATH terminal’s open, there will be about 150k SF of shops, retail, which will all be tied into 500k SF total of retail shops that Westfield will be bringing in to the World Trade Center, at the base of these buildings, all tied together, underground. Overall, the retail, the office buildings, the transportation experience. There’ll be at least 70,000 families living down there, and chances are, in five years, that number will increase significantly.
Bisnow: Who are some of your tenants for the current and upcoming WTC buildings?
Larry: We’ve got a wide variety of tenancies. At 7 World Trade Center, we’re fully occupied with companies such as Moody’s, WilmerHale and BMI. In 4 World Trade Center, we’re about to be 72% occupied with companies including MediaMath, Morningstar and IEX. In One World Trade Center, I think they’re about two-thirds occupied. Condé Nast is the anchor tenant there. In 3 World Trade Center, we currently are leased to the extent of 20% with GroupM, but there are several negotiations going forward, which should bring that number much higher as we go to 2016 and beyond. So by the time we have a completed 3 WTC, I suspect we’ll be well up there in occupancy. And of course, we’re roughly 50% occupied with 2 WTC, where we’re literally going into the ground, so in five years, we expect that to be fully occupied as well.
Bisnow: How soon do you expect the rest of the buildings to fill up?
Larry: Having been in the real estate development business my entire life, what I’ve learned is that ultimately you cannot tell exactly when these buildings will fill, but one thing you know is when you build a first-class office building, well-designed and in a location that’s served by a massive amount of mass transit, a beautiful neighborhood surrounding it, with 24/7 occupancy, with retail spaces and mass transit around, ultimately, it always fills up so we will fill up this place, too. It’s just a question of time. So if you have a little bit of patience and take the long view—as we obviously needed to have when we started this project—ultimately this is going to be pretty spectacular. All I ask you to do is hang around, look back in 2020 and see how right we were.
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Second, a lot of interesting updates on wtc.com recently including this:
Quote:
3 World Trade Center
While this Richard Rogers-designed tower languished at several stories tall for years, developer Larry Silverstein secured financing and construction has resumed. However, the design for the building, located at 175 Greenwich Street, has changed a little. The masts that would have brought the height to 1,168 feet have been eliminated, bringing the height down to 1,079 feet. No word on why they were dropped, though the building stands out less for it. It now stands at over half of its final height. It's expected to top out in 2016, have glass in place in 2017, and be open for business in 2018.
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My take away there: even the webmaster at wtc.com doesn't know why the masts were dropped.
Last but not least there is this from WTC site:
Take aways here: we can infer there are 4 floor plans in this building and the lowermost one (so called trading floors) is no longer available because Group M took all of those. The available space is 35-80 and they have no customers for that, at this point; though I don't disbelieve Larry (who would, given his record with T7 and T4??) when he says that this will change by the time the building opens.
If you look at all the available space on WTC office buildings a very clear pattern emerges: the lowermost floors are going first. Hard to interpret that any other way but clients not wanting to take the chance of being on an upper floor if there is another incident... sad I know but true. It makes me wonder if that was actually true in pre-9/11 days, I always understood that in the pre-2001 market higher floors commanded a premium because of views. Of course the downside is not only security but transit time especially if the customer has to use a sky lobby (note that is not true for T3 as far as I know).
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