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

[JMKeynes]

Considering that the once-fabled Deutsche Bank is on the verge of collapse, it's no surprise in hindsight that this deal did not occur. Lenders wouldn't finance the construction of a multi-billion dollar tower whose anchor tenant might not even be around when the building opens.

https://www.bloomberg.com/news/artic...e?srnd=premium

https://www.ft.com/

[Hudson11]

hadn't DB already opted to move their NYC employees to the fmr. Times Warner Building?

[JMKeynes]

Originally Posted by Hudson11

hadn't DB already opted to move their NYC employees to the fmr. Times Warner Building?

Yes. But it’s an existing, empty building. If DB folds before the move, it’s no loss. The same would not be true for banks which might have lent $3b to construct 2 WTC if DB is dead when it opens.

[WhatTheHeck5205]

Chase should have moved here.

[BonoboZill4]

Why is this proposal always in the construction section?

[NYguy]

Originally Posted by WhatTheHeck5205

Chase should have moved here.

Chase did consider moving here as well as to the Hudson Yards.

Originally Posted by BonoboZill4

Why is this proposal always in the construction section?

It's been under construction, and was placed on hold once they built up to street level because no tenants have signed. There hasn't been any relative news to the building resuming construction, so I don't know why it keeps getting bumped.

[NYguy]

https://www.bloomberg.com/news/artic...-signed-tenant

Silverstein May Start Building Final WTC Tower Without Signed Tenant





By Lily Katz
February 11, 2019

Silverstein Properties Inc., the developer that rebuilt lower Manhattan after the destruction of the twin towers in the Sept. 11, 2001, terrorist attacks, may begin work on its final World Trade Center skyscraper before signing a lease for the building.

The firm might build 2 World Trade Center “on spec,” or without a committed tenant, Chairman Larry Silverstein said in an interview. The building’s foundation was started, with no further work done because the developer hadn’t found a company to anchor the space. But a strong economy and leasing progress at neighboring towers may change those plans, he said.

“I think we’re in an increasingly good spot, in a good position, to do that,” said the 87-year-old developer, who founded Silverstein Properties in 1957. “For all intents and purposes, it wouldn’t be a bad idea to start on Tower 2 because it won’t be finished until about 2022, 2023.”

The 2.8 million-square-foot (260,000-square-meter) office building, designed by Bjarke Ingels Group, will be the last of Silverstein’s four skyscrapers at the downtown site. It marks the culmination of the Financial District redevelopment undertaken by Silverstein, who also built towers 3, 4 and 7. The final skyscraper is slated to be about 80 stories and feature floor-to-ceiling glass windows, basketball courts, a running track and rooftop parks, with renderings showing a cascading, staircase-like silhouette for the building.

“It’s a riskier strategy to start without the anchor tenant lined up, but it just speaks to the optimism in the marketplace,” said Jeffrey Langbaum, a real estate analyst with Bloomberg Intelligence.

Finding a primary tenant for 2 World Trade Center has proven challenging, with competition from the new Hudson Yards development on the west side and hesitance among some firms to move all the way downtown. Citigroup Inc. had considered moving to the tower, but in 2013 opted to stay in Tribeca. Two years later, Rupert Murdoch’s 21st Century Fox Inc. and News Corp. reached a tentative agreement to lease space in the building before deciding instead to stay put in midtown Manhattan.

Still, Silverstein has managed to attract high-profile tenants to the World Trade Center buildings, including Moody’s Corp. and Spotify Technology SA. In June, the developer opened 3 World Trade Center, which is now more than 50 percent leased.

[JMKeynes]

https://www.bloomberg.com/news/artic...-signed-tenant

[JMKeynes]

Originally Posted by JMKeynes

https://www.bloomberg.com/news/artic...-signed-tenant

After I posted the Bloomberg article, I saw that NYG already had. This is good news if he can get a construction loan.

[Skyguy_7]

Larry Silverstein is an impressive man to be making deals like this at 87 years old, when most guys are on the shuffleboard court all day, eating dinner at 3:30pm.

Construction loans aside, this tower is expected to cost $4 Billion, which coincidentally is Mr Silverstein's net worth. Sell all assets, begin construction, move into a full floor in the bldg and watch your final baby rise. It's exactly how I'd spend my retirement. Hats off to you, sir!

[chris08876]

"On spec?"...

Is this insinuating probability of the design that we all want, especially since the foundation currently in place is catered for this certain design?

[Crawford]

Great news. Silverstein is smart to build on spec.

And the downtown skyline will benefit tremendously. The BIG tower will finally restore the Lower Manhattan skyline.

[NYguy]

Originally Posted by chris08876

"On spec?"...

Is this insinuating probability of the design that we all want, especially since the foundation currently in place is catered for this certain design?

Silverstein has already said that design was dated, and he has an updated design to build. If he could actually build both versions, why would he go to the older version?

The final skyscraper is slated to be about 80 stories and feature floor-to-ceiling glass windows, basketball courts, a running track and rooftop parks, with renderings showing a cascading, staircase-like silhouette for the building.

Originally Posted by Crawford

Great news. Silverstein is smart to build on spec.

And the downtown skyline will benefit tremendously. The BIG tower will finally restore the Lower Manhattan skyline.

I"m excited to see this tower finally complete the WTC picture, and then we would only have to worry about tower 5, which is actually off the original site. I'm sure it's a combination of leasing success at the other WTC towers along with the coming boom of East Midtown joining the Hudson Yards (as well as his age) that is giving Silverstein a sense of now or never. We see Brookfield moving ahead with 2 Manhattan West without signing a tenant because of that same optimism. If Silverstein can get it financed and built, good for him (and us). The tenants will come.

[NYguy]

https://therealdeal.com/2019/02/11/s...2-wtc-on-spec/

Silverstein may build 2 WTC on spec
Developer has struggled to land anchor tenant after News Corp. snub





February 11, 2019

Given what he described as a strong economy and leasing momentum at nearby towers, the developer’s chairman, Larry Silverstein, said it might be a good time to move ahead with construction on the 80-story, 2.8 million-square-foot tower.

The tower, to be designed by Bjarke Ingels Group, will be the final building of four at the Downtown site and would mark the culmination of Silverstein’s redevelopment of the World Trade Center complex after the Sept. 11, 2001 terrorist attacks.

It has been difficult so far to find an anchor tenant for 2 World Trade Center thanks to competition from Hudson Yards and uncertainty among firms over whether they want to move that far Downtown. By far the biggest blow came in 2016, when Rupert Murdoch’s News Corp. and 21st Century Fox signed a non-binding letter of intent for a 1.3 million square-foot lease, only to back out and stay put at 1185 and 1211 Sixth Avenue.

But notable tenants have moved to the other WTC buildings, such as Moody’s and Spotify. Three World Trade Center is now over 50 percent leased.

Brookfield Properties opted to go the spec route with its 2 Manhattan West tower in Hudson Yards, moving forward on it without a firm commitment from a tenant.

[Zapatan]

I'm sad it's not the Foster design but whatever, just build something already, it's been way too long.

[Welcome2Boise]

While it's riskier I'd agree with the move. The economy is growing, and once finished can land tenants that don't have the time to sign on to a building that isn't even rising yet.

Plus, I just want the damned thing to rise. But, I think there is less risk today than 10 years ago to build on spec.

[BrownTown]

While I also want to see this building rise I just don't see the justification for it, especially with all the other projects competing for the same limited number of tenants.

[NYguy]

Originally Posted by BrownTown

While I also want to see this building rise I just don't see the justification for it, especially with all the other projects competing for the same limited number of tenants.

The justification will come in the few years when the tower is built. I would imagine that between now and then there will be office space leased in New York City. There isn't a limitation on tenants, just what and when tenants will need the space. I've always said the WTC will be rebuilt and leased, but its a matter of time. The original WTC complex took years to lease, close to 2 decades. We're talking about 10 msf Downtown, which doesn't lease at the rate of Midtown. But there is a huge amount of leased office space in Manhattan. All of the new office space coming online is just a drop in the bucket. And the supply off existing office space in the city is not getting any younger, and won't be any younger in the future.

[JMKeynes]

I hope that he can get funding.

I could see News Corp going there. As I recall, they signed a lease that runs only through 2025.

[chris08876]

Given the success of 3 WTC in regards to leasing, long term, enough support would be gathered. Instead of banking on super large leases, smaller, but consistent leases are negotiated until they reach a reasonable %. Gives them more time to search and negotiate, all the while this is being built.