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  #3241  
Old Posted Jul 9, 2013, 12:17 AM
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Once this deal is finalized, will Larry continue to search for tenants to occupy all of Tower 3 or will he move on to Tower 2?
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  #3242  
Old Posted Jul 9, 2013, 12:31 AM
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Great news! Tower 3 is finally a go.

Now let's get Tower 2 going, and we can wrap this up. Tower 5 is going to be sold by the Port Authority for a condo-hotel, the performing arts center is undergoing fundraising, and the museum and transit center are nearing completion.

And Calatrava is rumored for the new Greek Orthodox church, which is really the only remaining unknown on the site.
     
     
  #3243  
Old Posted Jul 9, 2013, 12:57 AM
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Originally Posted by chris123678 View Post
Once this deal is finalized, will Larry continue to search for tenants to occupy all of Tower 3 or will he move on to Tower 2?
Both. Lots of money involved but I'd imagine the priority will be emphasized more so on wtc2. Plus he has other developments besides this complex but he will make sure his dream is complete of seeing the whole complex coming to fruition.
     
     
  #3244  
Old Posted Jul 9, 2013, 2:29 AM
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Wow...very exciting!
     
     
  #3245  
Old Posted Jul 9, 2013, 3:20 AM
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This is SOOO Exciting!!! I think I really like this tower, and I can appreciate black or darker cladding (it's what makes me like 150 Greenwich so much). So this is where Group M would be moving from, which looks like class B down in the Garment District:


George Comfort & Sons 498 Seventh

Big step up - will they be taking the bottom 500,000 SF presumably? I'm sure Larry still wants another anchor for mid tower floors and a few prestigious commitments to the high tower floors.
     
     
  #3246  
Old Posted Jul 9, 2013, 8:16 AM
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erection inducing news for sure
     
     
  #3247  
Old Posted Jul 9, 2013, 12:04 PM
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http://www.nypost.com/p/news/busines...Tm8LgQ153mh3LJ

3 WTC deal a vindication




AD POWER: A massive lease by WPP’s GroupM will help complete 3 WTC, whose plans include a 63-foot high atrium.



By STEVE CUOZZO
July 9, 2013


Quote:
The term sheet GroupM signed yesterday with Larry Silverstein at 3 World Trade Center vindicates the developer’s faith in a site many had once given up for dead — and also, the enduring appeal of brand-new state-of-the-art office construction to modern media companies.

The 16-acre, former “Ground Zero” will soon be home to three great new commercial towers, with only the possibly prettiest of them, the Norman Foster-designed 2 WTC, yet to rise.

The preliminary agreement for GroupM to take 515,000 square feet in the planned, 80-story 3 WTC was first reported by nypost.com yesterday afternoon. Sources expected the developer and the tenant to sign a lease later this year. It wasn’t known what GroupM will be paying. But once completed, the lease will release $1.3 billion in Liberty Bond financing, backstopped by the Port Authority, allowing Silverstein to complete the $2 billion project in 2016. The Richard Rogers-designed 3 WTC is now a mere 7-story podium, which will contain 183,000 square feet of retail. Silverstein wasn’t able to raise the remaining 73 floors until an anchor tenant came along.

GroupM is a division of global media powerhouse WPP Group, chaired by Martin Sorrell. GroupM calls itself the world’s largest media investment firm, boasting $90 billion in billings last year and 400 offices in 81 countries. It’s the parent of media agencies Maxus, MEC, Media.com, Mindshare and Kinetic. Currently based at 498 Seventh Ave. and a few other uptown locations, it plans to consolidate in 9 lower floors at 3 WTC by late 2016 — five of which have sprawling 70,000 square-foot floor plans, which, it was originally thought, would appeal mostly to financial firms. But the vast floors also lend themselves to the open and “bench” seating arrangements increasingly favored by creative companies — nothing like the paneled-office environment of “Mad Men.”

Another huge advantage for companies like GroupM is proximity to where young creative staff tend to live — mainly downtown, in Brooklyn and in nearby New Jersey, as a survey by the Downtown Alliance found last year.

Related’s success in luring Coach, L’Oréal, SAP and probably Time Warner to Hudson Yards has made it seem that leasing momentum had shifted there at downtown’s expense. Yet, for all the ongoing construction, the new WTC is much further along than anything in the far West 30s. Condé Nast is scheduled to move in by late 2015.

The WTC site is surrounded by hotels, stores and apartment buildings, and the area is served by unparalleled mass transit, including 10 subway lines and the PATH station. Assembly Speaker Sheldon Silver last night acknowledged Silverstein “for his continued investment in Lower Manhattan and his unwavering dedication to our community.”
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  #3248  
Old Posted Jul 9, 2013, 12:21 PM
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More images from www.wtc.com































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  #3249  
Old Posted Jul 9, 2013, 3:45 PM
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Great news! Glad to hear this is going to rise. One more to go!
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  #3250  
Old Posted Jul 9, 2013, 4:05 PM
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Great news! I like the revised design. The fun thing is that the boring part is done--- and now we can sit back and watch this rise quickly.
     
     
  #3251  
Old Posted Jul 9, 2013, 6:34 PM
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Originally Posted by chris123678 View Post
Once this deal is finalized, will Larry continue to search for tenants to occupy all of Tower 3 or will he move on to Tower 2?
I don't know. Normally, I think they will continue to seek tenants to fill this tower, Although in the case of WTC, I think there is also interest in complete the whole project, so to finally heal the scar of Lower Manhattan, even if that means leaving the towers half empty at the beggining.

For example in HY, they almost filled the entire South Tower before they moved to the North Tower. But in WTC, 1WTC and 4WTC still have plenty of space (correct me if it is not true) but they are signing another tower, 3WTC with relatively few space (only about 20% of the tower) Maybe the next big tenant will go to 2WTC

It will also depend on the size of the tenant. A smaller tenant of 100000 or 200000 sq ft, will most likely go to 1, 3 or 4 WTC, while a major tenant of 500000 ft or more, will likely go to 2 WTC.

Last edited by CCs77; Jul 9, 2013 at 6:47 PM.
     
     
  #3252  
Old Posted Jul 9, 2013, 11:11 PM
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Originally Posted by NYguy View Post

http://www.bloomberg.com/news/2013-0...rld-trade.html
Silverstein Said in Deal With GroupM on 3 World Trade

By David M. Levitt
Jul 8, 2013




Things are looking up all around town...
Amazing.


Lower Manhattan will continue to rise and the entire WTC could be finished by 2020. This is great news.
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  #3253  
Old Posted Jul 9, 2013, 11:34 PM
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I'm gonna cry I'm so happy! Looks like what I said in May was right! Lol, just kidding, but really, it's a great thing that a deal has finally been agreed on.
     
     
  #3254  
Old Posted Jul 9, 2013, 11:51 PM
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So is this continuing construction soon or do they have to wait till 2014?
     
     
  #3255  
Old Posted Jul 10, 2013, 12:27 AM
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Originally Posted by NYC GUY View Post
So is this continuing construction soon or do they have to wait till 2014?
I would guess steel erection will continue by the end of the year
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  #3256  
Old Posted Jul 10, 2013, 12:59 AM
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Originally Posted by CCs77 View Post
I don't know. Normally, I think they will continue to seek tenants to fill this tower, Although in the case of WTC, I think there is also interest in complete the whole project, so to finally heal the scar of Lower Manhattan, even if that means leaving the towers half empty at the beggining.

For example in HY, they almost filled the entire South Tower before they moved to the North Tower. .
Not quite. Related has always been marketing the space in the north tower. They've been trying to get companies, including Time Warner to take that space before a deal with Coach was even made for the south tower. The reason the south tower was almost filled is because Coach took the bulk of the space, and the location provided imminent construction. It was just a matter of filling out what space remained.

Likewise, Silverstein has all of his towers on the market (including the older ones which continue to lease space). Tower 4 still has large vacancies (about a third of it, but that didn't stop the marketing of towers 2 and 3. While tower 3 only had a minimal amount of leasing required, tower 2 will likely need more space leased before he can get financing, or he would have to get a victory in court for more financial assistance there.



http://www.downtownexpress.com/2013/...-c-work-going/

Agreement likely to keep 3 W.T.C. work going


July 9, 2013
BY JOSH ROGERS


Quote:
Developer Larry Silverstein is no longer stumped at 3 World Trade Center as he has just reached an agreement in principle to lease 515,000 square feet of the building to GroupM advertising and media services firm. He would have had to cease construction at the end of the year — leaving an 8-story retail “stump”— had he not been able to sign an anchor tenant, as per the 2010 agreement with the Port Authority, owners of the W.T.C.

The GroupM agreement on the major terms of the lease was first reported by the New York Post and was confirmed in a statement by Assembly Speaker Sheldon Silver and another source familiar with the deal. Silver, who helped broker the 2010 agreement, hailed the probable lease as “another unmistakable sign of our great success in rebuilding this community” after 9/11.

Catherine McVay Hughes, chairperson of Community Board 1, said 3 W.T.C. is a crucial piece to the site’s interconnected puzzle and the deal means “the area of the construction will be shrinking.” The building will connect to the Calatrava train station and 4 W.T.C. retail, which is almost finished, is over the R, 1, and PATH trains, and is near the 9/11 Memorial and museum, Hughes added. “Then you’re down to one little corner for Tower 2,” she said.

Liz Berger, president of the Downtown Alliance business improvement district, called it “a great and timely deal.”

She pointed to several aspects of the agreement beyond what it means for continued W.T.C. construction including that GroupM represents a “growing diversity” of firms in Lower Manhattan, and that it will be bringing jobs from Midtown. “You see that Lower Manhattan is a growing technology, media and creative hub,” Berger said, adding that Conde Nast will be around the corner at 1 W.T.C.

The source who confirmed the agreement in principle said 3 W.T.C. was once thought to be best for a financial firm because of its large column-free floors suitable for trading, but that layout is now also attractive to new media and technology firms looking to set up “old newsrooms,” or bullpens. He said Mayor Mike Bloomberg’s well publicized City Hall bullpen office likely has helped popularize this open-floor layout.

As it happened, Bloomberg worked closely with Silver three years ago to ensure W.T.C. construction continued. At the time, both were trying to get the Port to provide something close to a full financial backstop to guarantee 3 W.T.C., but the authority resisted saying it was an unwise risk to public money. Silverstein at the time was offering the Port a 30 percent interest in 3 W.TC. in exchange for a full guarantee, but agreed to give the Port roughly a 5 percent interest in exchange for a partial backstop.

Silverstein Properties International expects to finish building 3 W.T.C. in 2016.
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  #3257  
Old Posted Jul 10, 2013, 1:24 PM
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the supertall boom is never ending in NYC! The only Western city getting a shitload of supertalls...Toronto's skyline is expanding endlessly, but famously short of supertall status.
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  #3258  
Old Posted Jul 10, 2013, 2:37 PM
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the supertall boom is never ending in NYC! The only Western city getting a shitload of supertalls...Toronto's skyline is expanding endlessly, but famously short of supertall status.
They're getting theirs.
     
     
  #3259  
Old Posted Jul 10, 2013, 3:37 PM
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I'm sure it's a lot cheaper and easier to build two 40 story towers than a single 80 story tower. If you have the space to build out, then why not. NY of course is very limited geographically, and the commercial centers (midtown and the financial district) and even further limited. Therefore it makes sense in NY to build up, because you can't build out any more.
     
     
  #3260  
Old Posted Jul 10, 2013, 4:21 PM
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Can anyone tell me what the round silver "phono jacks" sticking out of the side are for? Kinda Looks like the back side of an old stereo or vcr

Great news on the possible deal, I hope #2 is not far behind.
     
     
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