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  #281  
Old Posted May 23, 2008, 6:02 AM
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Just read from a WSJ article that one option from Silverstein was for a tower 3 with "several more floors" and about 14 % more space. For that to happen, they would have to throw the site plan right out the window. But the city/state seems intent on keeping Merrill Downtown, so anything is possible.
Seems like a taller version could get built afterall...
http://www.nytimes.com/2008/05/23/ny...on&oref=slogin

Merrill Lynch Weighs Putting Headquarters at Ground Zero

By CHARLES V. BAGLI
May 23, 2008


Merrill Lynch is negotiating a deal to build a 70-story headquarters at ground zero, a plan that would make it the first financial firm to return to the 16-acre former World Trade Center site since the terrorist attack destroyed the complex in 2001.

A major step toward a deal was taken Thursday, when the Port Authority of New York and New Jersey voted to change the construction schedule for the towers at ground zero, enabling the developer Larry A. Silverstein to continue talks with Merrill Lynch about the building.

Officials of the Port Authority, the state and the city are optimistic about a Merrill deal, which the officials and the developer hope will spark other corporations’ interest in moving to the site. But the company is also looking for a sizable government subsidy, officials say, which could prompt some stormy bargaining sessions.

Another investment bank, Goldman Sachs, sidestepped the 16-acre trade center parcel, deciding instead to build a $2.4 billion, 43-story headquarters across West Street at Battery Park City.

Merrill is considering a move to what would be a 3 million square foot skyscraper at the northwest corner of Cortlandt and Church Streets. A tower that size would allow Merrill to consolidate 10,000 employees now at 2 and 4 World Financial Center and 222 Broadway. Merrill would prefer to own the building, rather than lease it from Mr. Silverstein, who would nevertheless build it.

Merrill Lynch’s lease at the World Financial Center, across West Street from ground zero, expires in 2013.

“We needed to move quickly to ensure that Merrill Lynch’s plans downtown can in fact be realized,” said Chris Ward, executive director of the Port Authority, which owns the land. “We’re working hand-in-glove with Larry Silverstein to see if that is possible.”

On Thursday, the Port Authority voted to extend the construction deadlines for two towers at ground zero, including Tower 3, the one under consideration by Merrill.

Mr. Silverstein’s development agreement with the Port Authority required him to complete the two office towers along Church Street by the end of 2011. The Port Authority moved the completion date for Tower 3 to June 2012, to allow him time to redesign the foundation for the proposed Merrill tower, which is larger than the building originally planned there. The deadline for Tower 4 was extended to April 2012.

“The six-month schedule adjustment approved today by the Port Authority clearly makes sense," said Janno Lieber, who oversees the trade center project for Silverstein Properties. "Merrill Lynch is downtown’s largest private-sector employer. This extension gives us the time to design and construct a modified building foundation that could accommodate Merrill’s specialized requirements."

Last fall, Merrill was in serious negotiations to move its headquarters from its longtime downtown home to the Penn Station area, where Vornado Realty Trust offered to build a skyscraper on the site of the Pennsylvania Hotel.

But the company abandoned the move after suffering billions of dollars of losses in the subprime mortgage crisis. It appeared that Merrill’s fallback plan was to remain as a tenant at the World Financial Center.

But in recent weeks, Merrill began talking in earnest with Mr. Silverstein about a new tower. There are a number of tax breaks and other incentives available at the trade center site. But Merrill wants a more generous deal, similar to the one given to Goldman Sachs — a deal that state and city officials have vowed never to repeat.

Goldman got $1.65 billion in tax-free Liberty Bonds, which will save the bank at least $9 million a year in interest, as well as $115 million in tax breaks and cash grants, leading critics to describe it as an egregious example of corporate welfare.

JPMorgan Chase got a smaller package last summer, when it signed an agreement to move its investment banking operations from Midtown to a site near ground zero, where it planned to build a 42-story, 1.3 million-square-foot tower at the corner of Greenwich and Cedar Streets. However, it recently bought Bear Stearns and Bear Stearns’s Midtown headquarters, where it now plans to put the investment bank. JPMorgan insists that it still wants the downtown development site, where the former Deutsche Bank building is being demolished.

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This would be the largest, though not the tallest WTC tower.
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  #282  
Old Posted May 23, 2008, 6:28 AM
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its 3wtc only 2m sqft? so they're going to add another 1mil?
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  #283  
Old Posted May 23, 2008, 6:30 AM
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its 3wtc only 2m sqft? so they're going to add another 1mil?
It's currently 2.5 msf.
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  #284  
Old Posted May 23, 2008, 7:56 AM
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Surprise, surprise, Merryl wants a supersweeet deal like Goldman got. Will the City do it? I tihnk not, that's a lot of money in taxes to miss out on.

Upping the tower by 500k sqft is adding 20%, not 14%. So if 14% was the larger option, that means more design work before we see anything rising. If it takes a few months longer but the tower is 20% bigger... I'm ok with that.
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  #285  
Old Posted May 23, 2008, 12:19 PM
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Surprise, surprise, Merryl wants a supersweeet deal like Goldman got. Will the City do it? I tihnk not, that's a lot of money in taxes to miss out on.

Upping the tower by 500k sqft is adding 20%, not 14%. So if 14% was the larger option, that means more design work before we see anything rising. If it takes a few months longer but the tower is 20% bigger... I'm ok with that.
The city and state have said they wouldn't, but there's a new governor now, and everyone involved wants to keep Merrill Downtown. So I'm thinking action will speak louder than words here, and Merrill will get something extra. But if they also get to own the tower, and not lease from Silverstein, that's already sweetening the pot.

The change in Tower 3's foundation has also put Tower 4 on hold, meaning they are possibly altering that one as well. That could possibly mean a slightly smaller foundation for Tower 4, which could lead to a slightly taller tower. And it should be taller if Tower 3 grows.
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  #286  
Old Posted May 23, 2008, 12:36 PM
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Would this tower be bigger (size wise) than 1WTC if it is increased to the proposed 3 million sf?
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  #287  
Old Posted May 23, 2008, 12:49 PM
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Would this tower be bigger (size wise) than 1WTC if it is increased to the proposed 3 million sf?
The Freedom Tower will have about 2.6 msf of office space.
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  #288  
Old Posted May 23, 2008, 9:04 PM
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3 MSF !!! Wow !! At this point I wish they didn't have that 417m height cap.
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  #289  
Old Posted May 23, 2008, 9:16 PM
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true NYGUY. If they end up touching the dimensions of 4wtc to make room for 3's added bulk, logically they would have to push 4wtc up and break 1000 feet
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  #290  
Old Posted May 23, 2008, 10:11 PM
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But if they also get to own the tower, and not lease from Silverstein, that's already sweetening the pot.
That is assuming Silverstein sells his rights to the tower. Regardless, isn't it something like a 99 year lease from the PA carried over from the original WTC deal?
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  #291  
Old Posted May 23, 2008, 11:28 PM
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If they are going to own the tower instead of leasing it from Silverstein, you don't think there is a chance they will scrap the design and start over? because that will piss me the fuck off. I really really like this design
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  #292  
Old Posted May 24, 2008, 12:26 PM
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If they are going to own the tower instead of leasing it from Silverstein, you don't think there is a chance they will scrap the design and start over?
Well, technically that's what they are doing now.


Quote:
Originally Posted by Scruffy
true NYGUY. If they end up touching the dimensions of 4wtc to make room for 3's added bulk, logically they would have to push 4wtc up and break 1000 feet
I would say the chances are better for that now than they were before.


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Originally Posted by antinimby
That is assuming Silverstein sells his rights to the tower. Regardless, isn't it something like a 99 year lease from the PA carried over from the original WTC deal?
Yeah, it gets a little complicated because Silverstein gave up righs to the Freedom Tower and 5. I would assume the Port Authority is in the middle of it.
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  #293  
Old Posted May 24, 2008, 1:33 PM
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So if I understand this correctly, the building will essentially have the same design, but now it has the potentail to being taller and 'thicker' at the base. Is that correct?

I'm happy with this potential deal because as Scruffy said, not only is there a solid tenant for this tower, but there is also potentail for more big name companies to move into the WFC.
It would be nice if the building gained an extra 25 feet or whatever's needed to push it into true suptertall status...
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  #294  
Old Posted May 24, 2008, 2:00 PM
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It would be nice if the building gained an extra 25 feet or whatever's needed to push it into true suptertall status...
Do you mean 4 WTC (which is at 975'). I agree with you, but I think you got the two confused.
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  #295  
Old Posted May 24, 2008, 2:08 PM
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Do you mean 4 WTC (which is at 975'). I agree with you, but I think you got the two confused.
...yeah, you're right, I did... I get confused by the way the FT is usually not numbered...

Merrill Lynch in Talks for WTC Lease
By Donna Mitchell
May 23, 2008

Merrill Lynch & Co. is negotiating with Silverstein Properties to lease space in Tower 3 of the new World Trade Center site.

Word of the negotiations emerged after Silverstein Properties won an extension until August 2012 to complete construction of Tower 3. The Port Authority of New York and New Jersey approved the extension. The developer asked for more time on the development, so that it could design a space that would accommodate Merrill Lynch's vast trading facilities, according to press reports. The plan is for Merrill Lynch to have full occupancy of Tower 3, according to the Port Authority's Web site.

In order to accommodate Merrill Lynch, Tower 3 would need to be redesigned, and the foundation plans for Towers 3 and 4 would have to be amended as well, said the Port Authority in a statement.

Under an agreement reached in 2006, Silverstein Properties had until February 2012 to complete all elements of the new World Trade Center site, said the Port Authority. On Thursday, the Port Authority extended the development deadline to mid-2012 for Tower 3 and spring 2012 for Tower 4.

Currently, Merrill Lynch's global headquarters is at 4 World Financial Center.

(WSJ.com)
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  #296  
Old Posted May 24, 2008, 2:15 PM
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I just hope the the 'core' design is not changed in regards to the overall look (if you guys know what I mean). Do you think they'll go back to the drawing board and come up with a building that looks 100% changed from the one we see now? I'm not talking about a few extra sqft on the base or a few more feet added to the overall height, but the building itself.
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  #297  
Old Posted May 24, 2008, 2:30 PM
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Really, Dac, I wouldn't be too upset if they did completely redo the design: out of the four of them, I thought No. 3 tried too hard to be "exciting."
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  #298  
Old Posted May 24, 2008, 2:50 PM
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I just hope the the 'core' design is not changed in regards to the overall look (if you guys know what I mean). Do you think they'll go back to the drawing board and come up with a building that looks 100% changed from the one we see now? I'm not talking about a few extra sqft on the base or a few more feet added to the overall height, but the building itself.
Thats what i meant earliar. I was afraid that they would scrap roger's design altogether. Im a big fan of roger's design. I really really want to see it rise
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  #299  
Old Posted May 24, 2008, 2:55 PM
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I'd be a lot more concerned if it was no. 4 that was to be redesigned: I think out of all of the towers, it's the most elegant and powerful because of its seeming simplicity. No. 3 isn't bad or anything... just a little too busy for my liking.
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  #300  
Old Posted May 24, 2008, 3:02 PM
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Thats what i meant earliar. I was afraid that they would scrap roger's design altogether. Im a big fan of roger's design. I really really want to see it rise
I'm with you on that Scruffy, I love Roger's work and this building, as do I love all of the new WTC towers. My inside feeling is that a complete redesign wouldn't be the case, but who knows.

An take on this NYguy?
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