Tal Kerret, Silver Suites Offices and 7 World Trade Center
Half of Silver Suites Offices, a collaborative work space in the Financial District, is already leased — only two months after its launch by developer Silverstein Properties, Tal Kerret, a company senior vice president, told the New York Observer. [more]
From left: Westfield’s David Ruddick, 7 World Trade Center and a rendering of WTC retail
In its effort to slay some 365,000 square feet of retail at the World Trade Center complex, Westfield Group has moved right into the belly of the beast. The retail landlord has opened a 5,300-square-foot office on the 37th floor of 7 World Trade Center and is bringing top executives from around the world to staff the office and find tenants for the space, the New York Observer reporter. [more]
Brokers were bullish on the future of commercial leasing in Lower Manhattan, the slowest market in the city, at the 2012 Celebration of New York Real Estate Development at 7 World Trade Center.
Despite the flurry of commercial space coming on market in the next few years, Mitchell Konsker, who was the recipient of angel sponsor Jones Lang LaSalle’s “most innovative deal of the year award” at the same ceremony, said that spillover from the red-hot Midtown South submarket is decreasing downtown vacancy…. [more]
Larry Silverstein and 7 World Trade Center
In the latest sign of his success building and leasing 7 World Trade Center shortly after the Sept. 11 terrorist attacks, Silverstein Properties President Larry Silverstein has refinanced the office tower and taken out $65 million in cash.
The Wall Street Journal reported that Silverstein is putting more debt on the property, which was built for $670 million, but thanks to its complete occupancy has swelled to a value of about $940 million. [more]
When Larry Silverstein was asked to lend some of his time to be the featured guest at a B’nai B’rith real estate luncheon event held yesterday he was happy to oblige, and even agreed to pay for lunch, he told an audience of about 70 at the event in 7 World Trade Center. The developer said the organization has done extraordinary work in its more than 100 years of existence.
The animated, charasmatic and joyful impressario of Silverstein Properties stood behind a sleekly designed transparent lecturn, near 12-foot windows overlooking the development site, and talked for nearly 40 minutes about what he’s called his most important project –the redevelopment of the World Trade Center site.
He imparted two themes of New York development he’s learned in his 55-year career: Don’t bet against New York — it always comes back and strongly, and, referring to the built-on-spec 7 WTC, if you build it they will come. – Marc Becker
… [more]
A federal judge has dismissed negligence claims by Consolidated Edison over the fate of the original building at 7 World Trade Center on Sept. 11, 2001, the New York Law Journal reported, after it collapsed into a Con Ed substation.
Southern District Judge Alvin Hellerstein said the events of that day were “much too improbable to be consistent with any duty” toward Con Ed by developer Larry Silverstein and Citigroup.
Silverstein’s 7WTCo., an LLC controlled by Silverstein Properties, was charged with two counts of with negligence related to the development of the building. Tenants were apparently permitted to install diesel-fueled backup generators. Claims against Citigroup alleged that “an unreasonable amount of diesel fuel” in two 6,000-gallon tanks was incorporated into the design.
For Hellerstein, the idea that Silverstein and Citigroup could have foreseen these circumstances was just too far-fetched. … [more]
Clockwise from top left: Gary Greenspan, executive vice president at Cushman & Wakefield; CB Richard Ellis Chairman Stephen Siegel; 7 WTC; Peter Turchin, executive vice president at CB Richard Ellis and Michael Burgio, executive vice president of Cushman & Wakefield Seven World Trade Center is now fully leased, according to Silverstein Properties, which signed MSCI to a 20-year lease for the final 125,000 available square feet on floors 47 through 49. MSCI, which provides investment decision support tools, is moving its world headquarters to the 52-story tower from One Chase Plaza, and will consolidate its New York City operations in the space by the middle of next year.
Gary Greenspan and Michael Burgio, executive vice presidents at Cushman & Wakefield, represented MSCI, while an internal Silverstein Properties team together with CB Richard Ellis Chairman Stephen Siegel and executive vice president Peter Turchin, also of CBRE, negotiated the lease. – Adam Fusfeld
… [more]
To look out the windows from the 10th floor of Larry Silverstein’s shiny new 7 World Trade Center is to take visual stock of how far Lower Manhattan has come since Sept. 11, 2001. There’s the already-skyscraping 1 World Trade Center to the right, Towers 3 and 4 rising to the left, the soon-to-open memorial plaza below, and the new W Downtown staring back from across the construction site. A few blocks to both the east and west, Lower Manhattan now houses more residents than it has ever before seen, and still more are moving in — in droves. And soon, of course, Condé Nast will arrive, and with it, as is presumed to be the case, so will the neighborhood.
So this morning, when some of the most important architects of this turnaround convened to celebrate “The New Downtown,” alongside the NYU Schack Institute of Real Estate and Silverstein Properties, there was a natural, and deserved, optimism in their voices (see photos above). But there was also an unmistakable air of exasperation, as if to say, what else can we possibly do to get major retailers and restaurateurs to take notice? … [more]
“One World Trade Center is now New York’s first address for premier corporate office tenants,” Port Authority of New York & New Jersey Executive Director Chris Ward declared today as he took the stage on the 34th floor of the yet-to-be-finished Freedom Tower to announce Conde Nast’s signing for one million square feet in the building (see photos above). “Already the announcement has generated new interest in 1 World Trade, and let me tell you, the word is now out: See you Downtown.”
Symbolic as today’s signing might be of a transforming neighborhood, many in the real estate industry say the landscape has been changing for a while now. … [more]
Law firm WilmerHale is in talks to snap up more than 200,000 square feet at Silverstein Properties’ 7 World Trade Center, according to the New York Post. WilmerHale, which has a roster of over 1,000 attorneys in offices across the world, including Beijing, London and Frankfurt, would relocate from its current New York City office at 399 Park Avenue if the deal goes through. Although it was not immediately clear what the asking rent is, one source said the space WilmerHale is eyeing could fetch between $62 and $65 per square foot…. [more]
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