From left: Silverstein Properties President Larry Silverstein and a rendering of 4 World Trade CenterSilverstein Properties President Larry Silverstein and the Port Authority of New York & New Jersey are finally set to issue the $1.3 billion in tax-free bonds needed to fund continued construction of the World Trade Center next month, the Wall Street Journal reported.

Silverstein Properties has been running low on cash for the completion of 4 World Trade Center, which currently stands at 56 stories and is slated for 72 stories. The developers had originally planned on issuing the bonds last December, but reneged as interest rates on municipal bonds rose and the cost grew too high.
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From left: Silverstein Properties President Larry Silverstein and a rendering of 4 World Trade CenterThe previously reported deal for the city’s Human Resources Administration to take more than half of a million square feet at 4 World Trade Center could be upended by a private-sector tenant, according to the New York Post.

The developer of the 2.2 million-square-foot building, Silverstein Properties President Larry Silverstein, had previously said that if a private tenant takes the space the city’s commitment “may not be necessary.” He and the Port Authority of New York & New Jersey, which owns the site, would prefer private tenants to fill the space, in part because they would pay more. The HRA lease starts at $56.50 per foot for its 582,000-square-foot space, about $10 to $15 less than tenants have paid in recent deals for space in nearby 7 World Trade Center. [more]

The New York City Human Resources Administration will be moving its staff into 4 World Trade Center in early 2015, GlobeSt. reported. The HRA will take 582,000 square feet on floors 22 to 35 in the 2.3 million-square-foot tower, making it the second largest government tenant there. The agency will be moving out of its current three locations at 180 Water Street, 2 Washington Street and 250 Church Street, according to Connie Ress, deputy commissioner for communications and marketing at HRA.

Those three current locations total approximately 700,000 square feet, and about 3,000 employees will be making the move. [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
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From left: Developer Larry Silverstein, Newmark Knight Frank Chairman Jeffrey Gural, Assemblyman David Weprin, Rep. Bob Turner and Gristedes owner John Catsimatidis

The loser in New York City’s special election to replace former Democratic Rep. Anthony Weiner, Democratic Assemblyman David Weprin, had more high-profile supporters from the real estate community than Republican businessman Bob Turner, the winner, although Turner’s support picked up somewhat as the race became tighter and drew to a close, according to federal campaign finance filings.

While Weprin, who had initially led in polls for the race in the 9th Congressional District, received financial support from big names such as developer Larry Silverstein, real estate executive Jeffrey Gural and property owner William Rudin, Turner, who began showing higher poll numbers at the end August and in September, received support from Gristedes owner John Catsimatidis and developer Peter Kalikow. [more]

From left: Port Authority Executive Director Chris Ward, Silverstein Properties CEO Larry Silverstein and 4 World Trade Center

After a five-month effort, the Port Authority of New York & New Jersey has found a way to sell bonds financing the World Trade Center construction while appeasing existing Port Authority bondholders. According to the Wall Street Journal, without an agreement, Silverstein Properties would not have enough funding to complete construction on the 72-story 4 World Trade Center.

Port Authority had wanted to issue World Trade Center bonds. To ensure low interest rates it had intended to make the debt obligations on those bonds a priority over the general obligation bonds the agency had previously sold. [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
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From left: Larry Silverstein, Port Authority’s Chris Ward and David Childs of SOM

Developer Larry Silverstein of Silverstein Properties, David Childs of SOM, architect of 1 World Trade Center, and Chris Ward, executive director of Port Authority gathered on “Charlie Rose” Tuesday night with other real estate and architecture pros (see video above) to talk about the development of the World Trade Center site. The process from the time of the Sept. 11, 2001 attacks until now took longer than most expected, Silverstein said, but he’s extremely content as to where the process is now. “The time won’t matter in the end if we do the right thing,” Paul Goldberger, the New Yorker’s architecture critic added, “and I think we’re basically doing the right thing.” Silverstein spoke about his relationship with Ward, the name change from Freedom Tower to 1 World Trade Center and negotiating the emotional resonance the site has for New Yorkers with his aspirations to build an urban metropolis that would rival the site as it was before the attacks.
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World Trade Center siteFrom the September issue: Construction crews have been working feverishly at the World Trade Center site in anticipation of the 10th anniversary of the Sept. 11 attacks later this month.

But when families and friends of the victims gather there for the commemorative ceremony and the opening of the National September 11 Memorial, they will also see major progress at many of the buildings around them.

Indeed, lately — after years of delays and political infighting — steel has been rising rapidly at the 16-acre site.

Just to the north of the memorial, attendees will see the new $3.2 billion 1 World Trade Center, the most expensive office building ever constructed in the city, built to about the 80th floor. To the east, they will see the construction at three additional tower sites.

While much has been written about the progress at ground zero in a piecemeal fashion, this month, The Real Deal takes a closer at look how all of the pieces fit together — and how the finances pencil out for the developers. [more]

Larry Silverstein

From the September issue: Just over 10 years ago, Larry Silverstein, president and CEO of Silverstein Properties, closed on the then-largest real estate transaction in the city’s history: a $3.25 billion, 99-year leasehold on the Port Authority’s 10.6 million-square-foot World Trade Center site. Seven weeks later, the buildings were destroyed in the Sept. 11 terrorist attacks, and Silverstein has spent the better part of the past decade focused on the rebuilding. His 52-story, 7 World Trade Center office tower is now more than 90 percent leased, while the 72-story, 4 World Trade Center is scheduled to open next, in 2013. An alumnus of New York University, Silverstein is the founder and chairman emeritus of NYU’s Schack Institute of Real Estate and a former vice chairman of the university’s Board of Trustees.
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