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]
Site of the 4 World Trade Center incident (credit: Gothamist)
[Updated at 12:25 p.m. with statement from Tishman Construction] A cable on a construction crane at 4 World Trade Center snapped while lifting a load of an estimated three or four steel beams, sending them crashing back down 40 stories onto the flatbed truck from which they were lifted, numerous sources confirmed to The Real Deal.
A construction worker was injured, but refused medical attention, according to a spokesperson for the New York City Fire Department. [more]
Paul Glickman (top) and Frank Doyle, vice chairmen of JLL, and 1177 Sixth Avenue
Silverstein Properties and California State Teachers’ Retirement System are undertaking a renovation of 1177 Sixth Avenue and chose Jones Lang LaSalle to market the office property’s vacant space.
The 1 million-square-foot Class A office building, between 45th and 46th streets, has approximately 248,500 available square feet across three blocks of space. [more]
From left: Rockrose Development's Henry Elghanayan, 575 Lexington Avenue and Silverstein Properties President Larry Silverstein
Rockrose Development is in talks to acquire 575 Lexington Avenue for $370 million, according to Bloomberg News, which cited a Real Estate Alert report.
The 35-story, 585,000-square-foot office tower, between East 51st and East 52nd streets, is owned by a partnership of Silverstein Properties and the California State Teachers’ Retirement System. [more]
From the December issue: Now that the light bulbs have been changed and the solar power panels have been harnessed, real estate firms in New York are gearing up for Sustainability 2.0.
In fact, just about every big New York firm has some sort of sustainability department or point person: Jones Lang LaSalle, Cushman & Wakefield, CBRE Group, Vornado, Silverstein Properties, the Durst Organization, Malkin Holdings, the Related Companies and SL Green, to name just a few.
And there’s good reason for that. Gone are the days of merely hanging out a sustainability shingle that touts a building owner for being concerned about the environment.
In recent years, investors have started paying closer attention to how green an asset is before deciding whether to pump their own greenbacks into the property. [more]
Airy, open-plan office spaces, once seen as difficult to rent, are commanding some of the highest office rents in Manhattan since the recession, the New York Times reported, some more than $100 a square foot. These spaces, with dramatic city views, can be found in Midtown towers like 499 Park Avenue and 250 West 55th Street, the Times said, as well as downtown at 1 and 3 World Trade Center, now under construction.
Also desirable for their floor plans are buildings like 51 Astor Place, 28-40 West 23rd Street and 30 Rockefeller Center, where investment company Lazard is redesigning its 430,000 square feet on the top floors.
“Constantly now, we see firms wanting to build dramatic space,” said Peter Turchin, an executive vice president at CBRE. [more]
Martin Burger has been appointed co-CEO of Silverstein Properties and will spearhead the firm’s expansion to China, as well as throughout the U.S. and Europe, according to a statement from the developer today.
The developer of the 2, 3 and 4 World Trade Center buildings, which has nearly doubled the size of its staff since 2006, is further emphasizing the continued expansion of its business outside of New York City, the statement noted, with projects in Florida, China and Central and Eastern Europe.
Last year the commercial and residential developer established a joint venture in Warsaw, Poland, with Kulczyk Real Estate Holding, to develop office, retail and mixed-use properties throughout Central and Eastern Europe. – Guelda Voien [more]
After more than 50 years of investing almost entirely within the confines of New York City, Larry Silverstein has signed on to a $666 million venture to buy and develop properties in Poland, Bloomberg News reported.
The developer of new towers at the World Trade Center site has teamed up with Poland’s richest man, Jan Kulczyk, for the project. The duo made their joint purchase in August, buying an eight-story Warsaw office building, Bloomberg said, and is currently in talks to build several new towers in the Polish city.
Kulczyk has “done everything, but one thing he hasn’t done much of is real estate development,” Silverstein said. [more]
As the new executive director of the Port Authority of New York & New Jersey, Patrick Foye made pushing through financing to complete construction at 4 World Trade Center his first priority, the New York Post reported, and that was instrumental in getting the deal done last week.
With financing running dry for the completion of the tower, Silverstein Properties President Larry Silverstein and the Port Authority had been working for the better part of a year on issuing tax-exempt Liberty Bonds to fund the construction work. [more]
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]
