Silverstein makes huge bet on China free trade zone

TRD New York /
Jan.January 28, 2014 11:30 AM

Silverstein Properties, behind the original World Trade Center sites and 3 WTC and 4 WTC, has invested $2.21 billion into a China free trade zone that would allow the country to build a mecca for financial services — rivaling that of Hong Kong, he said.

The developer scored the winning bid for an undeveloped site in the Qianhai Economic Zone, located in the city of Shenzhen in southern China, Forbes reported. The acquisition of the more than 550,000-square-foot lot is the largest land sale  — and the priciest — in Shenzhen to date.

The site is zoned for a mixed-use property and 5.1 million buildable square feet. Silverstein was the first non-Chinese investor in the so-called free trade zone, which the country approved in September.

Other developers have invested in China recently, as well. Tishman Speyer is investing in a large mixed-use project in Shanghai known as the Springs and nabbed Nike as its anchor office tenant, as reported earlier this month.

Larry Silverstein said in June he is also looking at opportunities in Beijing and Shanghai, where he hopes to build communities similar to the World Trade Center neighborhood.

Earlier this month, Martin Burger formally took over as CEO of Silverstein Properties, as The Real Deal reported. [Forbes]Mark Maurer


Related Articles

arrow_forward_ios
From left: Rockefeller Group CEO with 1221 6th Avenue and Tishman Speyer CEO Rob Speyer with 630 Fifth Avenue (Credit: Google Maps; Rockefeller; Drew Angerer/Getty Images)

Big law firm lease falls through at Tishman Speyer’s 630 Fifth

Big law firm lease falls through at Tishman Speyer’s 630 Fifth
Silverstein Properties CEO Marty Burger and a microscopic view of Covid-19 (Credit: Ilya S. Savenok/Getty Images, CDC)

“We can’t be everybody’s bank”: Marty Burger on how Silverstein is working with tenants and his Covid-19 recovery

“We can’t be everybody’s bank”: Marty Burger on how Silverstein is working with tenants and his Covid-19 recovery
Silverstein Properties CEO Marty Burger (Photo by Ilya S. Savenok/Getty Images)

Silverstein’s Marty Burger recovers from coronavirus

Silverstein’s Marty Burger recovers from coronavirus
Silverstein Properties' Tal Kerret, Dino Fusco, Marty Burger and 7 WTC (Credit: Joe Woolhead)

Former Goldman exec will be new COO at Silverstein Properties

Former Goldman exec will be new COO at Silverstein Properties
The Wheeler at 181 Livingston Street with Tishman Speyer's Rob Speyer (Credit: The Wheeler, Getty Images)

For-profit Whittle School inks lease for Tishman Speyer’s The Wheeler

For-profit Whittle School inks lease for Tishman Speyer’s The Wheeler
Governor Andrew Cuomo (Credit: Getty Images)

Cuomo rakes in real estate cash — but not from LLCs

Cuomo rakes in real estate cash — but not from LLCs
120 Broadway and Thornton Tomasetti’s Peter DiMaggio, Tom Scarangello and Michael Squarzini (Credit: Google Maps)

Thornton Tomasetti takes 100K sf at 120 Broadway

Thornton Tomasetti takes 100K sf at 120 Broadway
The Spiral and Debevoise presiding partner Michael W. Blair (Credit: Tishman Speyer)

Debevoise signs big lease at Tishman Speyer’s Spiral

Debevoise signs big lease at Tishman Speyer’s Spiral
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...