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New York

Silverstein may expand Silver Suites to 4 WTC

Firm betting on increased demand from smaller businesses for shared office space

4 World Trade Center and Larry Silverstein
4 World Trade Center and Larry Silverstein

Silverstein Properties is thinking about expanding its short-term office space for technology and digital companies.

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The World Trade Center developer is looking to grow Silver Suites, a program it launched in 2012, according to Crain’s. Silver Suites is currently located at 7 World Trade Center, but may take up a full floor at the 2.3 million-square-foot 4 World Trade Center, according to the website. The 72-story tower opened about a year ago and has hundreds of thousands of square feet available.

By expanding the office suites venture, Silverstein is betting that these growing businesses, which often are too small to take on traditional leases, will need more space as they grow.  In theory, Silver Suites can put Silverstein in a good position to keep these tenants as  their businesses expand.

“Silver Suites at 7 World Trade Center has been a huge success, and as with any successful venture, we are considering our options for growing the brand,” a Silverstein spokesman said in a statement as cited by the news outlet. “That said, we are only in the conceptual stage and are not close to making any decisions regarding how, when or where we might expand Silver Suites.” [Crain’s] — Claire Moses

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Larry Silverstein