WTC is rebuilt, but Silverstein and Lowy friendship unraveled

The two men clashed over rebuilding efforts

New York /
Sep.September 12, 2016 08:32 AM

Fifteen years after the attacks, much of the World Trade Center complex has been restored. But in the process, a friendship between two major figures in the rebuilding has unraveled.

Developer Larry Silverstein TRData LogoTINY and Frank Lowy, chairman of the Westfield Corp., who jointly took over the World Trade Center two months before the Sept. 11 terrorist attack, have largely gone their separate ways, the Wall Street Journal reported. The two men say they are cordial to each other, but there are signs of a frayed friendship. Silverstein is no longer on one of Westfield’s companies’ boards, and the two men no longer spend time on each other’s yachts.

The two became friends in the 1980s and 1990s, and they teamed up to buy the Port Authority’s 99-year lease on the World Trade Center complex for $3.2 billion. But following Sept. 11, 2001, the two men clashed over rebuilding efforts. Silverstein wanted to restore the street grid in the area, but the Lowys wanted to rebuild their mall and feared that the grid would cut off the building from the rest of the site.

Though Westfield sold back its lease in 2003, the two men clashed again when the company negotiated to take over the retail space in the Oculus. Westfield eventually cut a deal for 365,000 square feet of retail space in the transit hub. [WSJ]Kathryn Brenzel


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
The former Presidio Public Health Hospital (Google)
At these Presidio apartments, you might room with a ghost for $3,700 a month
At these Presidio apartments, you might room with a ghost for $3,700 a month
The HSBC Tower (Google)
Andrew Chung’s Innovo Property Group grabs HSBC building in Bryant Park
Andrew Chung’s Innovo Property Group grabs HSBC building in Bryant Park
Marcelo Claure (Credit: Getty Images)
The $2 billion man? Marcelo Claure seeks top pay from SoftBank
The $2 billion man? Marcelo Claure seeks top pay from SoftBank
You’ll have to shell out another $15M for this private Bahamas island
You’ll have to shell out another $15M for this private Bahamas island
You’ll have to shell out another $15M for this private Bahamas island
(Nestron)
Singapore’s Nestron unveils its biggest — and priciest — tiny home
Singapore’s Nestron unveils its biggest — and priciest — tiny home
arrow_forward_ios

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

Loading...