NEW YORK | 200 Greenwich - 2 WTC | 1,270 FT | 80 FLOORS | ON HOLD

[MercurySky]

I think the tower is nice but should be bulked up near the top. It would look much better next to its slightly taller companion.

[MAC123]

^If you're standing in the WTC plaza right in front of 1 WTC, this will look just as big from the bottom to the top.

Though other angles will look smaller obviously.

[NYguy]

Since 9/11, there have been a lot of changes and stages at "ground zero", some already forgotten. We don't know when this tower will begin to rise again.

For now we can at least remember the colorful art on site. That too will become only a memory.



AUGUST 27, 2022

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[NYguy]

Silverstein is at overflow levels now. A little more on that latest 3 WTC lease…


https://rew-online.com/freshfields-s...r-in-new-york/

Freshfields Signs New 15-Year Lease for 3 World Trade Center in New York


by REW
August 24, 2022

Freshfields Bruckhaus Deringer US LLP announced today that it has signed a 15-year, 180,000 square-foot lease at 3 World Trade Center in Lower Manhattan. The firm will occupy floors 51 through 54 when it moves from its current Midtown location at 601 Lexington Avenue in early 2024.

With offices in Washington, D.C., Silicon Valley and New York, Freshfields has hired over 200 lawyers in the US in the last three years to serve its ever-growing roster of clients and their complex and demanding matters. The new space will be the New York home to the firm’s dynamic and sophisticated US team and support the firm’s continued expansion in the US.

“We are nothing short of thrilled to announce these plans. 3 World Trade Center is one of the most technologically advanced, sustainable and transit-oriented buildings in the country. The space in this impressive tower will match the excellence that Freshfields delivers for our people and our clients every day,” said Olivia Radin, Freshfields’ New York Office Managing Partner.

Freshfields is working with Gensler to design the new space, as it did on the firm’s newest location for its Silicon Valley office. The workplace will be modern, professional and polished, and provide comfort for clients, lawyers and staff alike. The amenities available at the vibrant World Trade Center complex will further enhance the value of this office space for lawyers and clients.

[JMKeynes]

Financing 2 WTC without an anchor tenant of at least 500k sf will be hard. I hope that he gets a Persian Gulf partner who can finance it and permit Larry to build on spec. It will obviously be a success.

I hope that this is the latest design.

[Altoic]

• Video Link

Discusses 2WTC and 5WTC around 19:00.

[Lincolnlover2005]

Originally Posted by NYguy

Since 9/11, there have been a lot of changes and stages at "ground zero", some already forgotten. We don't know when this tower will begin to rise again.

For now we can at least remember the colorful art on site. That too will become only a memory.



AUGUST 27, 2022

18.

BIG dreamed, and BIG never got their design built

[NYguy]

Numbers have been updated since this, but even here, you can see that this tower needs to be built. We’ve come a looooong way since talk of no one ever wanting to take space at the WTC. And perhaps, the entire site should be clear of development. Of course, even then I knew that was nonsense. New York always adapts. We could be respectful and rebuild at the same time.

[JMKeynes]

The Gulf States are flush with cash and can finance.

[DCReid]

Originally Posted by NYguy

Numbers have been updated since this, but even here, you can see that this tower needs to be built. We’ve come a looooong way since talk of no one ever wanting to take space at the WTC. And perhaps, the entire site should be clear of development. Of course, even then I knew that was nonsense. New York always adapts. We could be respectful and rebuild at the same time.

Thanks. Is there a chart that shows the detail on available space at 1 WTC, like you have for 3 WTC?

[Streamliner]

If this design were flipped around 180 degrees, I'd be all for it. I don't know why the last two designs (this and BIG) insisted that the most boring facade face the most prominent vantage points (Memorial/Hudson River).

[NYguy]

Originally Posted by DCReid

Thanks. Is there a chart that shows the detail on available space at 1 WTC, like you have for 3 WTC?

Latest from the website…












Almost full…


https://rew-online.com/one-world-tra...now-95-leased/

One World Trade Center now 95% leased


by REW
March 29, 2022

The Durst Organization and The Port Authority of New York and New Jersey today announced that Celonis has extended its existing lease and signed an additional lease for the entire 70th floor. With this additional 40,763 square feet, One WTC is now 95% leased, two percentage points higher than in February of 2020, just prior to the beginning of the Pandemic.

“In just two years, Celonis has significantly increased its footprint at One World Trade Center,” said Jonathan (Jody) Durst, President of The Durst Organization. “One WTC is now 95% leased, the highest level in the building’s history. This milestone is not only a proud moment for our leasing team, but demonstrative of One WTC’s inherent appeal and New York’s supremacy as the global center of tech, finance, media and culture.”

[Hudson11]

Silverstein has been on a buying spree outside of NYC the past two years using money that could have gone to finance construction here. I hope Larry makes the choice to just build 2 WTC on spec before he kicks the bucket.

[worldtrade2021]

Originally Posted by NYguy

Numbers have been updated since this, but even here, you can see that this tower needs to be built. We’ve come a looooong way since talk of no one ever wanting to take space at the WTC. And perhaps, the entire site should be clear of development. Of course, even then I knew that was nonsense. New York always adapts. We could be respectful and rebuild at the same time.

Unlike before also 3 WTC is closer to being fully leased. Before it was just 4 WTC, now One WTC and 3 WTC are also nearing full occupancy. Rents are also lower downtown compared to midtown, although downtown office space availability still remains higher than pre-pandemic levels.
https://therealdeal.com/2022/09/02/m...-of-covid-era/

Despite Downtown’s availability dropping slightly to 20 percent, Wallach cautioned that there is a long way to go to get back to its pre-pandemic availability of 10 percent. Downtown has more availability than in the aftermath of 9/11 and the Great Recession.

The average annual rents per square foot in Midtown, Midtown South and Downtown in August were $79.55, $80.90 and $59.21, respectively.

Originally Posted by Hudson11

Silverstein has been on a buying spree outside of NYC the past two years using money that could have gone to finance construction here. I hope Larry makes the choice to just build 2 WTC on spec before he kicks the bucket.

He's committed to finding an anchor tenant at all costs before he ever considers building on spec https://nypost.com/2022/07/31/wtc-to...anchor-tenant/

He's made that clear at last several times and that this is the path he'll take, no matter how old he is. Dara MacQuillan of Silverstein Properties also appears to have that same sentiment.

[Zerton]

It's impressive how little leasable space there is left at the complex.

[DCReid]

Originally Posted by Zerton

It's impressive how little leasable space there is left at the complex.

I wonder how much has to be preleased to an anchor before they would proceed? Maybe 500K?

[NYguy]

Originally Posted by Zerton

It's impressive how little leasable space there is left at the complex.

It’s happened over time. People had doubts about rebuilding so much space - and still do, even now - but it just takes Downtown longer to absorb that much new space compared to Midtown. But I’m at the opposite end, and thinking of the future. Given the cyclical nature of office space in the city, where will the future new space be built? That’s why I was against converting T5 to residential. Once T2 is built, and as full as the current crop, there aren’t oppurtunities for major new development. We may be a decade away from that, but consider 9/11 was over 2 decades ago already. The future is always closer at hand than we think.

Originally Posted by DCReid

I wonder how much has to be preleased to an anchor before they would proceed? Maybe 500K?

I remeber something around 400,000 sf from Silverstein Properties.

[worldtrade2021]

Originally Posted by NYguy

That’s why I was against converting T5 to residential. Once T2 is built, and as full as the current crop, there aren’t oppurtunities for major new development.

The reason T5 even had residential space in the first place seems to be a zoning law that required buildings in NYC on certain areas of land to have a certain amount allotted to residential units, meaning they couldn't be fully commercial in the first place.

There's also been repeated talk in the media advertising downtown NYC as undergoing a transition from a 9 to 5 office district to more of a residential neighborhood since 9/11. However, most of the focus on converting office space to residential units has been on older skyscrapers, so with time as more office space is needed, there might be more demand to build newer buildings like 2 WTC.

We may be a decade away from that, but consider 9/11 was over 2 decades ago already. The future is always closer at hand than we think.

Even with the pandemic recession too, occupancy rates in One WTC and 3 WTC didn't dip to unforeseen levels and have rebounded. So there is some momentum in that area too. Opening of the St. Nicholas Greek Orthodox Church and PAC next year will in turn open up more of the site to pedestrian traffic and will probably help in cementing the WTC site as a relevant focal point for new development and even less viewed as a stalled construction site that is mostly closed off to any activity or that has trouble attracting business.

[NYguy]

Originally Posted by worldtrade2021

The reason T5 even had residential space in the first place seems to be a zoning law that required buildings in NYC on certain areas of land to have a certain amount allotted to residential units, meaning they couldn't be fully commercial in the first place.

Well, you couldn’t be more wrong about that. For one thing, State law surpasses City law. It’s how the WTC got built in the first place. Residential was never a part of the program, nor was it allowed to be. It’s why they’re currently going through all of the zoning change approvals.

There's also been repeated talk in the media advertising downtown NYC as undergoing a transition from a 9 to 5 office district to more of a residential neighborhood since 9/11. However, most of the focus on converting office space to residential units has been on older skyscrapers, so with time as more office space is needed, there might be more demand to build newer buildings like 2 WTC.

Downtown, which has a heavy concentration of older buildings, has long seen the move from commercial to residential of many buildings. The pace picked up after 9/11 as there was an effort to diversify the district. And once again, post-pandemic occupancy levels and some of the older buildings is leading a push to more residential space. All good, because the city is short on housing, just not this type of housing. The bottom line is, if Downtown is to have a commercial future, it falls on the WTC.

[worldtrade2021]

Originally Posted by NYguy

Well, you couldn’t be more wrong about that. For one thing, State law surpasses City law. It’s how the WTC got built in the first place. Residential was never a part of the program, nor was it allowed to be. It’s why they’re currently going through all of the zoning change approvals.

But 5 WTC was designed by KPF as a mixed use residential and commercial building in February 2021 before the Coalition for an Affordable 5 WTC was formed https://archinect.com/news/article/1...d-trade-center. Why would the architects design it as having residential units in the first place if this was before there was the push for residential space at 5 WTC?

It still seems like it was likely a zoning law or pressure from some politicians that resulted in the architects having 5 WTC include residential units, even though it was not stated outright https://ny.curbed.com/2019/6/26/1875...roposals-cuomo. They had the option of making it a purely commercial development but for some reason they included residential units. Had they not done that, the current debate about how many residential units should be 'affordable' at 5 WTC probably wouldn't even be taking place.

The bottom line is, if Downtown is to have a commercial future, it falls on the WTC.

Unfortunately many right now (at least in the media and it seems the state government) see Midtown as having more of a commercial future and are insistent in Downtown becoming more of a residential area overall.

If 2 WTC is built soon, at least some amount of space in the current proposal plan suggests some of that space will be used for hotels and not offices.

Originally Posted by NYguy

From some recent 5 WTC reading, it does seem like some hotel use may be back on the table. That was in the original plan, then was scrapped. The original WTC had it's own hotel too, so it could work here.