Mortgage Observer

PA Board Votes Down Guarantee for 3WTC, But Paves Way For Tower To Rise

A rendering of 3 World Trade Center

The Board of Commissioners of the Port Authority of New York and New Jersey voted unanimously today for a new financing scheme for the completion of office tower 3 World Trade Center, but stopped short of issuing a $1.2 billion loan guarantee.

The plan retains most of the funding provisions in the original 2010 agreement between the Port Authority, which owns the 16-acre site, and Silverstein Properties, which is developing it. Read More

World Trade Center

Slideshow: Inside the World Trade Center

11 Photos

Midtown Manhattan

Silverstein Properties invited Commercial Observer for an exclusive three-hour tour of the ear-popping existing buildings on the World Trade Center site, and the views were stunning. Even after a difficult week in which the Port Authority of New York & New Jersey thwarted Chairman Larry Silverstein‘s effort to get additional construction financing for 3 World Trade Center, Read More

Cover Story

Tower Power Play: Up Close and Personal with the World Trade Center Amid Roiling Debate

4 WTC

The springtime breeze is nice on the 57th-floor outdoor terrace of 4 World Trade Center. With a vista stretching from the Statue of Liberty to the Empire State Building and across the East River to Queens, the building will reward employees of whatever company snaps up the available 34,000-square-foot floor with a break room in the clouds.

But far down below that rarefied air, there’s intense scrutiny of a potential construction loan to complete one of the six new towers at the site. The same goes for the memorial park, the transit hub, the retail center and the performing arts center that will also one day adorn the spot where the 9/11 tragedy destroyed the twin towers and their surroundings 13 years ago. Read More

World Trade Center

Could String of World Trade Center Leases Appease Critics?

LowerManhattanSept2013

Hugo Boss is reportedly in talks with the Port Authority and the Durst Organization to take tens of thousands of square feet of office space at 1 World Trade Center, the latest in a string of rumored deals that could spark a new tone of optimism across the trade center site.

The news comes amid talk that online marketing software company Percolate is also in negotiations for 50,000 square feet at the gleaming tower. In addition, software developer MediaMath is said to be wrapping up a 120,000-square-foot lease at 4 World Trade Center, according to published reports.

A source close to the negotiations told Commercial Observer that the Hugo Boss deal is “not happening anytime soon,” calling the reports of a potential 100,000-square-foot commitment a “huge exaggeration.” Read More

World Trade Center

Port Authority Debates 3 World Trade Center Subsidies

A rendering of 3 World Trade Center

Members of the board of the Port Authority of New York and New Jersey are at odds over whether to double the amount of subsidies available for Silverstein Properties3 World Trade Center to $1.2 billion, according to The New York Times.

Scott Rechler, the vice chairman of the Port Authority and chief executive of RXR Realty, is spearheading the proposal, arguing that construction of the tower would mark the completion of the new World Trade Center site. Read More

World Trade Center

REBNY President Steven Spinola Honors Larry Silverstein

L to R: Larry Silverstein, Steven Spinola

REBNY President Steven Spinola is praising friend and Silverstein Properties, Inc. Chairman Larry Silverstein for the progress made at the World Trade Center site and his various contributions to New York City real estate.

Mr. Spinola published an article in Real Estate Weekly yesterday highlighting and lauding Mr. Silverstein’s accomplishments encompassing “more than a lifetime’s worth of success” following the 82-year-old’s recent announcement that he would step down as co-CEO of SPI.

Read More

The Lobby

Marty Burger Officially Takes Over as CEO of Silverstein Properties

Marty Burger

Marty Burger has been appointed as chief executive of Silverstein Properties, the company announced today, taking over sole ownership of the title he previously shared with Larry Silverstein.

Mr. Burger, who held the title of co-chief executive for two years during a period of transition, will take over responsibility of the real estate company’s day-to-day operations. A veteran of the industry, the 48-year-old first joined Silverstein Properties in 2010 after stints with Goldman Sachs, Blackstone, Related and Artisan Real Estate Ventures, a firm he founded. Read More

Lease Beat

3WTC Lands First Tenant

3-wtc2

GroupM has signed a 20-year lease at 3 World Trade Center for roughly 516,000 square feet across nine floors at the base of the 80-story tower, becoming the building’s first tenant and allowing Silverstein Properties to move forward with its financing and construction of the property.

The media investment management group will consolidate its 2,400 employees from several Midtown locations to 3WTC when it moves into the building, which will open in 2017.  Read More

Year in Real Estate

Passing the Torch: Real Estate Execs Sign Off in 2013

Mort Zuckerman

From Silverstein Properties and Boston Properties on down to Forest City Ratner Companies, age played a decisive role in succession planning across some of the country’s largest real estate companies this year.

Larry Silverstein, Mort Zuckerman and Bruce Ratner all handed the reins to younger real estate executives during a year of leadership changes that rippled across the industry. Vornado Realty Trust and Cushman & Wakefield also experienced top-level shake-ups. 

Read More

Development

Silverstein Breaking Ground on Tribeca Four Seasons

Larry Silverstein

Silverstein Properties later this morning will celebrate a ground breaking ceremony for the 82-story tower that will feature a 185-room Four Seasons hotel at 30 Park Place in Tribeca after an announcement last week that it had secured financing for the project. 

The Tribeca building at Park Place and Church Street, slated to become Downtown’s Read More

Cover Story

Grand Opening: Behind the Scenes of 4 WTC Debut

Image 1 - 4WTC

Less than two weeks after a celebratory ribbon-cutting ceremony held to mark the official opening of 4 World Trade Center, the scene at the building was comparatively muted. Instead of welcoming tenants and checking in guests, security officers manned their posts as construction workers put the finishing touches on the building’s lobby.

That’s all about to change.

Within 12 months, the Port Authority of New York and New Jersey and New York City, the two tenants that have committed to space at tower, will complete their respective build-outs and commence moving in. Other tenants, it is hoped, won’t be far behind.

“The fact that [4 World Trade Center] is open brings another level of reality to the project,” said Adam Foster, senior vice present at CBRE, who is part of the leasing team at the Silverstein Properties-owned building. “It demystifies everything.”

Read More

Grand Openings

4 World Trade Opens Later this Week

4 World Trade Center.

Officials are reportedly planning a ribbon-cutting ceremony next Wednesday for the opening of 4 World Trade Center, which will make the 978-foot building the first to open at Ground Zero.

“We want people to come and experience this both as a great office building but also a sense of accomplishment that we’ve really turned the Read More

Masters of Real Estate

Developers Optimistic at 5th Annual Masters of Real Estate Conference Despite Political Uncertainty

The New York Observer- Masters of Real Estate

There’s “something major” happening in every submarket in the city, but will gridlock in Washington and the impending mayoral election thrust the city back into recession – or even into a backdrop of crime and bankruptcy reminiscent of the 1970’s?

Not a chance, said a group of the city’s top real estate developers at Observer Read More