World Trade Center
Less than an hour after he left the stage at an event about the World Trade Center‘s progress ahead of the 9/11 anniversary, Silverstein Properties chairman Larry Silverstein invited reporters for a look at the Four Seasons hotel and condo development that’s rising just two blocks away from the trade center complex at 30 Park Place.
The 926-foot Robert A.M. Stern-designed building will feature 189 hotel rooms on the first 39 floors and 157 luxury condos leading up to the 82nd floor, including 11 penthouses with outdoor terraces starting on the 75th floor, when it opens in early 2016, according to Silverstein.
World Trade Center developer Larry Silverstein, master plan architect Daniel Libeskind and Port Authority of New York & New Jersey Vice Chairman Scott Rechler praised the progress of the 16-acre trade center site today in a “World Trade Center update” event timed for the week of the Sept. 11 anniversary.
Messrs. Silverstein, Libeskind and Rechler and a slew of other officials sought to draw attention to the strength of the downtown real estate market, Mr. Libeskind’s vision for the site and the now-on-track construction schedule as the process of rebuilding on the site nears the end of its 13th year.
Wells Fargo provided a $230 million Fannie Mae loan to Silverstein Properties to refinance its River Place rental tower at 650 West 42nd Street on the corner of 12th Avenue, the borrower confirmed to Mortgage Observer.
The seven-year interest-only loan carries a rate below 3.5 percent and replaces existing securitized debt on the property that is nearing maturity, Silverstein Properties Chief Executive Officer Marty Burger said. Ackman-Ziff served as a broker on the transaction.
Larry Silverstein‘s Silverstein Properties is seeking a permit to demolish a Hudson Yards building, according to a Department of Buildings document. That would pave the way for the developer’s planned mixed-use tower, which would soar 1,100 feet into the sky.
Attorneys for Silverstein Properties presented their case for changing the zoning of the Hudson Yards site at 520 West 41st Street in the proposal’s first public hearing at the Department of City Planning at the end of last month, as Commercial Observer previously reported.
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.
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
World Trade Center
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.
World Trade Center
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.”
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 Properties’ 3 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.
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.
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.
Year in Real Estate
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.
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.
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
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.”