Power Player

When Larry Met Bjarke…

BIG plans. (Michael Nagle for Commercial Observer).

“It’s like in The Hitchhikers Guide to the Galaxy,” said Bjarke Ingels, scrolling through images of gorgeous, multi-masted wooden sailboats on his phone, about to agree with Larry Silverstein who’d just extolled the fjords of Norway.

“Come here,” said Mr. Silverstein, gently interrupting, reaching out his arm, guiding Mr. Ingels away from the reception area and into his office at 7 World Trade Center.

“Can we come?” asked those who remained: a reporter, a photographer and two publicists (one each for Messers. Silverstein and Ingels). Read More

Lawsuits

Tishman, Silverstein and Durst Hit With 1 WTC Construction Injury Lawsuit

1 WTC and 4 WTC.

Cement mason worker Christopher Bertuzzi is suing Tishman ConstructionSilverstein Properties, the Durst Organization and the Port Authority of New York & New Jersey after getting seriously injured while working at 1 World Trade Center.

On Aug. 4, 2014, Mr. Bertuzzi, who was employed by Holt Construction, suffered “serious injuries to the body” which have caused him ongoing problems while working on the 93rd floor. In his suit, Mr. Beruzzi says “two sections of scaffolding, which were improperly placed or stacked were caused to collapse on plaintiff thereby causing serious injury to the plaintiff.” Read More

Lease Beat

Silverstein Properties’ Silver Suites To Take Space at 4 WTC

4 WTC

Silver Suites, the shared office space company operated by Silverstein Properties, will take 45,000 square feet at 4 World Trade Center, according to The Real Deal.

When signed, the lease for the 29th floor of the 72-story 4 WTC will add to Silver Suites’ presence at the Trade Center site; the company already has the 46th floor at 7 World Trade Center, which TRD noted is currently 100 percent leased. Read More

The Port Authority

Officials Call for WTC, Teleport Property Sales

The World Trade Center

The Port Authority of New York & New Jersey should “phase out real estate ownership and development,” according to a 103-page reform blueprint released by the agency and the governors of the two states over the weekend.

Gov. Chris Christie of New Jersey and Gov. Andrew Cuomo of New York laid out the findings of the bi-state special panel on the future of the Port Authority as they announced their respective vetoes of bills that would have overhauled the public entity. Read More

CMBS

Office Towers at 530 Fifth Avenue and 485 Seventh Avenue Defeased

530 Fifth Avenue.

Two securitized loans backing Manhattan office towers at 530 Fifth Avenue and 485 Seventh Avenue were fully defeased this month, according to December remittance data obtained by Trepp and provided to Mortgage Observer.

The 499,554-square-foot office tower at 530 Fifth Avenue has a current balance of $164.1 million and previously made up 7.8 percent of its CMBS deal, WBCMT 2006-C25. The building’s defeasance brought the total percentage of defeased loans in that deal to more than $218 million, or 10.4 percent of the securitized balance, according to Trepp. Read More

2014 year in review

Larry Silverstein Feels ‘Pretty Damn Good’ About Downtown

Larry Silverstein

Few people can sit in their office, crane their head slightly, and point out the window to the nearby skyscrapers they own. Larry Silverstein can.

The 83-year-old chairman of Silverstein Properties and master leaseholder and developer of the World Trade Center site invited Commercial Observer into his office on the 38th floor of 7 World Trade Center, motioning both in the direction of the existing and rising towers on the Trade Center site and the almost-topped out condo and Four Seasons hotel by Robert A.M. Stern at 30 Park Place. “It’s exciting as hell,” Mr. Silverstein said with his signature enthusiasm. Read More

The Lobby

Silverstein Appoints Tal Kerret President

Tal Kerret

Silverstein Properties has named current chief investment officer Tal Kerret the company’s president, Silverstein chairman Larry Silverstein announced this morning.

Mr. Kerret joined Silverstein as an executive vice president in 2011, originating the Silver Suites Offices shared office space at 7 World Trade Center and managing the corporate and short-term rental housing at the Silver Suites Residences at Silver Towers and at Beekman Tower, company officials said. Read More

Mortgage Observer

Silverstein Recaps 1177 Avenue of the Americas

1177 Avenue of the Americas (photo courtesy of CoStar)

Silverstein Properties recapitalized Midtown office property 1177 Avenue of the Americas, taking a $360 million loan from Deutsche Bank and CCRE, records filed with the city yesterday show.

A spokesperson for the Silverstein confirmed the deal, but declined to comment on the interest rate. Prior reports say that the developer was set to nab a “sub 3 percent,” rate, however. Read More

Mortgage Observer

With 3 WTC Financing Finally a Done Deal, What Comes Next?

Rendering of 3 World Trade Center.

Silverstein Properties scored a big win in late October after selling 1.6 billion in tax-exempt Liberty Bonds, paving the way for full construction of the firm’s long-stalled 3 World Trade Center tower. The financing marks the largest-ever unrated bond deal in the municipal market.

“The availability of that capital gives us the ability to lift the building above the eighth floor, where it is today,” Silverstein Properties Chairman Larry Silverstein said at a Commercial Observer breakfast panel on Nov. 5. Read More

Lease Beat

IEX Relocates to 4WTC from 7WTC

4 World Trade Center. (Silverstein Properties)

IEX, a start-up stock market, is moving from 3,600 square feet at 7 World Trade Center to 13,000 feet at 4 World Trade Center, both Silverstein Properties buildings, the developer announced.

The firm signed a seven-year lease on the 44th floor of the 56-story, 2.3-million-square-foot building and will move in April 2015. A source with knowledge of the deal said the asking rent is in the mid-$70s per foot. Read More

2014 Owners Magazine

Downtown Heavy Hitters Dish at CO Forum

Co Breakfast Panel

Silverstein Properties Chairman Larry Silverstein, CBRE New York tri-state CEO Mary Ann Tighe and the rest of the panel featuring five of Lower Manhattan’s top developers, brokers and tenants shared their assessments of the World Trade Center area’s progress at Commercial Observer’s Owners Magazine breakfast panel yesterday morning at 7 World Trade Center.

Jonathan Mechanic of Fried, Frank, Harris, Shriver & Jacobson‘s real estate department moderated the discussion and Brookfield Property Partners CEO Dennis Friedrich and ad agency vice chairman Andrew Essex of Droga5 also contributed their own upbeat takes on downtown on the week that 1 WTC anchor tenant Condé Nast began occupying the building. Read More

Power Broker

SOM’s Mega-Project Manager Dishes on 1 WTC

T.J. Gottesdiener

Models, awards and pictures from projects all over the world adorn the walls and corridors of the Lower Manhattan offices of Skidmore, Owings & Merrill, but the World Trade Center assemblage stands apart from all the rest. There are the gleaming pictures of Dubai’s 2,716-foot Burj Khalifa, a framed certificate recognizing Midtown’s Lever House for the 1980 American Institute of Architects’ 25-year award and the awe-inspiring design portfolio that includes seven of the world’s tallest 15 buildings and over 100 New York City structures. But they give way to a transparent scale model of the World Trade Center complex that’s all alone next to conference rooms and the executive offices where managing partner T.J. Gottesdiener oversees design, construction and planning at the firm’s New York City office. Read More

Mortgage Observer

Silverstein, Elad Seek $500M to Build 1 West End Avenue

Larry Silverstein

Silverstein Properties and Elad Group, who are partnering on high-end residential condominium 1 West End Avenue, are now seeking about $500 million in construction funds from a consortium of banks for the project, sources told Mortgage Observer.

The syndicate will be led by Wells Fargo and Bank of America, who provided the loan the partnership used to buy the Midtown West land last year from the Carlyle Group for $160 million, one person said.  Read More

Lease Beat

Investment Research Company Signs for 30K SF at 4 WTC

4 World Trade Center

Independent investment research provider Morningstar will move its New York City offices from Midtown to downtown in the middle of 2015 through a 10-year, 30,000-square-foot lease at 4 World Trade Center, Silverstein Properties announced today.

The company that currently operates out of a 7,500-square-foot office at 1065 Avenue of the Americas near Bryant Park will join the city government of New York, trade center site owner the Port Authority of New York & New Jersey and the MediaMath company at 4 WTC by taking space on the 48th floor of the award-winning 2.3-million-square-foot skyscraper designed by Fumihiko Maki, said Joe Mansueto, chairman and CEO of Morningstar. Read More