American Express Could Anchor Silverstein’s 2 World Trade Center Development
By Isabelle Durso September 5, 2024 6:02 pm
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Silverstein Properties and American Express are reportedly in negotiations to finally build the 2 World Trade Center tower, with the financial services firm anchoring the property.
Larry Silverstein, who has long pursued financing to build the 78-story skyscraper, is in an “exclusive negotiation period” with AmEx, and it could decide whether to move forward with the development as soon as this month, according to The Real Deal, which first reported the news.
Both Silverstein and AmEx declined to comment.
AmEx, which faces no deadline in the decision, is currently “weighing the expense of a brand-new, state-of-the-art office building,” sources familiar with the discussions told TRD.
The firm told TRD in a statement that it is “conducting a thorough assessment” of its corporate headquarters at Brookfield’s 200 Vesey Street and its ability to potentially “refurbish our current space or relocate to another facility in Manhattan.”
It has reportedly been considering a move from 200 Vesey since 2022 and needs about 1 million square feet in New York state, TRD previously reported.
Paul Gioioso, AmEx’s senior vice president for global real estate, is working on the decision with Cushman & Wakefield, while Silverstein is being represented by CBRE’s Mary Ann Tighe. Tighe declined to comment.
TRD’s sources said Silverstein wants the tower “done yesterday” to finish off his World Trade Center complex in the Financial District, where 5 World Trade Center is set to reach completion in the coming years.
Silverstein has long searched for a tenant to anchor 2 World Trade Center, and he’s come close before with several companies, including News Corp., Citigroup and Jane Street Capital. But deals with those tenants fell through, and it looks like the 93-year-old developer is counting on AmEx to finally close the deal.
Just six weeks before the Sept. 11 terrorist attacks that destroyed the Twin Towers, Silverstein signed a 99-year lease for the site with the Port Authority. He has been on a mission to rebuild the 16-acre complex ever since, which includes the 1 World Trade Center, 3 World Trade Center, 4 World Trade Center and 7 World Trade Center, along with the Oculus transportation center and mall.
Silverstein has even written a book about his journey to redevelop the site, titled The Rising: The Twenty-Year Battle to Rebuild the World Trade Center, set to be released Sept. 10.
Isabelle Durso can be reached at idurso@commercialobserver.com.
