As companies are looking for newer office that can accomdate their high-tech needs and growing environmental efforts, Larry A. Silverstein, chief executive officer of Silverstein Properties Inc., sees two of his new office buildings at Ground Zero the logical choice.
According to Bloomberg Business Week, “some 235 tenants have moved from midtown to downtown” since 2005. As newer buildings are constructed with high-tech and green accomdations in mind, it seems many more tenants might be moving into the neighborhood.
Conde Nast is one of those potential tenants, looking to lease a sizable amount of office space at 1 World Trade.
The Port Authority of New York and New Jersey, owners of the World Trade Center Site will be holding a special meeting today to vote on the funding required for two towers being developed by Larry Silverstein.
The vote that takes place today will solidify tentative deals announced between the Port Authority and Larry Silverstein in recent weeks.
The financing terms call for $1 billion dollars help from the Port Authority to develop a 64-story tower at the World Trade Center site. The Port Authority will also provide $600 million in backup funds for another 71-story tower, contingent on Silverstein being able to raise $200 million in cash as well as tenants for the building.
These two buildings are being constructed in tandem with 1 World Trade Center which was previously known as the Freedom Tower.
Two years ago, the Port Authority faced an empty World Trade Center site with companies showing little to no interest in locating downtown.
It seems 1 World Trade Center is the address to have these days.
After having settled on its new headquarters at 1 Bryant Park, Bank of America is entertaining the possibility of 1 million more square feet at the World Trade Center.
Bank of America’s interest comes on the heels of magazine giant Conde Nast locating their new headquarters at 1 World Trade Center.
According to the New York Post, “Sources said the bank prefers at least half of its relocation space to be at a newly minted address with features similar to those at 1 Bryant Park, which it co-owns with Douglas Durst — i.e., LEED-certified environmental design, advanced electronic technology and relatively colum-free floor plates.”
Douglas Durst, along with Larry Silverstein are the two main developers responsible for the rebuilding of the World Trade Center site. Silverstein also owns and operates the glass behemoth, 7 World Trade Center.
Bank of America is prospecting locations in both midtown and downtown.
“Downtown, only 1WTC (in which Durst now holds a minority stake) is in fullbore construction for completion in 2013. Larry Siverstein’s 4 WTC could offer comparable modern space, but construction above a six-story base awaits completion of a financing agreement between him and the PA,” according to the same article.