7 World Trade Center

[expose05]

thanks i appreciate the info.:)

[BPC]

here we go ...

7 World Trade Center Gets a Major Tenant

By CHARLES V. BAGLI

Published: June 20, 2006

The developer Larry A. Silverstein has named a major tenant for 7 World Trade Center, the first skyscraper built in Lower Manhattan since the 9/11 attack, according to two real estate executives who have been briefed on the deal.

Moody's Investors Service, the financial rating agency, signed a letter of intent on Friday to occupy 15 floors in the 52-story tower, which officially opened in May. Moody's, the executives said, plans to sell its cramped 55-year-old headquarters a few blocks away at 99 Church Street.

The move bodes well for both Mr. Silverstein and the downtown real estate market, which has suffered a high vacancy rate since the terrorist attacks of Sept. 11, 2001. Developers usually find a deal with an anchor tenant before beginning construction. But Mr. Silverstein built the $700 million glass and stainless steel tower largely with insurance money and tax-free Liberty bonds, so he could afford to wait for the right tenant.

Until the deal with Moody's, Mr. Silverstein had been able to attract only a handful of tenants for eight floors. He also held out for a premium rent downtown.

But in recent months, real estate brokers say, skyrocketing rents in Midtown and a dearth of large blocks of space are prompting tenants to look downtown, where rents are 30 percent less than in Midtown.

Moody's decision to move into 600,000 square feet at 7 World Trade Center reflects a growing confidence in Lower Manhattan, the brokers said.

Howard J. Rubenstein, a spokesman for Mr. Silverstein, said he was unable to reach the developer last night for comment.

Aside from getting a more modern headquarters, Moody's would also reap a long list of tax breaks, rent rebates and other incentives offered by state and city officials to reduce the rent by as much as 10 dollars per square foot annually.

The original tower at 7 World Trade Center was destroyed in the attack on Sept 11. Mr. Silverstein began rebuilding the tower, which sits at the corner of Vesey and Greenwich Streets, in 2002.

Ameriprise Financial has leased half a floor in the building and the New York Academy of Sciences has taken an entire floor, as has Silverstein Properties. Mr. Silverstein also has a tentative deal with Vantone Real Estate, a Chinese company, for the top four floors.

Across Vesey Street, work is beginning on the 1,776-foot-tall Freedom Tower, the first of five buildings at the trade center site, and Goldman Sachs is building a million-square-foot headquarters on West Street.

[antinimby]

That's great news.

I just hope Moody's old building won't turn into more condos. Hopefully, the new owner can refurbish it into class A offices.

[kliq6]

actually there building is kinda old and is ready for a major update, im surprised Moody's has stayed there for so long. WE will see if this term sheet and the Chinese term sheet become a actual lease.

Also a to major financial firms are looking at 7 as a possible place to establish a LM office to reap the tax breaks.

Plus things are rolling good on neg on Building three and four in terms of tenants, now Building Two needs someone

[JMGarcia]

'Seven' knows its place
Ground Zero's $700M tower - a marvel of craftsmanship - craves no limelight
BY JUSTIN DAVIDSON
Newsday Staff Writer

June 28, 2006

From the 52nd floor of 7 World Trade Center, Ground Zero looks orderly and swept, ready to receive a big delivery of architecture. Two massive squares have been marked off in the soil: archeological traces of the Twin Towers and a portent of their memorial.

David Childs, the architect of developer Larry Silverstein's new office tower, stands at the floor-to-ceiling window and, like some delusional tour guide, points out the elements of a nonexistent cityscape. "The PATH station's there, and over to the right of the memorial is the Freedom Tower," which he also designed. He gestured down Greenwich Street to the lined-up plots assigned to celebrated architects Norman Foster, Richard Rogers and Fumihiko Maki. "That's where Towers Two, Three and Four go."
In the arc of Childs' sweeping arm, the future seems obvious and neat, but the present is messier. After the city was mangled and the rubble cleared, the task of filling in the trapezoid was fumbled again and again. Builders and politicians have treated the project like a child in an ugly custody case.

The most recent dustup concerns the memorial, which, if built as originally imagined by the inexperienced young architect Michael Arad, would have cost a preposterous $1 billion. In an attempt to whittle the pricetag by half, authorities last week released a revised proposal that didn't exactly eviscerate Arad's concept but didn't please him, either.

Multimedia mourning

Where he had guided visitors down a ramp and into the substratum of memory and rock, the new plan has them entering through an Orwellian-sounding "Orientation and Education Center." The change would deprive visitors of the chance to react or make a private journey of remembrance before having their experience molded by videos, explanatory text panels, exhibits and narration. Welcome to the age of multimedia mourning.

With his bland manner and bullet-pointed explanations, Childs has a talent for making the four-year scrimmage over the site seem vulgar and distant. His "Seven," as it is known, is an orderly, refined and undemanding building. It stands back from the edge of its lot, allowing Greenwich Street to pass unmolested. Its glass sheath twinkles in the sun, but its shape politely declines to dazzle. Its most distinctive feature, a rhomboid footprint, derives from the way two street grids overlap.

Sure, the building's nondescript, but then it doesn't aspire to be descript. Let other, future structures (the supertall Freedom Tower, for instance) claim the skyline limelight. This one is just an introduction.

Seven is a monument to craft, technology, good citizenship and green design but not to the imagination. It sucks up less energy and lets in more sunlight than a cheaper tower would. It is staunchly girded against a bomb blast. It will slow a fire and speed evacuation down its double-wide stairs. The building even frees office-workers from having to punch elevator buttons: Instead, they swipe ID cards at turnstiles that know which floors they belong on, and pass that message to the elevators.

Accommodating a garden

Above all, Childs is proud of his client for having sacrificed, as he puts it, "the goose that lays the golden egg," in the form of 300,000 square feet of rentable space that was left unbuilt to leave room for the street and a small, triangular garden. (Not that the lost square footage matters to Silverstein's bottom line so far: 45 percent of the 1.7 million available square feet still remains to be rented.)

The original World Trade Center complex obliterated Greenwich Street. Restoring it was one of Childs' earliest priorities. "We knew that if we did that, anybody who came later would have to incorporate it into the master plan," he said. He was right: Greenwich does indeed keep running south, recalling the old, pre-landfill edge of Manhattan Island and the new bisecting axis of the World Trade Center site.

From a distance, Seven World Trade looks big, but it is calibrated to the square inch to accommodate the 250,000- pound Con Edison transformers that sit invisibly at street level. The lobby is fronted in ultra-clear glass, while the other, windowless walls of the lower stories are clad in louvered metal plates that produce an iridescent sparkle when they move, like the scales of an enormous fish. A work of word-art by Jenny Holzer scrolls around the inside lobby, its lit text ricocheting off every surface and even radiating out to the street.

A glistening gem

Above the metallic base is a tour de force of glass: great, 12-foot sheets of the stuff, stretching from ceiling to floor and beyond. Below each pane, a strip of blue stainless steel, visible only from the upper floors of neighboring towers, bats the sunlight back skywards, giving the glass that diamond gleam.

Silverstein spent $700 million on Seven. With it, he has given notice that Ground Zero does not get rebuilt on the cheap. What remains to be seen is how soon this deluxe property can start paying for itself, and whether the rest of the site's future towers will display more charisma than this proper pioneer.

[davestanke]

Great pictures above. One thing is undeniable, WTC 7 has a great feel in the building. Lighting is great and its hard to judge, but the air feels good. From the perspective of people inside buildings, light, air, and sound are right near the top of the priority list.

WTC 7 will be an easy sell. It may be a bit challenged by the surrounding construction and Fitterman Hall/the pit, but it will become clear that those are temporary soon.

After 9/11, real estate crashed downtown. It started to come back with bottom feeders (or visionaries, depending on perspective). Interest grew and people started diving at deals to get them before they were gone. The free market anticipates future conditions very rapidly. If you wait until the future unfolds, you'll be to late to be part of it. It'll only take a couple more chuncks of WTC 7 to go before it starts.

[Citytect]

What happen to the interactive lights on the base?

[TREPYE]

Simple and inconspicuous projects like 7WT are the ones that Childs should be commissioned to do as mediocrity or conformity that is well done does not seem to be that bad. But he should have had no business doing the 1 WTC project as it seems to be beyond his capabilities. Hes a mediocre architect and he should stick to low profile projects like 7 WT. I would not be saying this had he not given us a boring/bland TWC project as well.

This tower is definitely a success because it is alot better than its predecessor. Even though I'm not a fan of flat-top bldngs the facade is really nice and it glows pretty cool at night giving the Woolworth a great companion.

[jeffpark]

Simple and inconspicuous projects like 7WT are the ones that Childs should be commissioned to do as mediocrity or conformity that is well done does not seem to be that bad. But he should have had no business doing the 1 WTC project as it seems to be beyond his capabilities. Hes a mediocre architect and he should stick to low profile projects like 7 WT. I would not be saying this had he not given us a boring/bland TWC project as well.

This tower is definitely a success because it is alot better than its predecessor. Even though I'm not a fan of flat-top bldngs the facade is really nice and it glows pretty cool at night giving the Woolworth a great companion.

i agree 100 percent they should have gone with Cesar Pelli

[pianoman11686]

From the New York Post (http://www.nypost.com/realestate/comm/rent_hiked_at_7_wtc_comm_steve_cuozzo.htm):

RENT HIKED AT 7 WTC

SILVERSTEIN DEFIES BLOOMBERG

July 11, 2006 -- TAKE that, Mike Bloomberg - Larry Silverstein just raised the rent at 7 World Trade Center.

Sources say that in the past few weeks, Silverstein quietly upped the "ask" at 7 WTC by 10 percent over the original average $50 a square foot.

Last year, the mayor made a stink over Silverstein's pricing, saying the developer should slice his rent to $35 a foot - then the average in first-class buildings downtown, all at least 25 years older.

But Silverstein, who swiftly put up the gleaming tower even as the state, city and Port Authority bogged him down at Ground Zero, is calling the shots. Sources say that 1.2 million of the tower's 1.6 million feet are now leased or term-sheeted.

Only 60,000 feet are actually leased. But in addition to recent term sheets - nonbinding agreements that spell out major terms of a prospective lease - for Moody's Financial Services and Vantone, we've learned that term sheets have also been signed for an additional 340,000 square feet.

Three different Midtown companies account for those 340,000 feet. And one reason they're hot for 7 WTC is because of deals like the one Limited Brands, parent of Victoria's Secret, Limited Stores and Henri Bendel, just signed at Vornado's 1740 Broadway uptown. (Terms were not disclosed; various databases listed the asking rent at $60 a square foot.)

The deal - negotiated for Limited by CB Richard Ellis' Mary Ann Tighe, Eric Deutsch, Jason Pollen and Ken Meyerson - gobbled up 320,051 square feet. The move from five smaller Limited office locations in Midtown represents a 50,000-square-foot expansion and also puts the retailer's several Victoria's Secret labels under one roof for the first time - "underwear everywhere," an insider said.

But its larger significance is that it further reduces Midtown's dwindling supply of large-block availabilities, forcing more firms to look downtown.

Tighe says Limited hired CBRE to propose a consolidation plan last December, a process that usually takes six to 12 months.

"But we recommended within 60 days that they had to accelerate their plans, because the market was changing and large blocks were drying up."

CBRE's Deutsch detailed how tight Midtown has become. He says that as of June 30, 2005, CBRE counted 5.28 million square feet of Midtown space available in blocks of 100,000 feet and up, out of a total Midtown inventory of 198 million feet.

By the end of June this year, it plummeted to 3.5 million feet; and the Limited deal reduced it to a mere 3.16 million.

Copyright 2006 NYP Holdings, Inc.

[kliq6]

With Midtown drying up firms have no choice, only thing is not alot of new construction or true class A space left. If they had gotteen the WTC site going as quick as Larry got this one going, wed been on Building Three by now and not have as much of a scarcity of space

[NYguy]

Sources say that 1.2 million of the tower's 1.6 million feet are now leased or term-sheeted.

Only 60,000 feet are actually leased. But in addition to recent term sheets - nonbinding agreements that spell out major terms of a prospective lease - for Moody's Financial Services and Vantone, we've learned that term sheets have also been signed for an additional 340,000 square feet.

Silverstein has shown that when allowed, he can get the job done Downtown. More power to him.


CBRE's Deutsch detailed how tight Midtown has become. He says that as of June 30, 2005, CBRE counted 5.28 million square feet of Midtown space available in blocks of 100,000 feet and up, out of a total Midtown inventory of 198 million feet.

By the end of June this year, it plummeted to 3.5 million feet; and the Limited deal reduced it to a mere 3.16 million.

Even that planned space at the MSG site will be just a trickle in the bucket. After the WTC, the Westside is the only place to go.

[pianoman11686]

China Center will no longer occupy 7 WTC

by Julie Satow

July 11, 2006

Silverstein Properties pulled out of a deal to lease 200,000 square feet after the Chinese development company failed to deliver a letter of credit.

The planned China Center that was to occupy the top four floors at 7 World Trade Center is no more.

Silverstein Properties has pulled out of its agreement to lease 200,000 square feet after the Chinese development company Vantone Beijing Real Estate failed to deliver a letter of credit yesterday.

Vantone had planned to create an office center for Chinese companies, including a restaurant, gym and concierge services.


"The Chinese would still like to make a deal," says someone familiar with Vantone Beijing Real Estate. A letter of credit is in the works and will be ready in a few days, the person says. It is not clear whether this will make any difference now.

"It is unfortunately another deadline in a long series of deadlines that has come and gone without our transaction being consummated," developer Larry Silverstein wrote in a letter dated yesterday to Xue Ya, executive director of the China Center. "We no longer have confidence in your ability to fulfill the terms of the proposed lease transaction."

Vantone and Silverstein Properties signed a letter of intent in January, with a deadline for executing the lease set for June 15.

It was later pushed back to June 26, and finally, June 30. A letter of credit was to be submitted by July 7, and then July 10. "Now, again, the deadline has passed without the promised result," Mr. Silverstein wrote.

The news comes at a time when the asking rents at 7 World Trade Center have seen a 10% hike to $55 a square foot, according to an article today in the New York Post.

Still, only 60,000 square feet of the 1.6-million-square-foot tower has signed leases.

In a statement, Mr. Silverstein said the Vantone failure "is a minor and temporary setback in the building's leasing efforts."

COPYRIGHT 2006 CRAIN COMMUNICATIONS INC.

[pianoman11686]

More on the Vantone lease-in-limbo:

Trade Center Tenant Deal, Once Hailed, Is in Dispute

By CHARLES V. BAGLI and DAVID W. DUNLAP

Published: July 12, 2006

The developer of the first skyscraper downtown since the Sept. 11 attack and the Chinese company that signed a lease to move into the top of the 52-story building disagree on whether the deal has fallen apart.

Larry A. Silverstein, the developer of the building, 7 World Trade Center, said yesterday that the deal, which was trumpeted by state and city officials, had collapsed.

But the company and their supporters at the Partnership for New York City say the deal for the “China Center” is still on — and that they hope to deliver a $45 million letter of credit to Mr. Silverstein as early as today.

Real estate executives and people involved in the deal say that the dispute may have as much to do with the possibility of getting a higher rent from another tenant in a suddenly resurgent downtown market, as it does with the difficulties of negotiating with foreign company that must obtain approvals from 106 separate people in far-off China.

When the deal was announced in January, Mayor Michael R. Bloomberg and Gov. George E. Pataki described it as the first step in establishing the rebuilt World Trade Center as the preferred location “for hundreds of international companies that are emerging from Asia and elsewhere.”

Deputy Mayor Daniel L. Doctoroff said yesterday that it would be “a real tragedy for Lower Manhattan” if the deal were scuttled.

But Mr. Silverstein said yesterday that the company, Beijing Vantone Real Estate Company, failed to meet a deadline Monday for posting a security deposit on a 15-year lease for the top five floors at 7 World Trade Center, at Greenwich and Vesey Streets. In a letter to Vantone, Mr. Silverstein said, “We no longer have confidence in your ability to fulfill the terms of the proposed lease transaction.”

He said it was the fourth time that Vantone had missed a deadline.

“While it is unfortunate that an agreement could not be finalized,” Mr. Silverstein said in a statement issued yesterday, “this is a minor and temporary setback.”

But Xue Ya, director of the China Center for Vantone, said yesterday that Mr. Silverstein had imposed the Monday deadline unilaterally, 10 days after the two sides signed a lease. He said Vantone still wanted to put the China Center, a business and cultural complex, in the heart of Lower Manhattan.

“They plan on delivering the letter of credit and going forward with the deal,” said Kathryn Wylde, president of the Partnership, an alliance of business executives that has played a pivotal role in the deal.

Lynn Krogh, a spokeswoman for the governor, said that Mr. Pataki remained “hopeful that the China Center will make its home on the World Trade Center site or elsewhere in Lower Manhattan.”

At the urging of government officials, the Partnership and downtown business executives, Mr. Silverstein reluctantly signed a preliminary agreement in January with Vantone to lease 200,000 square feet in his nearly vacant tower for an annual rent of roughly $50 a square foot. The state and the city have provided relatively large tax breaks and cash incentives to lure tenants.

But the downtown market has improved dramatically since then. Mr. Silverstein, who recently raised the asking rents in his tower by about 10 percent, is also close to striking major deals with Moody’s Investors Service and the Darby & Darby law firm. Real estate executives are convinced that Mr. Silverstein could now lease the top of the tower for a higher rent than Vantone has agreed to pay.

In a financial milestone for the trade center redevelopment, the city’s Industrial Development Agency gave its preliminary approval yesterday for $1.62 billion in tax-exempt Liberty Bond financing for various projects at the site.

Silverstein Properties is to receive $921 million in financing for the construction of three towers on the trade center site, along Greenwich Street between Vesey and Liberty Streets. The Port Authority of New York and Jersey is to receive $702 million in financing to build the Freedom Tower and the retail space in the three towers on Greenwich Street.

City and state officials divide control over issuing Liberty Bonds. Last month, the state gave preliminary approval for $1.67 billion in financing for Mr. Silverstein’s three towers, bringing the total Liberty Bond commitment to $2.59 billion, roughly 60 percent of the project cost. The balance is to come from insurance proceeds and conventional financing.

The remainder of the city-controlled bond financing, $50 million, was given yesterday to a hotel that is being developed by the Moinian Group as part of a mixed-use tower at 123 Washington Street.

Copyright 2006 The New York Times Company

[pianoman11686]

And another article from the Post:

SILVERSTEIN NIXES DEAL

CHINESE DELAYED TOO MUCH

By Lois Weiss

July 12, 2006 -- LARRY Silverstein allowed them four strikes - now they're out.

It took two delays before the touted Chinese group, Beijing Vantone, finally signed a term sheet for a China Center of 200,000 feet at 7 World Trade Center, and now, after putting off the delivery of a letter of credit twice, the group has been told by the developer to take a hike as its deal is "null and void."

We no longer have confidence in your ability to fulfill the terms of the [term sheet] transaction," Silverstein wrote to the U.S. offices after the last deadline had passed.

But the Chinese have decided they don't want to give up the fight.

Recall that Gov. George Pataki even showed for the unusual photo op at the term sheet signing back on Jan. 24, while the city, the New York City Partnership and the New York City Investment Fund were critical players in wooing Beijing Vantone to the new tower.

Its brokerage rep, Peter Riguardi, president of Jones Lang LaSalle, was in meetings and did not respond to requests for comment.

Instead, the Partnership office released a statement from the Chinese saying Silverstein had "unilaterally imposed deadlines to which we never agreed." The China Center claimed its bank in China had "only one week to review the lease" and expected to obtain the letter of credit "promptly."

"We continue to believe that locating China Center in the heart of lower Manhattan is in the best interest of all parties involved and plan to fulfill our obligation under the letter of intent we signed with Silverstein Properties in January," the statement from Executive Director Xue Ya concluded.

While some might consider this yet one more embarrassing moment for downtown, it actually creates an incredible opportunity for tightfisted Moody's Investors Services. As The Post previously reported, the financial rating agency is on the verge of signing a lease for 600,000 feet comprising a full 15 floors of the building. It already has a term sheet along with a 90-day option to add even more floors to its final count.

The Chinese deal was actually impinging on Moody's receipt of a state rebate of $3.80 for each of the first 750,000 feet in signed leases at the new tower for the life of the lease. The New York Academy of Science, Amerprise and Silverstein Properties already hold down 2.5 floors or about 100,000 feet, while the law firm Darby & Darby is expected to sign for 80,000 feet. Two more tenants are negotiating for well over 260,000 feet - even as Silverstein bumps up pricing to more than $50 a foot, as reported yesterday by Post colleague Steve Cuozzo.

The possible end to the 7 WTC pact or the beginning of yet more extended litigation bakes a bad fortune cookie for Pataki, who needs to chalk up some coups to legitimately vie for higher office in Washington.

"We remain hopeful that the China Center will make its home on the World Trade Center site or elsewhere in Lower Manhattan, and we look forward to ensuring that they are a part of downtown's revitalization," said Lynn Krogh, a spokeswoman for the governor.

Copyright 2006 NYP Holdings, Inc.

[TonyO]

Assuming Larry's deal with the China Center was around $45/square foot, and he has now raised the rent to $55/square foot, he stands to make $20 Million on a different tenant for the same space. Its typical real estate maneuvering. If Vantone wanted the lower rate it should have moved quicker. They can lease at the FT or the other towers now.

[TonyO]

Wall St. Journal
Plots and Ploys
7/19/06

WTC Standoff

Beijing Vantone Real Estate is still trying to move into Larry Silverstein's 7 World Trade Center, even though the New York property tycoon says he doesn't want them.

A week has passed since Mr. Silverstein very publicly nixed a deal for the Chinese property company to take the top five floors of the just-opened skyscraper. (Vantone envisioned the top floor for a private eating club, staffed with a chef imported from Beijing.) Mr. Silverstein said Vantone failed to come up with the required $45 million bank letter of credit.

People familiar with Mr. Silverstein's thinking say he doesn't want his heirs saddled with a top-floor tenant without assurance that the tenant will be able to pay the rent. Unlike the rest of his World Trade Center interests, where he is a minority shareholder, Mr. Silverstein and his family own most of 7 WTC outright.

Kathryn Wylde, who serves as Vantone's spokeswoman, says the Chinese company is "committed to delivering on its financial pledge and is hopeful that Silverstein Properties will come back to the table. If not, Vantone is prepared to look for alternate locations." She says the letter of credit is hung up with two Chinese state banks that have never invested in real estate abroad. The banks' approval could come as soon as today. Vantone already has the 106 signatures needed from various state and business authorities to approve the 160-page lease.

Mr. Silverstein's representatives declined to comment.



__________________________________________________ ____

A BS excuse on Larry's part...his heirs won't be saddled with a bad-credit tenant. They just want to make as much $$ as possible. But I suppose for PC reasons they need to gloss this over.

Vantone will start looking for "alternate locations". Hope they actually sign a letter of intent (at least) or better yet sign a real lease next time.

[lofter1]

Vantone missed the deadline.

Their bank failed to supply the required $$.

Neither is a good sign.

Why shouldn't Silverstein (a) say "Adios" or (b) hold out for more $$ ??

[TonyO]

^ He has every right to, and in doing so is likely to bring in $10-20 Million over the course of a lease with a different, new tenant. More power to him.

[TallGuy]

This also shows that Larry is confident of the real estate market and not desperate to take the first bidder.

[Outerbanks Lookout]

Yea, regardless, a deadline is a deadline...It doesn't matter how flashy/touted the prospective tenant may be. Furthermore, their subtle comment 'if not, we'll be forced to look elsewhere', - ya think? If not, what was the point in inquiring in the first place...:confused: Or maybe this is a pathetic attempt to soften Larry up a little.

[LeCom]

I got a sweet-ass limited edition 7 WTC baseball cap today, with the "7" logo across the front, sent to me by the building's senior contractor at Tishman, with whom I chilled yesterday.

[Outerbanks Lookout]

Do you have any sweet-ass pics of this gem?

I must ask, is this just an ordinary hat, or does reflect the new-age terrorist threat we're facing (possibly an optional flip-down shield in the occurance of a terrorist induced blast?) - analogous with the blast-proof bunkers that are appearing on all of our newer, taller skyscrapers, including wtc 7. ;)

[pianoman11686]

^I want one too! Or at the very least, show us a picture of it. http://www.wirednewyork.com/forum/images/icons/icon10.gif

[LeCom]

Do you have any sweet-ass pics of this gem?

I must ask, is this just an ordinary hat, or does reflect the new-age terrorist threat we're facing (possibly an optional flip-down shield in the occurance of a terrorist induced blast?) - analogous with the blast-proof bunkers that are appearing on all of our newer, taller skyscrapers, including wtc 7. ;)
slow clap

[Outerbanks Lookout]

Ouch, my pride.

[LeCom]

Ouch, my pride.
Stop trolling, but if you continue, then at least use decent comebacks. Or start contributing something to the forum.

[lofter1]

^^ ????

[Outerbanks Lookout]

Comeback to what, your asinine response? If you weren't so inclined to be snide, you might actually acknowledge the light-heartedness and satire in my response. It was meant to be comical, but I suppose when someone, such as yourself, is that pretentious and cynical, things rarely are.

As for me 'trolling', I guess a legitimate interest in architecture, particularly skyscrapers, isn't enough anymore. Who would have ever suspected, that someone from the marshy coastal region of North Carolina, would ever turn towards a larger city, such as New York, to satisfy their insatiable lust for skyscrapers?? That’s just ridiculous (catching the satire, yet)!?

I’m assuming that my contribution, or the lack thereof (according to you), is largely due to the fact that I don’t actually live in NYC. Fortunately, if it wasn’t for the advent of the Internet, collaborative forums like this wouldn’t be possible, and neither would your unfounded banter...

[TonyO]

^ This is way out of hand. You two should take a deep breath and talk over PM.

[LeCom]

^ This is way out of hand. You two should take a deep breath and talk over PM.
Um, there's nothing I need to talk about. It really does not bother me.

As for Outerbanks Lookout, wow, I don't know how it got that far, and even though I could continue (and you would probably do as well), let's leave it all behind as an unfortunate misunderstanding. I may have seen your post as something it wasn't intended to be.

Let's start on a clean slate. Peace?

[alonzo-ny]

^^ i thought it was a pretty stupid response to your post, not funny at all

[ablarc]

^^ i thought it was a pretty stupid response to your post, not funny at all
Which one?

[ablarc]

As for me 'trolling', I guess a legitimate interest in architecture, particularly skyscrapers, isn't enough anymore. Who would have ever suspected, that someone from the marshy coastal region of North Carolina, would ever turn towards a larger city, such as New York, to satisfy their insatiable lust for skyscrapers??
Nobody's down on tarheels on this forum; NC is well-represented. Welcome to the fold, Outerbanks Lookout.

[ZippyTheChimp]

- analogous with the blast-proof bunkers that are appearing on all of our newer, taller skyscrapers, including wtc 7. In the case of 7WTC, it was a wise decision to harden the location of the two substations that distribute power to much of lower Manhattan.

[Outerbanks Lookout]

Um, there's nothing I need to talk about. It really does not bother me.

As for Outerbanks Lookout, wow, I don't know how it got that far, and even though I could continue (and you would probably do as well), let's leave it all behind as an unfortunate misunderstanding. I may have seen your post as something it wasn't intended to be.

Let's start on a clean slate. Peace? Um, there's nothing I need to talk about. It really does not bother me.
I'm not really sure how my initial response was 'misunderstood', while it may have been dull and 'pretty stupid', it was very apparent I was not attacking or ridiculing anyone. I just did not appreciate it, LeCom, when you attacked me, personally. I felt the subsequent response, was my reaction to your overreaction. Anyway, from now on, I'll just have to make sure my humor (or the lack thereof) can hold up in this forum - You guys are some harsh critics :D

So then yes, peace.

In the case of 7WTC, it was a wise decision to harden the location of the two substations that distribute power to much of lower Manhattan.
Anyway, on a lighter note, Zippy, do you think that these blast-proof bunkers the we're experiencing on some of the more iconic scrapers will be the norm, or is this just something unique do wtc 1 and the necessitation for it on wtc 7?

[alonzo-ny]

Which one?


outerbanks original one

[ZippyTheChimp]

Anyway, on a lighter note, Zippy, do you think that these blast-proof bunkers the we're experiencing on some of the more iconic scrapers will be the norm, or is this just something unique do wtc 1 and the necessitation for it on wtc 7?
Substituting prominent for iconic, you don't see it at BOA or NYTimes. And 7WTC is the special case with the substations.

So it's just 1WTC. I can understand the hardening of the building, given its location, but the solid concrete base and the metal exterior seemed to indicate that the goal was to eliminate any injury in case of a bomb blast.

Let's face it. A truck-bomb powerful enough to threaten an unprotected building would cause significant personal injury in the area. Load it up with crates of nails, and that's a lot of schrapnel flying around. You can't prevent this in a place such as New York City. All you can do is protect the building from collapse.

So I'm glad they decided to change the facade.

[NYguy]

JULY 22-23, 2006


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[pianoman11686]

Thanks for the pics. 7 looks especially good (and surprisingly slim) in that last pic. I can say, without any hesitation, that this is the best "box" skyscraper ever built. I was coming home on the New Jersey Turnpike this afternoon, and saw the sun reflecting off of the building, giving it an almost silverish glow. Truly magnificent. It gives me hope that the Freedom Tower will be much more than just a tall, glass highrise.

[ablarc]

...saw the sun reflecting off of the building, giving it an almost silverish glow. Truly magnificent. It gives me hope that the Freedom Tower will be much more than just a tall, glass highrise.
Maybe, but it ain't contextual. ;)

[NYguy]

Thanks for the pics. 7 looks especially good (and surprisingly slim) in that last pic. I can say, without any hesitation, that this is the best "box" skyscraper ever built. I was coming home on the New Jersey Turnpike this afternoon, and saw the sun reflecting off of the building, giving it an almost silverish glow. Truly magnificent. It gives me hope that the Freedom Tower will be much more than just a tall, glass highrise.

I keep looking to 7 WTC as a marker for the Freedom Tower (particularly the base), but of course the Freedom Tower is supposed to be an improvement (with all the changes). We'll see.

[NYguy]

NY Post

LARRY WON'T LET BEIJING VANTONE IN TOWER

http://www.nypost.com/img/cols/loisweiss.jpg

July 26, 2006 -- THE Chairman of Beijing Vantone, Feng Lun, finally secured the $45 million letter of credit he needed from China and yesterday paid a visit to the 38th-floor offices of Silverstein Properties at 7 World Trade Center.

Our spy says Chairman Feng asked Larry Silverstein to reconsider letting the incubator trade group lease 200,000 feet at the top of the building.

"While they even offered Larry more money, he was polite but would not change his mind," said our source.

Others at the closed-door meeting included Janno Lieber, Silverstein's Director of WTC Development, a translator and a lawyer for each side.

Kathryn Wylde, president of the New York City Partnership, which has been championing the deal, confirmed the meeting. "He met with Larry and formally presented him with the letter of credit, which he obtained on Friday," she said. "Silverstein turned him down cold."

Coincidentally, Skidmore Owings & Merrill architects were waiting for their weekly development meeting, so Silverstein brought them in to meet Feng.

He then pitched the Chinese space in the nearby Freedom Tower that includes a separate sky lobby with 500,000 square feet right above it. This was actually designed for Beijing Vantone before they were persuaded by government officials to go for a spot at 7WTC.

Silverstein told them they could still add the facilities for catering and overnight stays that Feng's group had also been seeking.

Two weeks ago, we reported Silverstein got exasperated when four deadlines for receiving the letter of credit were missed.

Worried about future rent payments, he cancelled the lease.

[TonyO]

Wall Street Journal
Plots and Ploys
7/26/06

Going Downtown

Just months ago, the New York real-estate community was wondering if 7 World Trade Center would be left standing empty -- the result of too much emotional baggage in its name and lingering doubts about whether employees would want to work in Manhattan's downtown.

But yesterday Silverstein Properties Inc. announced another signed lease, this time with Mansueto Ventures LLC, publisher of Inc. and Fast Company magazines. Mansueto Chief Executive John Koten says the company will be moving its headquarters (currently about 150 employees) from its Midtown location on Lexington Avenue to a floor in 7 WTC in early 2007. This follows announcements by the New York Academy of Sciences, Ameriprise Financial and Moody's Investors Service.

Mr. Koten says a survey of Mansueto employees showed a range of emotions about the possibility of moving into the building -- from excitement to trepidation among those who lost friends in the Twin Tower attacks. Mr. Koten himself is looking forward to the area's changing future. "From a philosophic standpoint, Inc. and Fast Company are about entrepreneurship and innovation, and the companies that we write about tend to go places and do things ahead of everyone else, maybe even when it's not popular at the time," says Mr. Koten. "And I felt like that's what we celebrate, so we ought to do it ourselves."

Including incentives, the company is believed to be paying about $50 per square foot -- a considerable discount to Midtown where the average asking rate for comparable space is about $67 per square foot.

[pianoman11686]

Ground Zero Deal Fails Despite Officials’ Efforts

http://graphics8.nytimes.com/images/2006/07/27/nyregion/china-span.jpg
Feng Lun, a Beijing businessman, says he cannot understand why Larry A. Silverstein backed out of an agreement to lease his company five floors of 7 World Trade Center.

By GLENN COLLINS

Published: July 27, 2006

A last-ditch effort by a Beijing real estate tycoon to save his plan for a China Center at the top of 7 World Trade Center has failed, after the developer Larry A. Silverstein rebuffed frantic lobbying by Gov. George E. Pataki, City Hall and an alliance of the city’s business leaders who had championed the center.

Representatives of Mr. Pataki, Mayor Michael R. Bloomberg and the business group, the Partnership for New York City, all said they were disappointed. And in his first interview about the unraveling of the deal last week, the Chinese developer, Feng Lun, gave a sharply critical portrait yesterday of the business tactics of Mr. Silverstein, who remains a major force in the rebuilding at ground zero.

But executives working for Mr. Silverstein said that Mr. Feng’s business, Beijing Vantone Real Estate Company, had misstated its financial resources, had failed repeatedly to honor its commitments and had sought to establish food services and hotel accommodations that were unacceptable in an office building.

Mr. Feng said through a translator that Mr. Silverstein had wooed him for two years and had used the China Center to attract other tenants. Then, Mr. Feng said, after he had spent $3 million and won approvals from the Chinese government, Mr. Silverstein terminated the deal as office rents began rising in Lower Manhattan.

“We thought we were negotiating in good faith, and we don’t understand how Larry can pull out now,” said Mr. Feng, 47, who flew from Beijing to try to save the deal. He made a personal plea to Mr. Silverstein on Tuesday in a meeting reported in The New York Post.

During the meeting, Mr. Feng recalled, the developer said he had a new tenant he preferred. “We were delighted to see that the real estate market was growing in Lower Manhattan, after we made our commitment,” Mr. Feng said. “We feel we helped build the market.”

But Janno Lieber, the World Trade Center project director for Silverstein Properties, said no new tenants were approached until Vantone was told last week that the deal was off. “We went the extra mile to help them, and we are very disappointed that this deal did not happen,” Mr. Lieber said. “We no longer had the confidence that these people could make their business a success.”

The collapse of the China Center deal offered new evidence of Mr. Silverstein’s disintegrating relationships with public officials even as he remains the designated builder of the Freedom Tower for the Port Authority of New York and New Jersey and other skyscrapers at ground zero.

Mr. Pataki phoned Mr. Silverstein yesterday “to express his disappointment,” said John Cahill, the governor’s chief of staff. He added that state officials met Tuesday with Mr. Silverstein to urge that he keep Vantone.

The governor had traveled to China last year to foster New York partnerships, and he was at 7 World Trade Center, along with Deputy Mayor Daniel L. Doctoroff, at a celebratory Vantone announcement in January.

“We certainly recognize his right to make a profit,” Mr. Doctoroff said of Mr. Silverstein, “but in our view a deal was a deal and should have been respected.”

He added: “To us, there were larger issues at stake here, including the city’s relationship with the government of China. We made that case very clearly to Larry, but he chose to ignore us.”

In January Mr. Silverstein signed a memorandum of understanding — a nonbinding agreement on the broad terms of a 15-year lease — with Vantone for 200,000 square feet on the top five floors of 7 World Trade Center. It was to be the first major paying tenant in the 52-story tower, with the space used to establish a business and cultural institution paid for by leases with subtenants.

Mr. Lieber said the public celebration was held at Vantone’s request, to market the China Center to tenants. “We let them use 7 World Trade Center to hold marketing breakfasts for at least six or eight months, and Larry and I appeared at many of them,” he said.

He asserted that it was Vantone that wooed Silverstein Properties and that Mr. Feng had been uncertain about the precise nature of the China Center. He said that Vantone’s proposals to use the center as a wedding, bar mitzvah and hotel space ran afoul of elevator capacity, building security and the needs of other tenants. He also said that Vantone was deceptive about the number of Chinese government approvals it had received, an assertion Mr. Feng denied.

Last week Mr. Silverstein announced that Vantone had failed to meet four deadlines and he terminated the deal.

Those deadlines were “unilateral and arbitrary,” Mr. Feng said yesterday, adding that he needed 106 approvals in China from the government to create the venture and to move money internationally. Then, Mr. Feng said, the 160-page lease had to be translated for Chinese bankers.

“We did not think the time it took to get our letter of credit unreasonable in international transactions,” Mr. Feng said of a required security deposit.

But Mr. Lieber said Silverstein Properties had yet to see a letter of credit from Vantone.

At the time of the January nonbinding agreement, the state and the city provided subsidies that lowered the cost to Vantone, whose annual rent would have been near $50 a square foot. But the downtown market has improved so much that asking rents are now 10 percent to 15 percent higher than that, real estate executives say.

There are now four signed tenants in 7 World Trade Center and enough potential tenants in various stages of negotiation to fill about 1 million of the building’s 1.7 million square feet of space, Mr. Lieber said.

Mr. Doctoroff, the deputy mayor, said Vantone was working in good faith but “it was clear Larry didn’t want to do this deal.”

He added, “We are deeply disappointed that Larry would take advantage of a self-imposed deadline simply to get higher rent from another tenant.”

Mr. Lieber countered, “They think that Larry’s motivation was money, but that wasn’t the issue.”

Mr. Feng is looking for a new site. “You cannot get angry in business dealings,” he said. “I want to make it very clear that I love New York. We’re ready to turn the page.”

Copyright 2006 The New York Times Company

[NYguy]

Ground Zero Deal Fails Despite Officials’ Efforts


By GLENN COLLINS

The governor had traveled to China last year to foster New York partnerships, and he was at 7 World Trade Center, along with Deputy Mayor Daniel L. Doctoroff....“We certainly recognize his right to make a profit,” Mr. Doctoroff said of Mr. Silverstein, “but in our view a deal was a deal and should have been respected.”

He added: “To us, there were larger issues at stake here, including the city’s relationship with the government of China. We made that case very clearly to Larry, but he chose to ignore us.”

Since when is that Silverstein's or any other developer's concern?


Last week Mr. Silverstein announced that Vantone had failed to meet four deadlines and he terminated the deal.

Those deadlines were “unilateral and arbitrary,” Mr. Feng said yesterday, adding that he needed 106 approvals in China from the government to create the venture and to move money internationally. Then, Mr. Feng said, the 160-page lease had to be translated for Chinese bankers.

Let them be someone else's headache.


“Mr. Doctoroff, the deputy mayor, said Vantone was working in good faith but “it was clear Larry didn’t want to do this deal.”

He added, “We are deeply disappointed that Larry would take advantage of a self-imposed deadline simply to get higher rent from another tenant.”

Somebody tell Doctoroff to put a sock in it. If he's so concerned about Vantone, he can tell his boss to rent out City Hall. Let Silverstein, a private developer, get the best tenants he can.

[Ninjahedge]

Everyone is disappointed.

All the politicians at least.

Wah wah wah.

They have tentative agreements for 1m out of the 1.7m SF of the place, I do not see where they, after being asked for a bunch of extras on an already low market price, should feel obligated to make these concessions.

Everyone is playing innocent in this but the fact of the matter is that Mr. Feng was trying to get all that he could, and the longer it took him, the less desirable the deal was (given the decent rental rate he was given).

Feng asked too much and Silverstein wanted more that his business partners now can say is probably feasible to expect.

I think the politicians should shut the hell up on this and not begrudge Larry for trying to get "higher rent from another tenant".

[JMGarcia]

I don't mind Larry getting higher rent, but perhaps its time for Albany to stop subsidizing the rent for Larry.

[pianoman11686]

Or at least reduce the subsidies gradually. Silverstein is clearly transitioning from beggar to chooser. Things will only get more out of hand when tenants start signing leases for spaces in the other towers.

Not more than a year ago, we all thought this building would sit empty for a long time. Now, Silverstein's rejecting 200,000 square feet. There's no way he's doing it as a gesture; as a businessman first, I have no doubt that he has several large leases on the horizon. This building will be successful, and it will fill up quickly. The question is: will we make the same misjudgment about the Freedom Tower?

[Ninjahedge]

I say there should be a stipulation in the agreements that make it so that if it can be proven that he is no longer in any financial risk, that he is no longer in need of protection.

But we can't pull the plug too quickly or we wil end up with a bunch of very, to put it nicely, "economical" boxes on the WTC site.

[Citytect]

The subsidies apply to the first 750,000 sq. feet of leased space. The rest of the space (950,000 sq. ft.) in 7 will be unsubsidized. Being the first building replaced at the WTC, I think it's a fair deal. However, if the market is looking as good as it is now when (if ever) the other towers are completed, the subsidies should be minimal.

[NYguy]

Silverstein is clearly transitioning from beggar to chooser.

That's true, but even the most hard up for tenants won't put up with much of this:

Last week Mr. Silverstein announced that Vantone had failed to meet four deadlines and he terminated the deal. Those deadlines were “unilateral and arbitrary,” Mr. Feng said yesterday, adding that he needed 106 approvals in China from the government to create the venture and to move money internationally. Then, Mr. Feng said, the 160-page lease had to be translated for Chinese bankers.

Really.


Not more than a year ago, we all thought this building would sit empty for a long time. Now, Silverstein's rejecting 200,000 square feet. There's no way he's doing it as a gesture; as a businessman first, I have no doubt that he has several large leases on the horizon.

That's why I never listen to the critics or the doomsayers. Although I expected the leasing activity to take a little longer to pick up, it seems that Silverstein will be ok. It's interesting that Silverstein was still offering the Freedom Tower space to Vantone, something that will clearly be the PA's obligation:

He then pitched the Chinese space in the nearby Freedom Tower that includes a separate sky lobby with 500,000 square feet right above it. This was actually designed for Beijing Vantone before they were persuaded by government officials to go for a spot at 7WTC. Silverstein told them they could still add the facilities for catering and overnight stays that Feng's group had also been seeking.

I think the politicians are just embarrassed because Silverstein has succeeded in getting something built where they have failed. He has shown what can be done when you get the PA, city, state, and the LMDC out of the picture. At least one of these entities is riding off into the sunset. If only they could take Doctoroff - who has done nothing at ground zero but provide lip service - with them.

[wns808]

has Silverstein found more tenants to fill 7-WTC since the Vantone deal went down?

[pianoman11686]

August 2006

At 7 WTC, both sides see goalposts move

Tightening New York commercial market buoys fortunes of once-worrisome office tower

By Jen Benepe

Many predicted the inside of 7 World Trade Center (above) would stand empty for a while, but leases keep coming. The apparent breakdown in negotiations between developer Larry Silverstein and Beijing Vantone over whether the Chinese real estate company will take space at the at the top of 7 World Trade Center has commercial and cultural roots that make an amicable solution a particularly tough challenge.

Silverstein last month cancelled a lease agreement with Vantone after the firm failed to produce a $45 million letter of credit, a move many saw as an attempt by the developer to back out of a lowball lease signed before Lower Manhattan real estate showed signs of a revival at higher square footage rates.

But when Vantone came back to Silverstein late last month with the letter of credit in hand, Silverstein rebuffed the Chinese company's renewed overture to lease the top five floors of the 52-story building. The dispute is a focal point for market watchers looking at the state of Downtown real estate in the aftermath of September 11.

Silverstein may have spurned his former rescuer in part because time has worked in his favor, but brokers said he may have been irritated by the constant slip of deadlines by the Chinese, which some have chalked up to a difference in cultural style. Vantone made its first serious offer in January, when few other tenants were wiling to commit to 7 WTC, but much has changed in the six months since.


A new landscape for deals

Xue Ya, the U.S. representative of Vantone, would not confirm the precise amount her firm had agreed to pay Silverstein to lease the 200,000 square feet on the top five floors of 7 World Trade Center, but market insiders say the space could lease at about $40 per square foot. Federal and state subsidies in place in January would have pushed Silverstein's rates up to about $55 a square foot.

Thanks to a series of clearing bureaucratic logjams, Silverstein can now charge more for the space.

The Port Authority of New York and New Jersey cut a tangle of red tape with its recent announcement that it would assume responsibility for building and leasing the Freedom Tower. New York Gov. George Pataki pledged to fill at least 400,000 square feet with state offices. The federal government also stepped in with a promise to place the office of U.S. Customs and Border Protection in 600,000 square feet of tower space. Also, the state approved Liberty Bonds for the World Trade center site redevelopment.

Those factors and the tightening market have allowed Silverstein to raise his asking rents at 7 World Trade. He's now expected to get anywhere from $64 to $65 a square foot, an increase of 10 to 15 percent from earlier estimates. (Silverstein did, according to the New York Post, offer Vantone space elsewhere in 7 World Trade or in the Freedom Tower.)

In all, Silverstein will receive $475 million in Liberty Bonds for 7 World Trade, and three additional towers on the site will receive $2.6 billion, provided that he meets his deadlines

"At the rate we're going, the building should be fully accounted for by May of next year," Silverstein said of 7 World Trade, "which is consistent with what transpired when we leased the first World Trade Center in 1987." Many in commercial real estate said that the vitality of the surrounding area, coupled with prospects for a complete trade center, provide added certainty for businesses contemplating a move Downtown. "From a businessman's standpoint, executives need predictability," and now they have it, said Silverstein.

Aside from lifting a giant weight off the shoulders of Silverstein for need to fill the planned 1,776-foot Freedom Tower, the combined Port Authority, state and federal promises to lease up to 1 million square feet at the trade center buildings added credibility that hadn't been there for the past two years, said those close to the project.

"We all breathed a collective sigh of relief," said Joseph Harbert, COO for the New York metro region of Cushman & Wakefield, which is representing clients interested in leasing space at 7 World Trade.

That optimism has translated into signed commitments.

"We have leases out right now for more than half the building," said Simon Wasserberger, first vice president of CB Richard Ellis, the leasing agents.


Time and distance remain obstacles

The competitive climate and solid government endorsements represent a serious shift from January, when Vantone was the sole lessee.

For its part, Vantone's representative says securing Chinese financing has been difficult, and hasn't proceeded according to American norms.

Xue said Silverstein gave the company 10 days but "the Chinese banks have their own procedures, and they need time."

She said the timeline of deadlines Silverstein imposed was a schedule, not a mutual agreement.

Xue said Vantone had to wait to deliver the letter of credit following approval from two Chinese state-run banks, the China Development Bank and China Agriculture Bank, which completed their due diligence by the end of July.

The two banks normally would take several months to review the 200-page lease and grant their approvals, Xue said.

Chinese banks are in the midst of extensive reforms that are intended to bring their lending practices up to international norms and reduce the frequency of politically motivated loans. The Vantone lease, however, is a high-profile deal that involves considerable Chinese prestige.

Xue said Vantone had spent more than two years and over $1 million on consultants to evaluate and prepare the tower proposal. She admitted that there may have been a cultural gap in completing the deal. But she said Vantone was committed to being inside 7 World Trade Center. "A promise is a promise, fair is fair, and we need to deliver on our promise," she said.


Market conditions help

While Downtown lacks the cachet and convenience of Midtown -- the new One Bryant Park building commands $100 a square foot -- several high-flying prospects are already being touted for 7 World Trade.

That includes Moody's Investment Services, which has signed a letter of intent to lease 40,000 square feet, but some say they are lined up to be a 900,000-square-foot anchor tenant -- supplanting Vantone.

The law firm Darby & Darby has also signed a term sheet for two floors in the building. (Ironically, the firm represented a former student of Freedom Tower architect David Childs in an intellectual property infringement suit -- the parties settled out of court.) And Mansueto Ventures, publisher of Inc. and Fast Company magazines, announced in July it would move 150 employees from its Midtown offices to 7 World Trade early next year.

The absence of large office spaces to the north is spurring more interest Downtown.

Only nine locations of 250,000 square feet of contiguous space are now available in all of New York, said Harbert. That could be vital for a company that wants to house all of its employees in one space.

"There are four blocks of space of over 250,000 square feet of space in Midtown, and there are zero in Midtown South," said Harbert. The others are Downtown. "Two-thirds of the driver of going Downtown is shortage of space, not price."

Others point to the rising demand and the absence of construction of new, Class A office space. "Rents are rising very dramatically, there is no new construction planned for the next five years, and there is nothing to point to that says the rents are going to get any cheaper," said Wasserberger.

Midtown's low vacancy rate and rising lease rates will send many clients Downtown, brokers said.

The rent at 7 World Trade, including the state subsidies, gives lessees about a 50 percent discount to Midtown. While it lacks a certain prestige, its proximity building to public transportation hubs, by rail and by water, is also a major selling point, brokers said.

With these kinds of favorable conditions and an expanding tenant roster, Silverstein may be able to raise the rents on 7 World Trade even higher without further dependence on Vantone.

"Right now [the price] is in the $60s," he said. "There is no question that, with time, it is going to go higher."

Whether the moguls from Beijing and Manhattan can come to a satisfactory arrangement remains unclear.


State juggles lease deadlines for move to Freedom Tower

Gov. George Pataki promised last month to fill at least 400,000 square feet of the planned Freedom Tower, but doubts linger over whether Albany's agencies can fill that much space.

The Office of General Services has committed to filling the space with state agencies with leases that will be up when the new building is ready, said Joanna Rose, a spokeswoman for the governor's office.

Rose also said the state had signed a letter of intent with the federal Office of General Services to lease a portion of the World Trade Center site space.

But the clock is ticking: The Port Authority has until Sept. 21 to get commitments for the Freedom Tower in order to take advantage of government-backed financing for the project. Otherwise, the size of the building, and its 1,776-foot height, could be in jeopardy.

The tower is supposed to be ready by 2011, which puts pressure on both the governor's office and the state Office of General Services to line up enough tenants to fill the space, since some agencies already in the city might have to break leases to make the symbolically significant move. The general services office wouldn't comment on what would happen if they couldn't fill the space in advance of the building's high-profile, much anticipated opening.

Some state agencies already in New York City are on office leases that will be expiring within the next two years. As the leases near expiration, the general services office said it would work with the current landlords to extend the leases, obtain holdovers, or otherwise coordinate a move to the Freedom Tower.

Copyright © 2003-2005 The Real Deal.

[stache]

I think the politicians are just embarrassed because Silverstein has succeeded in getting something built where they have failed. He has shown what can be done when you get the PA, city, state, and the LMDC out of the picture.

I agree.

[NYguy]

Others point to the rising demand and the absence of construction of new, Class A office space. "Rents are rising very dramatically, there is no new construction planned for the next five years, and there is nothing to point to that says the rents are going to get any cheaper," said Wasserberger.

Midtown's low vacancy rate and rising lease rates will send many clients Downtown, brokers said.

Thank god the powers that be didn't listen to the doom and gloom critics who complained about rebuilding so much WTC office space. It's highly likely that even that may not be enough.

[kliq6]

Somebody tell Doctoroff to put a sock in it. If he's so concerned about Vantone, he can tell his boss to rent out City Hall. Let Silverstein, a private developer, get the best tenants he can.[/QUOTE]


I agree 100 percent having dealt with this man on many occasions, i can tell yo ufirst hand he knows nothing about economic development, has not created one true deal that has increased employment or the status of the city, the bloomberg admin under him have a zero job growth pecentage currently and the only deals he has struck is to help residential developers that only jobs they will create is a doormans!!!

Not one project, in terms of commericial can be credited to this man

[BrooklynRider]

I think he has a knack for generating good P.R. and he is close enough to the mayor that people feel like the mayor is involved when he is at the table. I'm not sure if he should really be viewed as someone who "makes deals" or comes up with "plans," but he is very effective at bringing disparit entities together to cooperate and at the very least work toward similar ends.

I don' know whether I'd consider myself a fan, but I think he is positioned within the administration as an effective player who has the nod from Bloomberg to act on his behalf. Contrast this with Giuliani, who micro-managed everything. Overall, I think the city is moving forward, but I agree that we are in an economy with three primary drivers: financial sector, real estate, tourism - perhaps entertainment/film industry could be added - but that is contract or per diem work and begets a more transient workforce.

Although I disagree about Doctoroff, I tend agree with the "big picture" Kilq6 paints. We have not expanded our economic base and the nature of the industries driving our economy continues to erode the middle-class.

[JMGarcia]

I would add media (print, advertising, TV, Broadway) at the very least (there are others IMO) as one of the primary economic drivers. There is an impressive list of new "media business" towers - Conde Naste, Hearst, Random House, Time Warner....

[macreator]

...Random House...

Off topic, but, man, I finally took a real look at the Random House building the other day and realized what an ugly ass building it is. From the totally cheap looking base to the even cheaper looking, dull glass they used on the tower portion of the building...it's just a mess. Looks like an ill-concieved and ill-executed 80's Houston tower...not a 21st century mixed use headquarters building in Manhattan.

[LeCom]

Off topic, but, man, I finally took a real look at the Random House building the other day and realized what an ugly ass building it is. From the totally cheap looking base to the even cheaper looking, dull glass they used on the tower portion of the building...it's just a mess. Looks like an ill-concieved and ill-executed 80's Houston tower...not a 21st century mixed use headquarters building in Manhattan.
Houston towers are for the most part dull and boxy yet sleek and classy. Random house is just a pile of crap. Best view of the bulding is when it gets lost in the skyline and only the top is visible, which creates an illusion that it is the top of a well-designed coherent building.

[macreator]

...which creates an illusion that it is the top of a well-designed coherent building...


You got a great big chuckle out me for that line :)

[LeCom]

"Law and Order" is being filmed in front of the building at this very moment

https://extranet.emporis.com/files/transfer/6/2006/08/478179.jpg

https://extranet.emporis.com/files/transfer/6/2006/08/478180.jpg

[lofter1]

Maybe the Jenny Holzer word sculpture will contain a clue to the crime ...

[LeCom]

Maybe the Jenny Holzer word sculpture will contain a clue to the crime ...
Umm... it could symbolize that the crime was... umm... twisted... and bloody... (since it's red)

The truth is out there.

[lofter1]

(I think you're referring ^^ to the Koons piece out front)

I meant the one inside ... look through the windows ^^^^

[lofter1]

Is the guy with the "PROTECT OUR HEROES" sign ^^ an extra for L&O?

Or just some of the everyday local color???

[Edward]

7 World Trade Center (http://www.wirednewyork.com//wtc/7wtc/). 17 August 2006.

http://www.wirednewyork.com//wtc/7wtc/7wtc.jpg (http://www.wirednewyork.com//wtc/7wtc/)

[kz1000ps]

I don't think I've ever loved a box so much. Beautiful photos as always, Edward.

[ramvid01]

That is indeed a beautiful picture of a great glass curtainwall.

[wns808]

by far, 7 WTC is my fave building to be rebuilt from the 9/11 attacks. Can't wait to see how FT and the rest of the WTC towers turn out

[BPC]

I rode the SI Ferry recently, and was amazed at the way this building melts into the sky. I too don't usually love glass boxes, but this one turned out really nice.

[lbjefferies]

I rode the SI Ferry recently, and was amazed at the way this building melts into the sky. I too don't usually love glass boxes, but this one turned out really nice.

I imagine the glass wrapping 1WTC will be just as beautiful. Imagine 7WTC x 2. Add in that wonderful taper and this building is going to be a jewel.

Hopefully we see a antenna modification in September.

[Gotham]

That is a gorgeous shot.....

[londonlawyer]

I don't think I've ever loved a box so much....

Hi, man. That could be interpreted in a very funny way. This building is a beautiful box, but I have seen other boxes that I loved so much, I ate them. :)

[londonlawyer]

Hilarious!

[kz1000ps]

Ohhh London... what would we do without you? I'm surprised you didn't manage to slip Maria Sharapova or someone else equally hot into the post somehow.

[lofter1]

How do you know he's not talking about Maria???

[londonlawyer]

How do you know he's not talking about Maria???

I would be in a constant state of glee if I ever had that opportunity! :)

[NYguy]

Darby & Darby P.C. to Move Headquarters to 7 WTC

NEW YORK, Aug. 24 /PRNewswire

Darby & Darby P.C., a leading intellectual property law firm currently based in midtown Manhattan, has signed a deal to relocate its headquarters to the 41st and 42nd floors at 7 World Trade Center.

Today, Darby & Darby Managing Principal Andrew Baum and World Trade Center Developer Larry A. Silverstein announced that the firm has signed a 15-year lease with Silverstein Properties, Inc. for approximately 80,000 square feet in the 52-story tower. Based at 805 Third Avenue for the past 17 years, Darby & Darby will move its 200 New York employees to 7 WTC by spring of 2007.

Andrew Baum, Managing Principal of Darby & Darby said, "Our move to 7 World Trade Center confirms, and allows us to expand upon, our status as one of the country's and the world's leading IP law firms."

Darby & Darby joins a growing list of organizations that are moving their headquarters to 7 World Trade Center, which opened in May 2006. In July, Mansueto Ventures -- the publisher of Fast Company and Inc. magazines -- signed a 40,000-square-foot lease for an entire floor of 7 WTC. Ameriprise Financial currently occupies the 39th floor and the New York Academy of Sciences will move into their new headquarters on the 40th floor this fall. Moody's Investors Service, the financial rating agency, has also signed a letter of intent to lease 15 floors.

"Darby & Darby's decision to move to 7 World Trade Center is yet another sign of the tremendous appeal of the Downtown commercial market," said Mr. Silverstein, President and CEO of Silverstein Properties, Inc. "We are delighted to welcome the firm to the building. With the Mansueto lease closed and with other exciting deals in the pipeline, we are well on our way to filling the first of the spectacular new office towers being built at the World Trade Center."

As one of the oldest and most respected intellectual property (IP) firms in the world, Darby & Darby has long been an important player in pioneering and precedent-setting IP matters. Founded in 1895, the firm's scientific expertise extends into all areas of chemistry, biotechnology, engineering, electronics and computer science. Beyond extensive technical knowledge, Darby & Darby's great resources are the skill, vision and creativity of its lawyers who are committed to providing superior quality service.

"It is no surprise that a distinguished firm such as Darby & Darby would want to relocate to one of New York's premier new office towers," said Simon Wasserberger of CB Richard Ellis, who handled the negotiations of the lease agreement with Roger A. Silverstein of Silverstein Properties. "Darby & Darby's lease at 7 World Trade Center is indicative of the wide range of tenants -- creative businesses, law firms, non-profits, as well as traditional financial services -- who want to make their home Downtown."

Added Larry Silverstein, "We are in the midst of a Downtown renaissance, thanks in part to the work of dedicated elected officials such as the Governor and the Mayor. In particular, Assembly Speaker Sheldon Silver devised an initial incentive package over a year ago to jumpstart office leasing throughout lower Manhattan. His efforts have now been proven successful."

Darby & Darby was represented by Moshe Sukenik and Mark S. Weiss of Newmark Knight Frank. According to Mr. Weiss, "The entire Silverstein team was exceptionally responsive and creative in structuring this transaction. They and CBRE did a terrific job."

The agency leasing team from CBRE Richard Ellis is led by Mary Ann Tighe, Chief Executive Officer of the firm's New York Tri-State Region, and Stephen B. Siegel, Chairman, Global Brokerage.

[kliq6]

Its moving along nicely, by Christmas i bet its 80 percent filled and a few leases in place at FT as well. Lets move on to 2,3, and 4

[NYguy]

Its moving along nicely, by Christmas i bet its 80 percent filled and a few leases in place at FT as well. Lets move on to 2,3, and 4


Yeah, its no wonder Silverstein isn't crying over Vantone.

[BigMac]

NY1
August 31, 2006

9/11: Five Years Later: 7 World Trade Open For Business, Lacking Tenants

http://www.ny1.com/ny1/content/images/live/103/204762.jpg

It was the last building to fall on September 11th and the first to be rebuilt since the attacks, but will tenants flock to 7 World Trade Center just because there's space available. NY1's Rebecca Spitz filed the following report.

From his office in 7 World Trade Center, developer Larry Silverstein literally oversees the site. It's been his preoccupation ever since the attacks in 2001.

"What will happen as a result of all of this activity is a 24/7 community, the quality of which – the likes of which – has never been seen before," says Silverstein.

Silverstein's pride to date is tower number seven. It was the last building to fall on September 11th and is the only one to be rebuilt in the 5-years since. But despite the fanfare that accompanied its opening, the 52 story building is still largely unoccupied, save architects working on plans for his additional towers 2, 3 and 4, but Silverstein isn't worried.

"You know it reflects exactly what happened the first time around with 7 World Trade Center, which we built in 1987. It took about a year after the building was open for the leasing to really get going. same circumstance as we're having today," says Silverstein.

There are many who think all of 7 World Trade Center is empty, but Silverstein says there are, in fact, eight tenants, some of whom are already there with the rest committed to moving in soon.

"Larry is nothing if not prone to a little hyperbole," says Julie Satow.

Satow is the real estate reporter for Crain's New York Business, and she says the reality is only 10-percent of the building has signed leases. Satow thinks Silverstein's asking price per square foot – between $50 and $60 dollars – has turned some tenants away, even though it's nearly comparable to the price of available space in Midtown.

"Larry's always believed that he could get this leased and a lot of Downtown landlords actually really wanted him not to lower the price, because keeping the price at $50-$55 a square foot really helps all the rents Downtown rise," says Satow.

Another difficulty is the collapse of a deal with Vantone Real Estate, a Beijing company that was slated to occupy space at the top of 7 World Trade Center. Despite the dissolution of that deal and it's accompanying revenue, Silverstein's focus is elsewhere.

"Moody's is taking about a third of the building," he says. "There's a group of other tenants who've committed to blocks of space in this building that bring the total up to a million feet. There are, at this juncture, two blocks of space left in this building."

Of course Moody's isn't actually in the building yet. It's expected to sign a lease for 16 floors of office space with a week's time. Move-in could happen sometime next year.

- [i]Rebecca Spitz

Copyright © 2006 NY1 News

[NYguy]

There are, at this juncture, two blocks of space left in this building."

Makes that flaming headline a little misleading...

9/11: Five Years Later: 7 World Trade Open For Business, Lacking Tenants

[kliq6]

Moody's lease signing will take place on 9/11

[SilentPandaesq]

Darby & Darby P.C., a leading intellectual property law firm currently based in midtown Manhattan, has signed a deal to relocate its headquarters to the 41st and 42nd floors at 7 World Trade Center.


I took some pictures from my pops new office on 42 - will post them. The views are nice, but when they were selecting corners, I suggested that he get a north-east one. Goldman / Foster towers are going to block a lot of views.

[NYguy]

I took some pictures from my pops new office on 42 - will post them.

We'll be waiting. Meanwhile a few pics...

September 3, 2006

http://www.pbase.com/nyguy/image/66285205/large.jpg


http://www.pbase.com/nyguy/image/66285200/large.jpg


http://www.pbase.com/nyguy/image/66285231/medium.jpg

[ablarc]

It photographs nicely, but my hotel was around the corner, and I came to think of it as one hell of a boring, ugly building. Does nothing for the street, does nothing for the skyline. Utterly non-contextual, which is a mortal sin for a building this dull.

These blank-faced office buildings are really beginning to wear on me.

Just my opinion.

[NYguy]

It photographs nicely, but my hotel was around the corner, and I came to think of it as one hell of a boring, ugly building. Does nothing for the street, does nothing for the skyline.
Just my opinion.

I disagree on all points, but likewise.

[NYguy]

NY Sun

From Rebuilt Tower, Silverstein Speaks of Frustrating Delays

By DAVID LOMBINO
September 6, 2006


While politicians and their hired architects have sought to create bold, patriotic symbols of Lower Manhattan's revitalization, for the next few years the shimmering glass façade of Seven World Trade Center, taller and more slender than its predecessor, will have to serve as downtown's commercial icon.

Five years after the terrorist attacks of September 11, 2001, it is the only commercial office building to rise again from the ashes. By most accounts, it will probably be another five years before the next office tower at ground zero is completed, and about two more years until a building even rises to street level.

The original Seven World Trade Center fell at 5:20 p.m. on September 11, 2001, after falling debris from the twin towers ignited fires that caused its collapse. That 47-story office tower was built by developer Larry Silverstein in the mid-1980s as the last piece of the World Trade Center.

Today, Mr. Silverstein's office is on the 38th floor of the new Seven World Trade Center. His sleek and surprisingly small corner office overlooks ground zero, where the developer, now 75 years old, hopes to build three giant commercial towers on the east side of the site along Church Street. The Port Authority, as part of the pending conceptual agreement, will operate the 1,776-foot Freedom Tower and build the $500 million World Trade Center Memorial.

"Clearly, this has taken significantly longer than I ever dreamt it would," Mr. Silverstein said in an interview. "The fact that all we have to show for it is Seven World Trade Center, I find deeply troubling and enormously frustrating.

"The fact that this is the only building down here just drives me, candidly, to distraction," he said.

Mr. Silverstein said that, five years after the attacks, he would have expected the Freedom Tower to be climbing skyward, and more significant progress on the memorial and the PATH transportation hub. He leased the twin towers from the Port Authority for 99 years about six weeks before they collapsed, and now as part of that agreement he pays about $10 million every month in rent to the Port Authority, which includes board members appointed by the governors of New York and New Jersey.

Seven World Trade Center is developing a reputation as a come-from-behind kid. In early 2002, several officials including Mayor Bloomberg, Governor Pataki, and the former chairman of the Lower Manhattan Development Corporation, John Whitehead, asked Mr. Silverstein to slow down his development schedule for the building to incorporate more public input, and wait for a firm development plan for ground zero.

Civic groups and the families of victims of the terrorist attacks said Mr. Silverstein was rebuilding too quickly. Some real estate executives questioned the wisdom of building a new office tower when downtown's vacancy rate was climbing and rents were falling.

For the last year, tenant interest in Seven World Trade Center has been used as a litmus test for the strength of the downtown real estate market, and the pace of its recovery from the attacks. In the run up to the building's grand opening in May, the developer's asking rents — at over $50 a square foot — were widely thought to be overly optimistic.

"A chorus of voices down here were telling me I was smoking something if I ever expected to get $50 per square foot," Mr. Silverstein said. Those voices included members of the Bloomberg administration and others who suggested that Mr. Silverstein was setting rents artificially high to make his plan to redevelop the entire World Trade Center site work out financially on paper. They warned of an impending financial train wreck.

But today, real estate experts say that Mr. Silverstein's timing in building Seven World Trade Center has been impeccable, and that the building and its developer are uniquely positioned today to capitalize on increased demand for downtown office space.

A former president of the city's Economic Development Corporation and the Alliance for Downtown, Carl Weisbrod, said that debate over Mr. Silverstein's asking rents at Seven World Trade has been settled.

"His confidence in the market—that he could hold his price and attract the tenants necessary — has turned out to be the case," Mr. Weisbrod said.

So far, the building has lease commitments for more than half the total space, and Mr. Silverstein said he expects the remaining two large blocks of office space to rent by next May. The New York Academy of Sciences, Mansueto, and Ameriprise Financial have signed leases, and Moody's is expected to finalize a large lease for 400,000 square feet in the next few days.

This summer, Mr. Silverstein scrapped a large lease with the China Center, an office center for small Chinese companies, which had been arranged with the help of top city and state officials. Many saw the move as a sign of confidence from the developer that he could sign more conventional, big-name tenants for higher rent.

A managing director for the real estate firm Jones Lang LaSalle, John Wheeler, said that $50 per square foot is in step with asking rents for top-notch class A office space in Lower Manhattan. "When the market had a higher vacancy rate, politicians were telling Silverstein he should be lowering his rent to help to jumpstart downtown," Mr. Wheeler said.

The major factor behind the increased interest is the spread between Midtown, where some office rents have risen to over $100 a square foot a year, and downtown, where rents are about half that. The spread is too large for many companies to ignore, and the rates for top office properties downtown have risen to around $50 from around $38 a square foot, according to commercial brokerages.

The World Financial Center, the large commercial complex owned by Brookfield Properties, across West Street from ground zero, is basically full after recent lease signings. Goldman Sachs is building a new headquarters a few blocks north on West Street, which is scheduled to be completed in 2009, but the company is expected to occupy the entire building, leaving Seven World Trade as the only new space for rent. Four towers are planned for ground zero, but are not expected to open for at least five years, when different market conditions could exist.

"By all of our projections, the price downtown will continue to rise and we expect a significant amount of pre-leasing on the World Trade Center site," Mr. Wheeler said.

Mr. Wheeler added that the downtown commercial real estate market was slowing prior to the terrorist attacks.

"Today's market has significantly more momentum than we had five years ago," he said. "Seven World Trade Center will be indicative of the completion of Lower Manhattan's revival."

Mr. Silverstein contrasts his experience of building Seven World Trade Center with the pace of development just to the south across Vesey Street. He first met with architects and engineers about Seven World Trade Center the month after the terrorist attacks in October 2001. The developer made certain changes to accommodate critics, including downsizing plans and shifting the footprint to allow for a reconstituted Greenwich Street, which will eventually run through the former World Trade Center site. He began excavation in May 2002, the building's glass curtain wall was sealed in November 2005, and it officially opened for business this May.

"As a private entrepreneur, without government interference, I was able to do what I do best," he said. "I am builder, I can build. I can build on time. I can build on budget. I can finance. I can lease. I can get it done," Mr. Silverstein said.

"Dealing with different government leaders, different political entities, with different political agendas makes for an excruciatingly difficult and frustrating experience," he said.

Real estate experts and public officials familiar with the rebuilding process say that several factors enabled Mr. Silverstein to rebuild quickly. Most notably, because the building was part an older lease agreement with the Port Authority, it therefore was not included in the lengthy public review and design process that has stalled developments at the 16-acre site just to the south.

A Port Authority official explained: "It is like, deciding to go to dinner by yourself is a lot easier than going with your 30 closest friends."

There were no deaths as a result of the terrorist attacks at the site of Seven World Trade, allowing for quicker site preparation. And public officials wanted to rebuild a Con Edison electrical sub-station, housed in the base of the former building, as quickly as possible to help power the new Lower Manhattan.

While Mr. Silverstein is still battling insurers in Federal Court over the exact terms of the payout resulting from the loss of the twin towers, the settlement over Seven World Trade was resolved quickly. Mr. Silverstein rebuilt the building for an estimated $700 million, partially using a settlement of more than $860 million he received from insurers.

Final consent on the latest conceptual agreement over ground zero could come as soon as the next meeting of board of the Port Authority on September 21.

Barring any further setbacks, steel will arrive at the site of the Freedom Tower in January, according to Port Authority officials, and construction is expected to reach street level by 2008, finishing by about 2011. The construction of the Memorial is under way and is expected to be completed in time for September 11, 2009. The Port Authority said it is on track to complete preparation of the east side of ground zero by the summer of 2008, which will allow for Mr. Silverstein to build three commercial buildings along Church Street, to be completed in 2011 or 2012.

Next month, the first tenant to sign a lease Seven World Trade, the New York Academy of Sciences, will officially move in, joining Ameriprise, which moved in this summer.

The Academy of Sciences' president, Ellis Rubinstein, said that in four or five years, when much of the adjacent site nears completion, the decision to move to Lower Manhattan will pay big dividends.

"When I go downtown to see the progress on our floor, I see tourists taking photos of our building," he said, which "has become a symbol in and of itself." "They might regard it as part of the renewal," he said.

[Luca]

welcome to houston...

a very poor building. very, very poor.

[lofter1]

Have you ^^ seen it in person -- up close?

[ablarc]

Have you ^^ seen it in person -- up close?
That question could be idle social chit-chat just seeking information, or it could imply that if you haven't seen a building in person you're not entitled to an opinion.

If it's the latter you need to withhold comment on all buildings you haven't seen --out of sheer consistency.

I spent a fair amount of time examining this building last weekend, so I have seen it, and I think it sucks.

I also agree with Luca that it belongs in Houston.

[lofter1]

OK -- but I was asking Luca ;)

I think it's undeniable that the experience of a building is entirely different when viewing it in 3 dimensions rather than looking at a small two dimensional photo or rendering.

Admittedly that doesn't stop me from throwing in my 2 cents regarding buildings I've not seen up close or only viewed in renderings ;)

IMO 7WTC is a 500% improvement over what was there before. The re-arrangement of the streets is a huge plus. The way it looks from a distance is good. The reflective facade captures the many moods of the NYC sky. Even the base has an interesting and somewhat captivating effect when walking at street level -- although Vesey St. west of Greenwich remains something of a wasteland. The lobby is a spectacular addition to the Downtown streetscape.

I like it.

[NYguy]

IMO 7WTC is a 500% improvement over what was there before. The re-arrangement of the streets is a huge plus. The way it looks from a distance is good. The reflective facade captures the many moods of the NYC sky. Even the base has an interesting and somewhat captivating effect when walking at street level -- although Vesey St. west of Greenwich remains something of a wasteland. The lobby is a spectacular addition to the Downtown streetscape. I like it.

That's exactly right. The comparison to Houston is tired, and completely off base. This tower is (currently) among the most (if not the most) spectacular Downtown.

[evil_synth]

It's also a very green tower, environmental wise, I forgot what rating it got, but it was among the highest.

[pianoman11686]

I spent a fair amount of time examining this building last weekend, so I have seen it, and I think it sucks.

Unfortunately, I have not had a chance to see it, completed, from up close. You can berate it for its failure at street level, but how many commercial buildings of such scale are inviting to passers-by? Even the so-called greatest modernist works (Seagram, Lever House, etc.) are relatively cold to the casual observer: if you don't work there, you've got no business walking in. Have you also considered the fact that this building houses a power substation in its lower levels? How well do you think the metal panels worked? Did you venture inside the lobby? Did you think it was beneficial to leave Greenwich Street open, and put that little plaza/fountain on the other side? Last question: did you get a chance to view it from afar, in good lighting conditions? I only ask that because, from my experience of having seen it several times in late afternoon from the Turnpike, I came to regard it as one of the most captivating structures I'd ever seen in a skyline. The facade became a glimmering sheet of silver, reflecting the sunlight in such a way as to possess an almost ethereal quality. I was very impressed, indeed.

I also agree with Luca that it belongs in Houston.

Houston? You mean somewhere in the middle of this picture?

http://www.photohome.com/pictures/texas-pictures/houston/downtown-houston-4a.jpg

Hardly. If anything, I think the previous 7WTC much more closely resembled something you'd find in Houston.

[ablarc]

did you get a chance to view it from afar, in good lighting conditions? I only ask that because, from my experience of having seen it several times in late afternoon from the Turnpike, I came to regard it as one of the most captivating structures I'd ever seen in a skyline. The facade became a glimmering sheet of silver, reflecting the sunlight in such a way as to possess an almost ethereal quality. I was very impressed, indeed.
Didn't have the pleasure of that experience, since I didn't have a car and New York was having a miniature hurricane. I did get to look at it for days out my hotel window, and I found that experience to be uniformly dull.

Don't know why you don't think it belongs in Houston. To me it's like a hand in a glove; Houston is full of soloists who refuse to join the choir.

[BPC]

I saw 7WTC on a sunny day from the Staten Island Ferry a few weeks ago, and I found it captivating as well. It seems to somehow melt in the sky in a way I have not seen other glass towers do.

[pianoman11686]

Don't know why you don't think it belongs in Houston. To me it's like a hand in a glove; Houston is full of soloists who refuse to join the choir.

I don't like wearing gloves. :)

In all seriousness, though, I understand your point now: it doesn't fit into the mix. But is it dull because of that, or in spite of it? Will things be a lot different in 5 years, when the WTC site is built out? I happen to think, yes. Give it a while. Let the building, and the surrounding neighborhood, fill in with more office workers. And please, try to view it from afar at some point: I just recently saw it on a morning TV shot from Brooklyn, and it had the same level of brilliance to it.

[Citytect]

It's pretty boring, in my opinion. And on the whole, the design seems poorly executed. When I've viewed it from across "Ground Zero" or similarly from a few blocks away in another direction, it always strikes me as a series of vertically stacked and mismatched "pieces" of a building - none of them particularly interesting. From the ground up, the first "piece" is the metallic base. Then there's a small "piece" above that where the glass begins and the white columns and gaps between rows of windows are clearly visible. Then the largest "piece" is the glass walls of the office floors. And finally, the lazy gap-toothed glass "crown" tops it off. There's no visual connectivity that pulls the "pieces" together.

My other problem with the building is that it looks unfinished.

[alonzo-ny]

7wtc looks to classy to be in houston and i really dont understand why you thought it should go there? I like it for its facade but otherwise it isnt terribly interesting, but i do like it.

[pianoman11686]

New York Post Online Edition (http://www.nypost.com/business/7_wtc_deal_is_close_business_steve_cuozzo.htm)

7 WTC DEAL IS 'CLOSE'

MOODY'S TO INK LEASE

By STEVE CUOZZO

September 7, 2006 -- Moody's Financial Services will sign a giant lease at Larry Silverstein's new 7 World Trade Center possibly as early as today, sources said.

Asked to comment, Silverstein's representative, Howard Rubenstein, said last night, "I can confirm a lease is imminent."

The hotly anticipated deal is the one Silverstein has been waiting for. It means that about half of the gleaming, 1.7 million-square-foot tower will be snatched up less than nine months after it opened - a major vote of confidence in downtown redevelopment.

Moody's and Silverstein signed a non-binding term-sheet agreement in June. Although most term sheets result in signed leases, not all do; a widely touted term sheet with China's Vantone was scrubbed by Silverstein after the company failed to post a letter of credit.

None of the chief real estate brokers involved in the Moody's lease could be reached yesterday - Cushman & Wakefield's John Cefaly, Gus Field and Rob Lowe for Moody's and CB Richard Ellis' Stephen B. Siegel, Mary Ann Tighe and Simon Wasserberger for Silverstein.

But it was understood the long-term lease is for 600,000 square feet on floors 13-27 - possibly the largest new lease signed downtown since 9/11.

Moody's now occupies about half as much space at 99 Church St. nearby and will move into 7 WTC by next September.

The lease comes on the heels of a deal at 7 WTC with law firm Darby & Darby, which will move from Midtown and take 80,000 square feet, and smaller leases with N.Y. Academy of Sciences, Mansueto Media and Ameriprise.

Ever since Silverstein broke ground on 7 WTC in November 2002, some elected officials and media pundits have grumbled that the project - started with nary a tenant in sight - was a white elephant, and that its additional space would glut the downtown market.

But the vacancy rate in the area has actually tumbled from around 13 percent when Silverstein started work to about 11 percent now - and many believe it will soon drop below 10 percent for the first time since 9/11.

steve.cuozzo@nypost.com

Copyright 2006 NYP Holdings, Inc.

[STR]

Houston? You mean somewhere in the middle of this picture?

http://www.photohome.com/pictures/texas-pictures/houston/downtown-houston-4a.jpg

Hardly. If anything, I think the previous 7WTC much more closely resembled something you'd find in Houston.

I think he means Dallas. There IS a significant difference though. Dallas has put up some impressive and architecturally important skyscraper. Houston has not.
http://dallas-tx.tamu.edu/images/Skyline.jpg

[Scruffy88]

for the sake of argument
9/4
http://i25.photobucket.com/albums/c81/Scruffy88/DSC01633.jpg

http://i25.photobucket.com/albums/c81/Scruffy88/DSC01626.jpg

http://i25.photobucket.com/albums/c81/Scruffy88/DSC01625.jpg

http://i25.photobucket.com/albums/c81/Scruffy88/DSC01623.jpg

http://i25.photobucket.com/albums/c81/Scruffy88/DSC01608.jpg

http://i25.photobucket.com/albums/c81/Scruffy88/DSC01605.jpg

[LeCom]

Houston? You mean somewhere in the middle of this picture?

http://www.photohome.com/pictures/texas-pictures/houston/downtown-houston-4a.jpg

Hardly. If anything, I think the previous 7WTC much more closely resembled something you'd find in Houston.
I agree with what you're saying, but don't forget that several of Houston's significant buildings were designed by SOM as well.

[wns808]

for the sake of argument
9/4
...

Simply amazing. Can't wait for the other buildings on the main WTC site to complement 7

[aural iNK]

This building isn't going to look as good once occupied if the couple of floors there are any indication. Drywall, shades and the like will take from that nice blue hue it currently enjoys. Enjoy these shots while they last imho.

[ld876]

I hope once occupied it doesn't lose too much of the blue-hue. I think its a great building actually, no matter all the bashing it has received. WTC7 is in my view from midtown west, and its one of the best looking buildings.

On the 4th of July, when all the fireworks on the East River and Hudson were going off, they were reflecting perfectly off of WTC7, with all these waves of colors. I hadn't really seen anything similar from most other buildings. Thats when I really started liking the building. Good job on the glass choice.

[macreator]

No doubt about it, 7WTC's curtain wall is just fantastic. Otherwise, I'm not a big fan of the building's shape or crown.

Overall, I love the building, but if it had the Time Warner Center's glass I'd pass.

[LeCom]

A tourist attraction already?

http://img182.imageshack.us/img182/5476/pict02387wtcbasetouristbusessmallzp3.jpg

[pianoman11686]

Ground Zero is, yeah. This building's right next to it. And it looks like the bus drivers have a nice, quiet place to park for a while.

[lofter1]

Interesting that they allow those busses to park or even drive along that little stretch as that street directly in front of 7 WTC is listed as "PRIVATE".

[LeCom]

Interesting that they allow those busses to park or even drive along that little stretch as that street directly in front of 7 WTC is listed as "PRIVATE".
Well, eventually it will turn into a continuous Greenwich Street. There is no way that one block worth of the street will remain private for long. And even if it is private, I don't see why they couldn't let some tourist buses stop there.

[lofter1]

Not exactly ... it seems that regular traffic will be routed to the east of the new triangular plaza -- that is if Greenwich St. is actually ever opened to regular traffic, something that remains to be seen (once the Security folks have their say).

Info at this POST (http://www.wirednewyork.com/forum/showpost.php?p=54939&postcount=724)

Note that the map of the plaza (2nd image) shows the extended Greenwich Street as a "Private Street"...Map of Plaza (with variations per seasons):http://www.lowermanhattan.info/construction/gallery/photos/WTC7_future_11.jpg

[pianoman11686]

The news we've all been waiting for:

New York Post Online Edition (http://www.nypost.com/news/regionalnews/7_world_trade_bags_big_tenant_regionalnews_steve_c uozzo.htm)

7 WORLD TRADE BAGS BIG TENANT

By STEVE CUOZZO

September 11, 2006 -- Developer Larry Silverstein has officially landed his first big tenant for new 7 World Trade Center - Moody's Financial Services, which signed a lease for 600,000 square feet late Friday night, sources told The Post.

The largest new lease downtown since the terrorist attack means the gleaming new tower overlooking Ground Zero has now rented out about half its space only four months after it opened. Silverstein was widely criticized for putting up the tower without pre-signed tenants by those who feared it would stand empty and glut the downtown real-estate market.

Several earlier leases, including one to the law firm Darby & Darby, amounted to 200,000 square feet. But the much bigger Moody's lease was the one Silverstein needed to prove 7 WTC's appeal to big-space users.

Silverstein also fended off attacks by Mayor Bloomberg, who accused him of charging too high a rent. Silverstein was asking $50 a square foot at 7 WTC, but Bloomberg said he should lower it to $35, the rate for older buildings downtown.

steve.cuozzo@nypost.com

Copyright 2006 NYP Holdings, Inc.

[BPC]

Funny, I would have thought that the politicians would known more about the demand for, and pricing of, commercial real estate than a commercial real estate developer. That Bloomberg/Doctoroff et al were completely wrong on all points comes as something of a revelation.

[Strattonport]

I had the chance of seeing 7WTC today while checking out the observances around the site. It looked terrific in the sunlight.