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Thread: 7 World Trade Center - by Skidmore, Owings and Merrill

  1. #886
    Forum Veteran macreator's Avatar
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    Beautiful picture! Silverstein should pay you for it.

  2. #887
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    The picture's not mine, I just modified it a bit .

  3. #888

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    DECEMBER 11, 2005












  4. #889
    Forum Veteran krulltime's Avatar
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    ^ Great photos!

    REALTY CHECK

    By STEVE CUOZZO
    December 13, 2005

    At long last, an actual lease-signing at 7 World Trade Center appears imminent. Sources say the New York Academy of Sciences is likely to complete a lease with Larry Silverstein within a week for a full, 40,000-square-foot floor.

    The academy's talks with Silverstein were first reported in The Post on Oct. 26. Since then, two widely discussed potential deals at the tower have yet to happen. American Express spinoff Ameriprise Financial has yet to clinch a deal for 20,000 feet, and the status of talks for a possible 200,000 feet for China's Vantone Real Estate Co. remains unclear.


    Copyright 2005 NYP Holdings, Inc.

  5. #890
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    Re 7WTC:

    There are prospects. Robert Joffe, partner at Cravath, Swaine & Moore, says his law firm is considering, among other options, moving its headquarters there from Midtown. Beijing Vantone Real Estate Co., a Chinese real-estate company, is negotiating to rent five floors near the top. So far, just two small tenants have indicated their intention to take space there. Ameriprise Financial Inc., formerly part of American Express, will take half a floor, and the nonprofit New York Academy of Sciences will take a floor. Neither, though, have signed a lease.

    Copyright (c) 2005 Dow Jones Reuters Business Interactive LLC
    Received by NewsEdge Insight: 12/14/2005 05:20:15

  6. #891
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    Wall St. Journal
    12/14/05

    Lots of Tension, Few Tenants; As 7 WTC's Opening Nears, Political Pressure Mounts On Trade Center Developer

    SEVEN WORLD Trade Center, Manhattan's most modern office tower, will likely be very quiet when it opens in March. Despite two years of sales pitches for the 52-story steel-and-glass box that overlooks the dusty pit where the Twin Towers stood, no major tenants have taken space in the skyscraper.

    That bodes ill for its builder, Larry Silverstein, who is fighting tenaciously to erect five more office buildings, including the iconic Freedom Tower, next door.

    Owing to the 99-year lease he signed on the World Trade Center six weeks before the Sept. 11 attacks, Mr. Silverstein has the right to rebuild the site. And while he won't rebuild the Twin Towers, he does want to replace most of the destroyed office space. Trouble is, if he can't rent the space in 7 World Trade Center, how, critics ask, can he expect to fill almost six times that much?

    Besides the lack of prospective tenants, Mr. Silverstein has had several setbacks and is engaged in an increasingly tense struggle with politicians and government agencies who could derail the plans of the 74-year-old real-estate veteran. Even his longtime financial backer may be open to a deal that would allow their partnership to be removed from at least part of the rebuilding process.

    Mr. Silverstein's latest bad news came this week, when he failed to reach agreement with New York City on a timetable for the project and on how much Mr. Silverstein can request as a developer's fee. That pact was necessary for the city to approve $3.5 billion in tax-exempt bonds to help pay for the rebuilding of the Trade Center site. The two sides are still talking, but Mr. Silverstein says the lack of a deal will only delay rebuilding.

    More than four years have passed since 9/11, and little has been rebuilt on the site except a temporary commuter rail station and 7 World Trade Center. The lack of progress has led to finger-pointing between Mr. Silverstein and the city, New York State and the Port Authority of New York and New Jersey, which owns the Trade Center site and serves as Mr. Silverstein's landlord. Political leaders are becoming more involved in the rebuilding. This is the last year in office for New York Gov. George E. Pataki, and he is concerned about his legacy, while New York Mayor Michael Bloomberg, fresh off a re- election romp, is no longer focused on building a football stadium for the New York Jets or bringing the Olympics to the city.

    Last week, for the first time, Gov. Pataki, long a Silverstein booster, indicated that diminishing the developer's role could help the rebuilding go faster. "The best way to do it might be to have more involvement by the Port Authority, more involvement by perhaps other private-sector investors," he said at a news conference. Port Authority Chairman Anthony R. Coscia and Mayor Bloomberg, who has asserted his influence through control of the approval of the tax- exempt bonds, also have suggested a reduced role for Mr. Silverstein.

    The developer rejects such a move out of hand. But his main financial partner, Lloyd Goldman, who normally takes a backseat to Mr. Silverstein in public, says the door is open to a deal that would reduce their role. "We're not looking for a deal to be made. We're not soliciting offers. We're looking to live up to our contract," he says. "If there is a deal that makes sense, we would evaluate and accept."

    Mr. Goldman, 47 years old, is the money behind the brash public face of Mr. Silverstein. When the two bid on the Twin Towers in 2001, it was Mr. Goldman's $80 million that led the $125 million initial payment. Mr. Silverstein put about $14 million in the deal. When the Port Authority awarded Mr. Silverstein's team the lease, he and Mr. Goldman established a 10-year agreement whereby Mr. Silverstein would operate the project through 2011.

    Next year will be pivotal for Mr. Silverstein. In addition to needing to find tenants for 7 World Trade Center and secure the tax- exempt bonds, he plans to begin foundation work on the signature building on the site, the 1,776-foot Freedom Tower in April. He will also face an increase in the rent he has continued to pay to the Port Authority. The annual payment will rise to $138 million from $120 million a year next August and will further diminish the pool of insurance money he has to rebuild. At least $1.6 billion of the potential $4.6 billion already has been spent or allocated.

    A key factor in the debate over how to rebuild is that there is little demand at the moment for five new office towers. While Midtown Manhattan's real-estate market is thriving, downtown remains sluggish, with many office buildings being converted to condominiums. The Port Authority, city and state say what downtown really needs is shopping, plus a hotel and possibly some housing.

    The Port Authority has increased pressure on Mr. Silverstein in recent months by unveiling plans for a 550,000-square-foot mall that would be sprinkled through the five buildings Mr. Silverstein wants to build and a $2.2 billion train station the Port Authority is building with federal aid. Mr. Coscia, the Port Authority chairman, has called for Mr. Silverstein to cede a portion of the development back to the Port Authority in hopes that it, or another private developer, could build it faster than Mr. Silverstein.

    Mr. Silverstein rejects that argument and says he is building as fast as he can. He says he is waiting for the Port Authority to excavate the eastern part of the site and build a so-called bathtub, which serves the dual purpose of foundation for the building and bulwark against water seeping in from the Hudson River nearby. Because that seven-acre quadrant didn't have skyscrapers before 9/11, its foundations are relatively shallow. Now that the plan calls for three 700-foot-plus tall towers there, and an underground mall, workers must dig 70 to 80 feet to bedrock so the buildings can have a solid base. On the way down, they will remove pieces of an old rail tunnel that existed before the World Trade Center was built in the 1960s.

    It will take two years to dig the bathtub and require close to 2,000 trucks a day to haul out the earth and supply workers and equipment. The Port Authority says that the bathtub will be ready in mid-2008 and that plans for the area need to be drawn up now, not when it is complete.

    The timetable for rebuilding the overall site is long, and some say optimistic. The Freedom Tower won't open until 2011. The retail mall and towers on the eastern flank won't be complete until 2012, and the final tower in 2013 or later. A memorial will begin construction next year and be completed in 2009. The cost for the entire rebuilding is unknown, but estimates range from $9 billion to $13 billion. While Mr. Silverstein probably has enough insurance money to build the Freedom Tower and possibly a second tower, he will need to attract tenants to the other buildings in order to take advantage of financing available through the government-backed bonds.

    Even Mr. Silverstein acknowledges he may not be around when the project is complete. "If you are asking me to think 10 years ahead, I can't. I'm almost 75. I don't know what's going to happen 10 years, 15 years from now."

    While Mr. Silverstein maintains a mission-like vigor for his task, he is now talking openly about the frustrations of rebuilding. At one point in an interview, he asked, "What do I have to show for the last five years of my life? Not very much." Mr. Silverstein dwells on the fact that he will have spent the last 10 years of his working life on the Trade Center, a project he says "has this disastrous effect on everything around us."

    The copper-haired developer's most pressing struggle is to fill the almost-empty 7 World Trade Center. In September 2003, he listed the tower's 42 rentable floors and invited 20 of the city's top real- estate brokers to dine on his yacht, the Silver Shalis, where he championed the project's architecture and security.

    Early discussions were promising, but there were no takers. Local brokers say that Mr. Silverstein's high rents keep companies from closing deals. "When Larry decides to set the price where the market is, then it will rent," says Barry Gosin, chief executive of real- estate brokerage firm Newmark & Co. Real Estate Inc. "It's probably the nicest building on the market. But it's still downtown."

    There are prospects. Robert Joffe, partner at Cravath, Swaine & Moore, says his law firm is considering, among other options, moving its headquarters there from Midtown. Beijing Vantone Real Estate Co., a Chinese real-estate company, is negotiating to rent five floors near the top. So far, just two small tenants have indicated their intention to take space there. Ameriprise Financial Inc., formerly part of American Express, will take half a floor, and the nonprofit New York Academy of Sciences will take a floor. Neither, though, have signed a lease.

    Mr. Silverstein's lack of tenants has made some real-estate executives, including Mr. Gosin, skeptical that lower Manhattan needs five new office towers. "There's just not enough demand for office space," he says.

  7. #892
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    Last sentence in th eabove aticle sums it all up sadly, LM has no true office demand now

  8. #893
    Chief Antagonist Ninjahedge's Avatar
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    What it needs is some reason(s) for people to want to be there other than the office just being there.

    1) Good commute (PATH, possibly more direct links)
    2) Good "support" buisnesses (Restaurants, etc).
    3) Attractive plaza spaces.
    4) Expense

    You start making it an attractive alternative and many cramped, multi-story companies might consider shelling out a little more cash to move from their 8 story pre-war to a building that was intended to be an office space.

    But if all we do is hem and haw about it, leaving a big hole in the ground, all we will get is a bunch of "maybe"s.

    You all have walked around there. It is a dump. If they clean up and make that area as attractive as the Wintergarden you will see 7 fill up much faster.

    Who wants an office that has a great view of a hole in the ground?

  9. #894

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    This graphic was published with today's article in the WSJ (posted above by TonyO).
    Attached Thumbnails Attached Thumbnails Click image for larger version. 

Name:	WTC_graphic5.jpg 
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ID:	1355  

  10. #895
    Disgruntled Optimist lofter1's Avatar
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    Quote Originally Posted by Ninjahedge
    What it needs is some reason(s) for people to want to be there other than the office just being there...

    You start making it an attractive alternative and many cramped, multi-story companies might consider shelling out a little more cash to move from their 8 story pre-war to a building that was intended to be an office space...

    Who wants an office that has a great view of a hole in the ground?
    Hey, what about some cultural amenities? Oh, I forgot ... those were supposed to be there -- but somebody cried a little bit about that and now there will be NONE

  11. #896
    Chief Antagonist Ninjahedge's Avatar
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    Quote Originally Posted by lofter1
    Hey, what about some cultural amenities? Oh, I forgot ... those were supposed to be there -- but somebody cried a little bit about that and now there will be NONE
    Yep.

    I never liked walking around downtown. It was always to dirty, poorly paved, crowded, sterile.

    You went from the old school streets where you have buildings so close to one another that they look like they will fall on each other when you walk between them to the barren vacant area surrounding the old WTC.


    Now you walk there and you get similar feelings.

    It needs an open plaza, but not a dead one. It needs coffeehouses and open air dining and seating areas and all that, not a huge area dedicated to nothing but the rememberance of a tragic event.

    NEW CHANT!!!

    THE POOLS MUST GO!
    THE POOLS MUST GO!
    THE FOOLS MUST GO!!
    THE POOLS MUST GO!

  12. #897

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    Quote Originally Posted by Ninjahedge
    NEW CHANT!!!

    THE POOLS MUST GO!
    THE POOLS MUST GO!
    THE FOOLS MUST GO!!
    THE POOLS MUST GO!
    How about "Ditch the Ditches".

  13. #898

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    Quote Originally Posted by Ninjahedge
    not a huge area dedicated to nothing but the rememberance of a tragic event.
    It doesn't even do that.

  14. #899
    Disgruntled Optimist lofter1's Avatar
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    Last night I watched some of the PBS / Ric Burns documentary "The Center of the World":

    ( http://www.pbs.org/wgbh/amex/newyork/index.html )

    Such a powerful work -- it alone is about as good a memorial piece as can be hoped for.

  15. #900

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    Buried in the news of the Foster announcement is this gem: The New York Academy of Science has agreed to a lease of the entire 40th Floor of 7WTC.

    "Until Thursday, he had no signed tenants for either Seven or for the Freedom Tower. But the New York Academy of Science signed a 15-year lease to rent the 40th floor of Seven World Trade, Silverstein said. The space will include a 300-person conference center, and Silverstein said more leases would soon follow."


    http://www.newsday.com/news/local/wi...gion-apnewyork

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