World Financial Center

In World Financial Submarket, Silverstein, Brookfield Rule the Roost

http://commercialobserver.com/2012/10/in-lower-manhattan-silverstein-brookfield-rule-the-roost/

The 1 World Trade Center tower, which seems to spring into view from every vantage point these days, symbolizes different things to different people. To commercial landlords and brokers, it represents both a flagship for the Downtown area and a potential surge in competition. For those with a direct stake, it means the recovery from the terrorist attack is finally reaching the finish line.

“The sense of momentum and progress, which was not universal for years, is now palpable,” said Janno Lieber, who oversees design and construction at the site for Silverstein Properties, the landlord of the two towers that were destroyed 11 years ago.

World Financial submarket.
Passersby can now see three of the four planned office buildings rising from the site, and about 5 million people have visited the 9/11 Memorial since it opened at the complex on the anniversary of the attacks last year, he said.

Silverstein owns 7 World Trade Center, which was the first building to open on the site of the attacks, as well as three of the four towers in progress. Silverstein’s 4 World Trade Center, which topped out at about 1,000 feet, will be open in a year, and the other two are expected to be complete by 2017, Mr. Lieber said.

“As the World Trade Center marches toward completion, concerns are rising about the potential for a glut of space to flood the market at a time when demand remains somewhat evasive,” Cresa, a tenant advisory firm, said in a third-quarter report.