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Old November 15th, 2005, 12:30 AM   #181
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The last picture is great.From that angle it doesn't look so boring.
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Old November 29th, 2005, 09:32 PM   #182
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http://www.nypost.com/realestate/comm/58514.htm
7 WTC SEEKS $50 PER FOOT

By STEVE CUOZZO
--------------------------------------------------------------------------------
November 29, 2005 -- Realty Check

A stroll the other day through Planet Earth's most closely watched new office building, 7 World Trade Center, did not stumble onto any tenants signing leases.

But, accompanied by CB Richard Ellis superbroker Stephen B. Siegel, I got a first-hand feel for what may pass through the minds of companies kicking the tires.

First, an update on talks between developer Larry Silverstein and China's Vantone Real Estate Co., the Beijing-based outfit reported to be interested in 200,000 square feet.

Vantone reportedly offered $40 a square foot. Silverstein wants $50 a foot, but, as at many buildings, that's an average, and the rent rises the higher the floor.

"The problem is, they only want the top of the building, even though Silverstein came back to them with a Chinese menu of options for lower floors," an insider joked.

Vantone's broker, Jones Lang LaSalle honcho Peter Riguardi, said only that the company was "very serious," but would not comment on the talks. Siegel couldn't be reached.

Possibly no new office tower has ever caused so much excitement and anxiety as 7 WTC, which is seen as a bellwether for Lower Manhattan.

Silverstein is putting the finishing touches on the 52-story tower to replace the bulkier original that fell on 9/11. David Childs designed a sleek parallelogram sheathed in translucent curtain-wall glass that looks blue in sunlight, thanks to hidden spandrels that reflect light onto floor-to-ceiling windows.

Inside, it's crammed with security features, state-of-the-art systems and a slick lobby where an installation by artist Jenny Holzer will convey I Love New York-type messages on electronic zippers.

Although it's always stood to reason that 7 WTC might take time to lease up in a slow market, the 1.6 million square feet it added to the downtown inventory has given market-watchers conniptions.

So has Silverstein's $50 "ask," compared with rents between $25 and $40 downtown.

But the newest other buildings nearby, such as the World Financial Center towers, are at least 20 years old. Only a tenant can determine whether 7 WTC's spanking newness justifies the price difference. Some of the issues:

* About that $50: For larger tenants, the cost over a 10-year lease will be as little as $39, thanks to various city and state incentives for downtown.

At least some of the same incentives can be had at other addresses. But the question is whether to compare 7 WTC's pricing to the rest of downtown or to Midtown, where new space is being offered from $60 to $100 and up.

* New vs. almost new: Many 7 WTC amenities can't be beat, including enhanced fireproofing of structural steel, safety features above code, super-efficient elevators and state-of-the-art climate control and telecom systems.

But the systems at other addresses, including the World Financial Center, One New York Plaza and 55 Water St., suffice for their big financial tenants, even if they're not as cutting edge.

* Rare contiguous space: Downtown has more available blocks of 100,000 square feet and up than Midtown, but the number of availabilities overall is shrinking. If the trend continues, the longer it takes to lease 7 WTC, the more rent Silverstein might actually fetch when demand exceeds supply.

* Proximity to shopping: The WFC towers in Battery Park City offer an easy indoor stroll to the Winter Garden, shops and restaurants, while 7 WTC stands isolated.

But some people think it's the WFC that's remote from the rest of downtown, while 7 WTC is an easy stroll to the heart of TriBeCa's dining district.

* Views: Thanks to its center-core design, 7 WTC's 40,000-square-foot floors are mostly column-free. Floor-to-ceiling windows afford grand harbor and skyline views.

The south side of 7 WTC overlooks Ground Zero. The Freedom Tower will only partially block 7 WTC's views at its southwest corner.

The new Goldman Sachs headquarters in Battery Park City, for which ground is to be broken tomorrow, will interrupt the view from 7 WTC's western windows.

* Fiterman Hall must go! The burned-out college building, damaged on 9/11, looks even worse from 7 WTC's high floors than from the street.
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Old December 9th, 2005, 04:02 AM   #183
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Old December 9th, 2005, 08:36 PM   #184
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Great shot LeCom!
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Old December 9th, 2005, 08:54 PM   #185
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Excellent pic and beautiful design. When done right boxes can really be amazing!!
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Old December 9th, 2005, 09:33 PM   #186
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beautiful !!! elegant !!!! nice boxy glassed tower !
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Old December 15th, 2005, 11:15 PM   #187
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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.
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Old December 18th, 2005, 04:38 AM   #188
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http://www.globest.com/news/435_435/.../141181-1.html
Academy of Sciences Inks First 7 WTC Lease

By Barbara Jarvie
Last updated: December 16, 2005 08:59am


7 WTC

NEW YORK CITY-By Manhattan standards, it's not the bigest lease ever signed, but its implications are huge. The New York Academy of Sciences has become the first tenant to take space at 7 World Trade Center, the last building to fall on Sept. 11 and the first to rise again. The academy, which signed a 15-year, 40,000-sf lease for the entire 40th floor, will return to its Lower Manhattan roots when it moves into the space next September. The site is one block from where it was founded in 1817.

(The lease deal was not the only news coming from Silverstein and Ground Zero. Read more.)

New York Academy of Sciences president Ellis Rubinstein tells GlobeSt.com that the firm looked at as many as 30 potential sites before choosing 7 WTC. “We got an excellent deal,” he said, adding that it is approximately $3 million less than what they would have paid at the next choice, 1 Madison Ave. The space will also include a conferencing center in the space that will host major international conferences.

Rubinstein said the academy had no qualms about the security of the site. “The building is spectacular and over code. I think the city will keep it extremely safe.”

Over the summer, a $3.80-per-sf incentive for the first 750,000 sf leased at 7 World Trade was put in place as part of a plan to lure tenants to the WTC area. Developer Larry Silverstein have to match the incentives. “These incentives make all the difference in the world,” said Silverstein during a press conference. “There will be more (leases) to follow.” According to a source, asking rents at the site range from $50 per sf to $55 per sf, depending upon the floor number. When coupled with incentives, the rents are brought down into the $40s.

The 52-story office is bound by Greenwich, Vesey, Washington and Barclay streets. Tishman Construction Corp., which built the original 7 World Trade Center for Silverstein, is contractor for the project. Earlier this year, the New York City Industrial Development Agency approved $475 million of New York Liberty Bonds to be used for the reconstruction and permanent financing of 7 WTC, which is being constructed on a 58,000-sf site. Tenant floors begin at the 11th floor above grade. The untenanted first 10 floors largely are given over to a series of huge bays housing transformers for a Con Edison substation.

The academy was represented by the CB Richard Ellis team of Mary Ann Tighe, Tim Sheehan and Ken Meyerson. The law offices of Fried, Frank, Harris, Shriver & Jacobson served as the Academy’s legal advisor , while Skadden, Arps, Slate, Meagher & Flom assisted Silverstein Properties. CBRE’s Steve Siegel, chairman, global brokerage and exclusive leasing agent for the building, represented Silverstein Properties. “It is fitting for this leading-edge, future focused organization to make its new home in the newest and most technologically advanced property on the Downtown skyline," says Tighe, chief executive officer of the New York Tri-State region.
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Old December 18th, 2005, 03:19 PM   #189
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Well, that's a start. I hope more tenants will come now. Only that
would bring the other development plans closer to realization.

I like the idea of building first, then try to find tenants. In the Netherlands,
we usually seek some tenants before construction starts, which is safer,
but it takes a lot more time before a project gets started.
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Old December 18th, 2005, 05:23 PM   #190
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It could be the fact that nobody wants to rent space that overlooks an illegitmate replacement to what stood there before.
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Old December 18th, 2005, 06:12 PM   #191
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Quote:
Originally Posted by LeCom
So this means that the tower is completed?
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Old December 28th, 2005, 02:18 PM   #192
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PHOTOS BY LECOM

























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Old December 28th, 2005, 02:19 PM   #193
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a mini fortress at street level, where's the human scale? gone...6 stories of nothing....dead at street level, what a waste...
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Old December 28th, 2005, 05:44 PM   #194
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Yea at street level it looks depressing.....
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Old December 28th, 2005, 08:15 PM   #195
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That base is too "cold".
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Old December 28th, 2005, 09:01 PM   #196
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the base ruined it all, its good tht its not visible from far, coz the tower itself is nice
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Old December 28th, 2005, 11:59 PM   #197
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Another recent skyline shot.

Originally posted by Edward from Wired NY
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Old December 29th, 2005, 01:00 AM   #198
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I rather like the base. Stylish entrance too.
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Old December 29th, 2005, 01:41 AM   #199
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youch.. that base looks rather uninviting. i hope they're not going to try making it into a tourist attraction. Maybe if it was a little see through or it had small windows, I'd like it better.
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Old December 29th, 2005, 02:05 AM   #200
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Ugh that base sucks maybe if they would of put glass in the center and had that metal siding on the sides it would be ok.
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