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Old May 12th, 2009, 05:20 PM   #8641
Rental Lease
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Question about Lease & Office Space

Hey everyone, I'm new to the forum, thought I'd introduce myself here with a question:
If the new Freedom Tower is going to have roughly 2.5 million square feet, and the Twin Towers had roughly 10 million square feet, and office lease space in Manhattan is as premium as real estate gets in America, WHY WOULD THEY BUILD THE THING WITH A QUARTER OF THE OFFICE LEASE SPACE?
Maybe someone can explain it to me, because I certainly don't get it.
Salut,
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Old May 12th, 2009, 05:42 PM   #8642
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The twin towers were twins, so thus none of the buildings had 10 million sq feet by itself. Each twin however had 4.5 million sq feet, with the smaller buildings having the other million square feet.

The Freedom tower has less office space for a multitude of reasons, first it tappers as it goes up, second the core is more robust than the original towers which takes away from the floor space.

Finally the 10 million sq ft is being built still, if you combine tower 1 2 3 4 and I think 5 as well as part of that number.
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Old May 12th, 2009, 05:57 PM   #8643
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god bless the united states of america
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Old May 12th, 2009, 05:59 PM   #8644
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Quote:
Originally Posted by Rental Lease View Post
Hey everyone, I'm new to the forum, thought I'd introduce myself here with a question:
If the new Freedom Tower is going to have roughly 2.5 million square feet, and the Twin Towers had roughly 10 million square feet, and office lease space in Manhattan is as premium as real estate gets in America, WHY WOULD THEY BUILD THE THING WITH A QUARTER OF THE OFFICE LEASE SPACE?
Maybe someone can explain it to me, because I certainly don't get it.
Salut,
It's just one of four towers. The new site will look like this.
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Old May 12th, 2009, 06:24 PM   #8645
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Quote:
Originally Posted by Zensteeldude View Post
You flatter me RKOwens.

Rest assured towers 1 through 4 WELL get built. Tower 5 is slightly iffy but well most likely get built also.

I noticed after studying pics at wtc.com that the north core half is being built differently than the south half. On the south half the east and west MEP shafts are being poured well after the main core where as the MEP shafts on the north half are being poured as the core goes up. In some respects the north half is ahead of the south half !

MEP=mechanical, electrical, pluming
Tower 5 is not getting build, that already been decided long time ago.
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Old May 12th, 2009, 06:28 PM   #8646
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I just can't get over how amazing this site will be when it's completed. The memorial + 4 towering, gleaming, futuristic skyscrapers is just an overwhelming sight to imagine. This will be the coolest place to hang out in manhattan by far.
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Old May 12th, 2009, 07:03 PM   #8647
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If you want to read (in spanish) what the newspaper "El Mundo" says...

http://www.elmundo.es/elmundo/2009/0...242080907.html

The google translation is here:

http://translate.google.es/translate...hl=es&ie=UTF-8

(Yes, I could try to translate to english but at this moment I don't have time :p )
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Old May 12th, 2009, 07:26 PM   #8648
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Quote:
Originally Posted by webeagle12 View Post
Tower 5 is not getting build, that already been decided long time ago.
Ehh, somehow I doubt it. All I can say is that anything is possible.

This new news is from this week:

"The Port Authority is actively looking to develop World Trade Center Tower 5 as a luxury hotel and residential building, The Post has learned."
Sources familiar with the bi-state agency's plans say the market for a luxury hotel and apartments has emerged as a stronger bet than holding out for a commercial tenant.
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Old May 12th, 2009, 09:08 PM   #8649
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May 11th:
image hosted on flickr


http://www.flickr.com/photos/3396546...n/photostream/
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Old May 12th, 2009, 09:54 PM   #8650
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I don't know whats going on in tower 5. The design was pretty bad
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Old May 12th, 2009, 10:26 PM   #8651
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I don't think Tower 5 will be a hotel/residential building. If they wanted to build a hotel/residential tower, they'd just build it on the current site of what's being called Liberty Park, the plot of land between between 90 West Street and Liberty Street. Hotels and residential buildings have to be very slim and slender and don't require a large footprint (think of the Millenium Hotel). The Tower 5 plot of land is too big. The Liberty Park land is the right size and it's also closer to the Hudson River, providing a more scenic view. A hotel on the Tower 5 site would be blocked on 3 sides by other buildings.

And yes, I know there are currently no plans to develop the plot of land next to Tower 5 (the "Liberty Park"). I'm just saying that it they did decide on building a hotel, this is the most likely location for it, not Tower 5.
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Old May 13th, 2009, 02:13 AM   #8652
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does anyone know when the lobby level will begin construction, and when they will pass the lobby
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Old May 13th, 2009, 04:42 AM   #8653
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Quote:
Originally Posted by backupcoolm4n View Post
does anyone know when the lobby level will begin construction, and when they will pass the lobby
fall/winter 2009

they probably have lobby floor done late summer
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Old May 13th, 2009, 05:26 AM   #8654
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WTC faces threat from within

http://www.worldarchitecturenews.com...pload_id=11594
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Old May 13th, 2009, 06:12 AM   #8655
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We've heard so much stuff about Tower 2-3 that I don't know if I should believe this or not
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Old May 13th, 2009, 06:27 AM   #8656
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Quote:
Originally Posted by helghast View Post
The media is again late on news. This has been no secret to anyone who has followed the development of this site in the last 3-4 months. Silverstein has been ringing the alarm that he doesn't have enough money and the PA has been considering retail stubs for a while. Only now does the media happen to latch on to this story (I hope for the sake of them and their terrible new reporting, that it actually does sell them more newspapers; would be a shame to have terrible news reporting and poor sales...).
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Old May 13th, 2009, 08:57 PM   #8657
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What's up with the Earthcam?
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Old May 13th, 2009, 09:35 PM   #8658
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Quote:
Originally Posted by Nomadd22 View Post
It's just one of four towers. The new site will look like this.
wow, most people like myself didn't realize there would be 4 towers. Glad to see they are rebuilding stronger than ever. nice pic..that skyline is going to be something special
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Old May 13th, 2009, 09:52 PM   #8659
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it won't look like this if this goes through!

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Originally Posted by JohnFlint1985 View Post
PA fires the first shot at Silverstein...

http://www.nydailynews.com/ny_local/...yscrapers.html

Port Authority wants to dump three of five proposed skyscrapers for WTC site

BY Douglas Feiden
May 11th 2009

The incredible shrinking World Trade Center will be cut back from five iconic skyscrapers to just two signature towers under a new Port Authority plan, the Daily News has learned.

Bludgeoned by recession and a war with developer Larry Silverstein, the Port Authority is proposing halving the office space it will build at Ground Zero - from 10 million square feet to 5 million, sources familiar with the plan say.

The sources say the agency's new vision for the site calls for scrapping one tower that would have been taller than the Empire State Building and nixing two others that would have dwarfed the nearby Woolworth Building.

In place of two Silverstein behemoths, each designed by a British lord and soaring 79 stories, the PA would erect a pair of short, squat buildings no taller than four or five floors - coined "stumps" - that could be used for retail shops, according to the proposal.

The vastly scaled-back site plan was disclosed to The News hours before Assembly Speaker Sheldon Silver on Friday branded budget-busting delays and cost overruns at the 16-acre site an "embarrassment to our city, our state and our nation."

Mayor Bloomberg promptly followed up by inviting all warring parties to a summit meeting this week.

End of master plan

Revamping the sacred spaces where nearly 3,000 people were killed on 9/11 marks a dramatic break from the original 2003 Daniel Libeskind master plan, which called for a row of cascading office towers to replace the 10.4 million square feet of office space destroyed by terrorists.

Although the Freedom Tower will still climb to its symbolic 1,776 feet, and the Memorial will occupy the heart and soul of the site, the showcase buildings designed by world-class architects - on which Silverstein has already spent hundreds of millions of dollars - will be absent.

"It's getting smaller and smaller and smaller," said Enrique Saurez, a dishwasher from Venezuela who worked at Windows on the World, where 73 employees died. "What happened to their so-called master plan?"

What happened was a calamitous credit crisis that dried up bank financing for Silverstein and a fiscal crunch that has led to falling revenues at PA bridges, tunnels and airports - all amid an increase in borrowing costs.

With a squeeze on cash, lenders, Wall Street tenants, the agency and the builder launched a new round of heated talks to determine exactly who will build what - and on what terms it will be financed.

The result is a PA proposal that would:

- Reduce Tower 2, a planned 79-story, 1,270-foot Silverstein building designed by Lord Norman Foster, to a glorified, prettied-up stump.

- Effectively strip control of 71-story, 1,137-foot Tower 3, designed by Lord Richard Rogers, from Silverstein and reduce it to another stumpy building.

- Abandon all plans for Tower 5, slated to go on the toxic Deutsche Bank building site, for the foreseeable future.

- Underwrite about $1 billion in financing costs and rent abatements for Silverstein on 64-story, 975-foot Tower 4, which is the only building he'd get to construct.

- Go full steam ahead on Tower 4 - but force Silverstein to surrender most of his development fees, insurance proceeds and fine revenues in return.

The PA wouldn't comment on its specific proposals.

"We're committed to rebuilding downtown," said Stephen Sigmund, the authority's chief spokesman.

He said limited public resources were being directed toward "keeping the memorial and other public projects moving forward" - and that office and retail space would be built "to meet the market."

Screws put to Silverstein

Silverstein was initially entitled to build five buildings and 10 million square feet on the site, but agreed in 2006, under enormous political pressure, to surrender the Freedom Tower and one other building. He was also ready to give up one more tower - but not two.

"Our compromise proposal - under which we would own two buildings with [up to] 4 million square feet - is fair, especially since the Port Authority has collected more than $2 billion from Silverstein since 9/11," said Janno Lieber, president of Silverstein's World Trade Center Properties.

"Completing two buildings will assure that the WTC site is a finished, attractive and exciting place that helps - rather than hinders - downtown's revival," he added.

Sources familiar with Silverstein's position complained that the PA is acting unfairly both in setting the financial terms and in mothballing two Silverstein buildings.

A hefty chunk of Tower 4, the lone remaining building built solely by Silverstein, would be occupied by the PA, which would pay below-market rent, they point out. The agency is offering to hike its payments as part of the deal.

New delays to the long-stalled project loom, these sources warn: The PA's plan for stumps - to support retail and serve as stand-ins for towers that could one day be built on top of them - could take some two years to redesign and reengineer.

Since stump construction would take place in the same area as below-grade work on the $3.2 billion Transportation Hub, it could push back that project, now slated for completion in mid-2014, even further, these executives predict.
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Old May 13th, 2009, 10:02 PM   #8660
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I've heard that they will build only 2 towers instead of 4 due to the effects of financial crisis
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