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Old December 6th, 2012, 12:50 AM   #2141
RobertWalpole
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From therealdeal.com

Advertising agency, law firm in lease talks at 3 WTCDecember 05, 2012 05:30PM

Larry Silverstein and a 3 WTC rendering
Larry Silverstein has received two formal offers from tenants looking for space in 3 World Trade Center, potentially allowing the developer to move ahead with the project, sources told Bloomberg News. The interested companies are Group M, an advertising and media firm, and law firm White & Case.

Group M had already been in talks to secure a 550,000-square-foot section of the tower, while White & Case is in the market for roughly 500,000 square feet. With 1.1 million square feet of the 2.8 million-square-foot tower committed to tenants, Silverstein would become eligible for public funding of the project from the city, state and Port Authority of New York & New Jersey.

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Old December 6th, 2012, 12:52 AM   #2142
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Here's the link. http://therealdeal.com/blog/2012/12/...ease-at-3-wtc/
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Old December 6th, 2012, 12:57 AM   #2143
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Old December 6th, 2012, 02:08 AM   #2144
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WOOOOHOOOO, So they just took off the weird red thingy (Dont know what its called, not an expert in construction) and now there gonna put it back on?
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Old December 6th, 2012, 02:13 AM   #2145
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^They are in talks right now, they haven't signed anything yet. Until it is a done deal I assume they will continue down the same path they are on now in terms of prepping to go on hold.
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Old December 6th, 2012, 03:07 AM   #2146
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That's great news, let's hope this tower continues construction!
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Old December 6th, 2012, 03:28 AM   #2147
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This is enought to build the rest of the tower, correct? Is there a reason why he wouldn't accept?
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Old December 6th, 2012, 04:26 AM   #2148
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Quote:
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This is enought to build the rest of the tower, correct? Is there a reason why he wouldn't accept?
it might not end up being the best deal for Group M or White&Case, wish for it to happen but don't get your hopes up.
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Old December 6th, 2012, 05:02 AM   #2149
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One of them is probably getting a very good deal for the first 500k sf. I'd guess it's the ad firm. White & Case is probably getting a pretty good deal too. I'd guess $70/s.f.
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Old December 6th, 2012, 05:10 AM   #2150
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If it's not the best deal for either company, why would they be in talks to anchor it? The companies involved in these types of big leasing negotiations always insist on a level of anonymity, so the fact that these deals have leaked to the media is a testament to how serious these negotiations are.

Also, either one of these companies on their own is enough to anchor this tower, let alone both.
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Old December 6th, 2012, 06:55 AM   #2151
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I wonder if the Hudson Yards towers are too full now for these firms?
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Old December 6th, 2012, 07:42 AM   #2152
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Please, oh please let one of the deals go through. It will start getting depressing fast if this tower is stalled for any length of time, it's bad enough we have to wait for tower 2.
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Old December 6th, 2012, 10:12 AM   #2153
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Quote:
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Please, oh please let one of the deals go through. It will start getting depressing fast if this tower is stalled for any length of time, it's bad enough we have to wait for tower 2.
Yes, i can't wait to see 3WTC finally rising !
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Old December 6th, 2012, 12:41 PM   #2154
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This is incredible news. I know that nothing has been signed yet however just the fact that the negotiations are this serious is already incredible. It looks like the post-election leasing frenzy has begun
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Old December 6th, 2012, 01:35 PM   #2155
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Quote:
Originally Posted by RobertWalpole View Post
From therealdeal.com

Advertising agency, law firm in lease talks at 3 WTCDecember 05, 2012 05:30PM

Larry Silverstein and a 3 WTC rendering
Larry Silverstein has received two formal offers from tenants looking for space in 3 World Trade Center, potentially allowing the developer to move ahead with the project, sources told Bloomberg News. The interested companies are Group M, an advertising and media firm, and law firm White & Case.

Group M had already been in talks to secure a 550,000-square-foot section of the tower, while White & Case is in the market for roughly 500,000 square feet. With 1.1 million square feet of the 2.8 million-square-foot tower committed to tenants, Silverstein would become eligible for public funding of the project from the city, state and Port Authority of New York & New Jersey.
Great news. Hopefully they can now continue with the construction without interruptions.
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Old December 6th, 2012, 03:44 PM   #2156
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Quote:
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I wonder if the Hudson Yards towers are too full now for these firms?
Good point. I wonder why they wouldn't be in talks to take the North Tower there.
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Old December 6th, 2012, 04:08 PM   #2157
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Quote:
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Good point. I wonder why they wouldn't be in talks to take the North Tower there.
They could still be, which is what worries me. Given HY's rates, it wouldn't surprise me if they went for that one instead.
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Old December 6th, 2012, 05:44 PM   #2158
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Quote:
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They could still be, which is what worries me. Given HY's rates, it wouldn't surprise me if they went for that one instead.
The rates between 3WTC and HY are pretty comparable. Silverstein needs to charge only $60 a square foot for the initial 400k pre-lease. Anything more than that he'll likely charge $65-70. But so long as he gets 400k worth of space @ $60, this tower is a go.
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Old December 7th, 2012, 01:50 PM   #2159
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Quote:
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They could still be, which is what worries me. Given HY's rates, it wouldn't surprise me if they went for that one instead.
3WTC has two big pluses in its sleeve:

1, The WTC has a far more prestigeous reputation than the Hudson Yards.

2, The building can be delivered far earlier than the North Tower. 3WTC can be completed within 2-3 years if it'll continue while the North Tower has to wait for the rebuilding of the tracks that are below it, which won't be done before 2015 and only then can construction begin.
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Old December 7th, 2012, 03:39 PM   #2160
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the problem is that downtown is terrible and everyone knows it.

midtown will always be the center.
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