American Express Could Anchor Larry Silverstein's Final World Trade Center Tower

Sep 12, 2024 • 10 min read

The long delayed and highly anticipated Two World Trade Center could mark the final chapter in its redevelopment due to a partnership between Larry Silverstein and American Express. Silverstein, the force behind much of the commercial revival at the site post-9/11, is once again pursuing tenants for the unbuilt Two World Trade Center, with Amex now entering into an exclusive negotiation period. A decision from the financial giant could come as early as this month, according to a report from The Real Deal.

This potential deal is a significant development for the long-delayed Two World Trade Center project. Previous negotiations with major players like News Corp., Fox Corp., and Citigroup all collapsed after months of talks, leaving Silverstein searching for a new anchor tenant to secure the construction financing needed to move forward.

A New Anchor for Downtown Manhattan

The yet-to-be-built Two World Trade Center stands as the "missing link" in Silverstein’s otherwise successful efforts to revitalize the site since the devastating September 11 attacks. One insider told The New York Post, "It would be spectacular for Silverstein and the Trade Center, but it’s a helluva long shot." The source continued, noting the "astronomical costs" involved in relocating a major company like Amex, along with the logistical challenges of what to do with their current space at Brookfield Place.

Amex currently occupies one million square feet in the lower half of 200 Vesey Street, while Brookfield owns the upper half. Despite the hurdles, the credit card giant has expressed its commitment to staying in Manhattan, with several viable downtown locations under consideration, including Paramount Group’s 60 Wall Street, which recently put more than one million square feet of space on the market.

Why World Trade Center?

While there are options available elsewhere in the city, insiders highlight that the World Trade Center offers superior transit access and proximity to talent pools in Downtown Manhattan, Brooklyn, and New Jersey. Amex could also explore other development sites, such as Hudson Yards, but the location advantages of the Trade Center site are unmatched.

Silverstein has been flexible in his approach to securing a tenant for Two World Trade Center, even allowing for changes to the current design. Norman Foster, the architect behind the proposed tower, has replaced earlier designs by Bjarke Ingels and a previous iteration by Foster himself. "The design is flexible," Silverstein stated in an earlier interview with The New York Post, "and can be changed to meet a tenant’s needs."

An Uncertain, But Hopeful, Future

The next few weeks will be crucial in determining whether Amex will become the anchor tenant for Two World Trade Center. If the deal goes through, it could signify a monumental victory for Silverstein, finally completing the commercial redevelopment of the World Trade Center over two decades after the attacks.

As this story unfolds, CenterCheck will continue to monitor the progress, as developments like these impact the broader landscape of Manhattan’s commercial real estate market. The future of downtown is filled with possibilities, and the outcome of these negotiations could reshape it for years to come.