Silverstein steps up marketing campaign for 7
World Trade Center
By KAREN MATTHEWS
Associated Press Writer
September 29, 2003, 3:37 PM EDT
NEW YORK -- With two years to go before it opens, developer Larry
Silverstein has not signed an anchor tenant for the rebuilt 7 World Trade
Center and has stepped up his marketing campaign for it, real estate brokers
say.
Crain's New York Business reported Monday that negotiations have broken down
between Silverstein and the Port Authority of New York and New Jersey, which
was widely assumed to be the anchor tenant.
Port Authority spokesman Greg Trevor said he had no comment on the report.
Gerald McKelvey, a spokesman for Silverstein, said the developer is
"obviously" seeking tenants for 7 World Trade, scheduled to open at the end
of 2005, but he would not comment on negotiations with the Port Authority.
Robert Freedman, vice chairman of GVA Williams, a real estate brokerage,
said he attended a luncheon on Silverstein's private yacht this month at
which Silverstein urged brokers to promote the building to their clients.
"He's clearly launching an intensive marketing campaign," Freedman said. "He
was very positive and uptempo."
Silverstein developed the original 7 World Trade Center, just north of the
main trade center site. The building collapsed hours after the destruction
of the twin towers, where Silverstein was the leaseholder.
The old 7 World Trade Center housed a Con Edison substation, the mayor's
Office of Emergency Management and other government and financial-services
offices.
The new 52-story building, designed by David Childs of Skidmore Owings and
Merrill, is being financed through insurance payments and Liberty Bonds. The
Con Ed station is being rebuilt now, and construction of the tenant floors
is due to start in November.
Freedman said the Port Authority could still end up at 7 World Trade even if
negotiations have stalled.
"These things have a way of proceeding in fits and starts," he said.
Bruce Surry, an executive vice president at CB Richard Ellis, agreed.
"The Port Authority should still be considered a viable tenant," he said.
"I'm pretty confident nothing's fallen through."
M. Myers Mermel, chief executive of the real estate brokerage company
TenantWise, said Silverstein needs a government tenant _ either the Port
Authority or a federal agency _ or he will have trouble leasing 7 World
Trade.
"If that's not possible that may delay his plan to rebuild it," Mermel
said.