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COVER STORY, MARCH 2006
REINVENTING WORLD TRADE
Silverstein Properties begins the long road to recovery at the World Trade Center site.
Dan Marcec
Following the tragedy that occurred at the World Trade Center on September 11, 2001, and after months of cleanup activity, an empty hole lay in downtown New York City. Larry Silverstein, president and CEO of Silverstein Properties, is heading the initiative to redevelop the entire World Trade Center site, bringing a sense of vibrancy to downtown Manhattan and restoring it as a dynamic business center. When all is said and done, the World Trade Center site will feature not only a memorial to the events of September 11, but also an extensive commercial component including five office towers encompassing more than 10 million square feet of office space, a transit hub, a performing arts center, a museum complex, new streets and other public space all within 16 acres. The largest of these buildings will be the 1,776-foot-tall Freedom Tower, which broke ground on July 4, 2004; upon its completion, the Freedom Tower will be the tallest building in the world.
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Silverstein Properties has nearly completed 7 World Trade Center, a state-of-the-art, 52-story, 1.7 million-square-foot office building located in downtown Manhattan, New York City.
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The redevelopment of the World Trade Center site will have a substantial impact on the New York City economy. In fact, according to the Lower Manhattan Development Corporation, rebuilding the site will generate $15 billion in economic output in New York City, and it will create an average of 8,000 jobs every year for 13 years. Northeast Real Estate Business takes a look at the first structure to be rebuilt as a part this endeavor, 7 World Trade Center, which sets a precedent for what is to come in a redevelopment project that carries phenomenal weight not only for the commercial real estate industry, but also for the city of New York and for the United States. The Phoenix
The first structure to be rebuilt, 7 World Trade Center, stands 741 feet high, encompassing 1.7 million square feet of Class A office space throughout 52 stories. Situated just north of the World Trade Center site, bounded by Vesey, Barclay and Washington streets and West Broadway in the heart of downtown Manhattan, the building represents a rebirth of what was lost almost 5 years ago. From the developer's standpoint, 7 World Trade Center was the first project to be undertaken in the massive redevelopment of the entire site for several reasons.
“Since the structure is situated just north of the World Trade Center site, it wasn't subject to the same insurance issues and master plan issues that govern the rest of the site,” says Dara McQuillan, director of marketing and communications for Silverstein Properties. “Additionally, the building houses the ConEdison substation, a significant and important presence that feeds electricity to a million users downtown, so there was an immediate need to bring that up and running again.”
The building is designed by the architecture firm Skidmore, Owings & Merrill, headed by David Childs. Such a formidable endeavor, developing a speculative 52-story office tower on the former World Trade Center site, did not come without challenges. With no tenants committed to the space, designing a first class development was crucial.
With the ConEdison substation occupying the bottom ten floors of the building, the architecture was planned very meticulously. Through Childs' leadership and with the assistance of renowned glass architect James Carpenter, 7 World Trade Center boasts an original design, featuring a metal façade at its base, allowing the substation to breathe natural air and to ventilate the vaults, while simultaneously offering a study in reflected color and light. The outside skin of the tower is floor-to-ceiling crystal clear glass, which is pulled apart at the floor levels, creating a tension in the building's surface.
Safety First
“Larry Silverstein's intention was that 7 World Trade Center would be quite different than any other building that had been developed in this country,” McQuillan explains. “First and foremost, he wanted it to be a first-class office building, but second, he wanted it to be the safest office building in America.”
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A look at 7 World Trade Center from the ground up.
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The design holds no bars in facilitating a safe escape in case of potential emergency. Specifically, the exit stairs are 20 percent wider than required by building codes, permitting more rapid evacuation and easier access by emergency responders. In addition, four fire stairs exit directly to the exterior, reducing risk of confusion by attempting to exit through the lobby; plus, transfer between stairwells is possible. Furthermore, all stairwells have emergency lighting and glow-in-the-dark paint, and all are widely separated and pressurized to resist the intrusion of smoke. Beyond allowing a safe retreat from a hypothetical emergency, 7 World Trade Center has been constructed far above simple compliance with safety codes in order to prevent such a situation. The outside structure is steel, which complements the 2-foot reinforced concrete walls that protect the building core stretching the full height of the building, including the exit stairs, elevators and lobby. The fireproofing material used to protect the steel structure is more than five times stronger than the durability required by building codes. Water storage capacity for the building sprinkler system is two times that which is required by code, and the fresh air system at the top of the tower features multiple levels of high performance filters.
It's Not Easy Being Green
Aside from the safety features inherent in its design, 7 World Trade Center is the first New York City commercial office building to receive Leadership in Energy and Environmental Design (LEED) certification. Carefully designed above code in an environmentally conscious manner, the building is a paradigm for green construction.
“In addition to providing first-class office space and top-notch safety attributes, Larry Silverstein wanted to create an environment for tenants that was absolutely the best from a quality of life perspective,” McQuillan says. “As a green, LEED certified project, 7 World Trade Center is a prototype building with the U.S. Green Buildings Council.”
Several of the features that characterize 7 World Trade Center as a new standard in sustainable design include high-efficiency cooling and heating systems — also greater than required by current codes — with high-efficiency filters in all air conditioning units to improve indoor air quality, paints that are low in volatile organic compounds, high-efficiency plumbing systems reducing water consumption, collection of rainwater from the roof for irrigation of the nearby park and for the cooling tower, carbon dioxide sensors throughout the building, and construction materials with post-consumer recycled content.
Furthermore, electricity costs will be approximately 35 percent lower per year at 7 World Trade Center than they would be in a typical Manhattan office building, 50 percent of the building's core-and-shell electricity needs will come from renewable energy, and it offers tenants the ability to provide direct outside and daylight views of more than 90 percent of their regularly occupied space.
All in the Tenant Mix
Silverstein Properties is moving into 7 World Trade Center in April upon the building's completion, occupying the entire 38th floor of the building. Other notable leases signed include the New York Academy of Sciences, which is relocating from its offices on 63rd Street in Manhattan and was the first tenant to take space in the building, and Ameriprise, a company spun off from American Express, also has signed on to locate within the building.
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“A view from the top.” Overlooking New York City from the top of 7 World Trade Center, the first building to be redeveloped at the World Trade Center site.
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“What's been quite interesting so far about tenants that have visited the building is that they come from a diverse base. From law firms, financial firms, creative firms, marketing firms and PR firms, to not-for-profits and scientific institutions, it's really a unique mix of interest,” McQuillan says. “I think this reflects how downtown itself is evolving from being fundamentally an area that has attracted predominantly real estate companies, financial firms, law firms and banks, to a market that attracts a much more diverse array of tenants.”
One very significant agreement in negotiations would place Beijing Vantone Real Estate Company, a Chinese real estate company, in 200,000 square feet of office space on the top five floors of the building (48 through 52). Vantone has entered into a non-binding preliminary agreement with Silverstein Properties to create the China Center, which would serve as a hub for Chinese companies locating in New York as well as international and U.S. firms investing in China.
“I think what surprises people when they come down to view 7 World Trade Center is the quality of the building; the structure is a first-class operation in every respect,” notes McQuillan. “In addition, because the building was built with insurance proceeds and liberty bond financing, rents are at a significant discount to rates in comparable buildings elsewhere in New York City.”
In other words, 7 World Trade Center is not only a groundbreaking, unique structure from a design and construction standpoint, but also, the competitive rents render it a desirable location for a wide variety of tenants.
With the redevelopment of the World Trade Center site inevitably comes the revitalization of downtown Manhattan. After the shocking blow it withstood 5 years ago, the market has slowly yet surely been recovering, and this project will revive its vibrancy and reinvent the community.
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