The anticipated completion of the World Trade Center complex in Lower Manhattan reached a major milestone Thursday as developers rebuild the area destroyed nearly 25 years ago in the Sept. 11 terrorist attacks.
American Express broke ground on 2 World Trade Center, the final office tower in the 16-acre redevelopment. The financial services giant will own and occupy the entire 55-story building under a long-term ground lease with the Port Authority of New York and New Jersey, making it both the tower's sole owner and tenant.
The skyscraper at 200 Greenwich St. is set to rise 55 stories and 1,226 feet, encompassing nearly 2 million square feet of office space. It will become the second-tallest building at the World Trade Center, behind the 1,776-foot One World Trade Center, the tallest building in the Western Hemisphere.
“It’s a historic milestone, not only for American Express, but for Lower Manhattan and the future of one of the world's most iconic neighborhoods,” Denise Pickett, American Express president of enterprise shared services, said at the event.
The project reflects a broader flight-to-quality trend as well-capitalized tenants gravitate toward newly built trophy towers.
It also underscores a growing preference among major companies to control or own the buildings that house their headquarters. In another example, JPMorgan Chase opened its new global headquarters at 270 Park Ave. last year.
Rooted in Lower Manhattan
Founded in 1850, American Express has operated in Lower Manhattan for more than 175 years. The company plans to relocate from its longtime headquarters at nearby 200 Vesey St. to the new tower, which can accommodate up to 10,000 employees.
One of the building’s signature features will be more than an acre of outdoor space, including terraces and gardens overlooking the city skyline.
The project is being developed by Silverstein Properties, the firm that led much of Lower Manhattan’s rebuilding after 9/11. Designed by Foster + Partners, the tower will rise just north of the Oculus transportation hub and shopping center.
The American Express lease completes what Silverstein founder Larry Silverstein has long called the final piece of the World Trade Center complex. To be sure, 5 World Trade Center, a mixed-use residential tower planned on the southern edge of the campus, remains in development, making 2 World Trade Center the last office tower envisioned for the site.
Silverstein Properties previously developed 7 World Trade Center, 3 World Trade Center and 4 World Trade Center, while One World Trade Center was developed by the Port Authority and The Durst Organization.
A ‘25-year marathon’
The groundbreaking marked the end of “a nearly 25-year marathon to complete the World Trade Center,” Lisa Silverstein, the company’s CEO and Larry Silverstein’s daughter, said at the ceremony.
Silverstein Properties spent years courting prospective tenants, including several years in negotiations with American Express before finalizing the agreement, Dara McQuillan, the firm’s chief marketing and communications officer, told CoStar News.
“At the end of the day, there aren't a lot of companies in New York City that require an entire office building just for themselves,” McQuillan said. “The fact that they are a longtime Lower Manhattan company with deep roots in the city and wanted to stay here in this neighborhood [made] a natural fit.”
Rupert Murdoch’s News Corp. and Fox Corp., as well as Citigroup, were among the companies previously linked to discussions about the project.
The fully electric building will be constructed on Port Authority-owned land under a long-term ground lease. American Express, which will own and occupy the tower, is expected to move in by 2031.
New York Mayor Zohran Mamdani joined hundreds of attendees Thursday under a tent at the construction site. His appearance drew attention because he has made relatively few appearances at major commercial real estate groundbreakings since taking office.
The event also came amid concerns from corporate leaders, including JPMorgan CEO Jamie Dimon, that high taxes and rising costs could erode New York's competitiveness.
"We want to retain more businesses here, and we need to attract new businesses to our city," New York City Council Speaker Julie Menin said in an interview at the event. "That's something we're very focused on."