Confirming earlier published reports, American Express said Wednesday it will relocate its global headquarters to 2 World Trade Center in Lower Manhattan. American Express will be the sole owner and occupant of the nearly two-million-square-foot building, which will be developed by Silverstein Properties.
Located at 200 Greenwich St., the 55-story tower will be developed on land owned by the Port Authority of New York and New Jersey under a long-term ground lease. Construction is expected to begin this spring, with completion expected in 2031. AmEx will occupy its current headquarters at nearby 200 Vesey St. until 2 WTC is completed
“This is an investment in our company’s future, our colleagues and the Lower Manhattan community, reaffirming our deep commitment to the neighborhood we’ve called home for nearly two centuries,” said Stephen J. Squeri, chairman and CEO of American Express.
At Silverstein Properties, CEO Lisa Silverstein said, “American Express’ investment to build its new headquarters in this landmark location is a powerful statement about the future of Lower Manhattan. I can’t imagine a better partner to complete the World Trade Center campus than American Express, an iconic institution embodying the strength, resilience, and global significance of the project.”
The project is expected to create more than 3,200 direct and indirect construction jobs. New York Building Congress president and CEO Carlo A. Scissura said, “As the final piece of the World Trade Center site comes together, New York sees yet another global financial powerhouse – just like JPMorgan Chase last year – embrace the Big Apple as its home base.”
Fried Frank is advising American Express on its agreement with Silverstein Properties and the Port Authority. The Fried Frank team was led by chairman of Fried Frank’s real estate department Jonathan Mechanic, real estate partners Cyril Touchard and Tal Golomb, tax partner Richard Wolfe, real estate special counsel Melissa Brown and real estate associate Elliot Fuchs.
Rendering courtesy of Foster + Partners.
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