World Trade Center leasing boom


SHARE AS WE SPEAK.>>>NOW THIS, PRIVATE ENTERPRISE IS RETURNINGING TO THE WORLD TRADE CENTER HERE IN NEW YORK CITY AND JOINING US NOW IS LARRY SILVERSTEIN. HE IS SILVERSTEIN CEO, AND THE OWNER OF THAT PROPERTY IN LOWER MANHATTAN. AN HONOR TO HAVE YOU WITH US, LARRY.>>THANK YOU, STUART. STUART: IS THAT YOUR GREATEST ACHIEVEMENT? YOU OWNED NEW YORK CITY REAL ESTATE FOR DECADES.>>A LONG TIME. STUART: GETTING THAT REBUILT IS –>>BIGGEST CHALLENGE OF MY LIFE. ONLY TAKEN US 18 YEARS TO THIS POINT. WE HAVE ANOTHER FEW YEARS TO GO BEFORE WE FINISHED. STUART: BUT AT FIRST, WHEN YOU BUILT FIRST REBUILDING OF THE TOWER, YOU COULDN’T GET PRIVATE ENTERPRISE IN, GOVERNMENT OPERATIONS WENT IN BECAUSE OF THE DANGER. WHO DO YOU HAVE IN NOW?>>ACTUALLY, THAT WASN’T THE CASE, FASCINATING. THE FIRST BUILDING TO GO UP WAS THE LAST ONE TO COME ON ON 9/11. 7 WORLD TRADE CENTER. BECAUSE NO LIVES WERE LOST IN THAT BUILDING WE HAD THE OPPORTUNITY TO START THAT BUILDING FIRST AND WE DID. IN OCTOBER 02 WE STARTED CONSTRUCTION OF THE NEW 7 WORLD TRADE CENTER. BY MAY OF ’06 WE FINISHED IT AND THE FIRST TENANTS CAME INTO THE BUILDING WAS MOODY’S, 750,000 SQUARE FEET OF SPACE. ONCE WE SIGNED THE LEASE WITH MOODY’S IT WASN’T DIFFICULT TO LEASE THE BALANCE OF THE BUILDING. SO WE LEASED MILLION 700,000 SQUARE FEET PRETTY RAPIDLY TO PRIVATE ENTERPRISE. GOOD QUALITY TENANTS, FIRST CLASS TENANTS WHO BELIEVED WHAT WE TOLD THEM, THAT WE WOULD REBUILD THE WORLD TRADE CENTER T WOULD BE BETTER, BIGGER, FINER THAN EVER. STUART: THERE WAS NO SERIOUS WORRY ON THE PART OF MOODY’S AND OTHERS GOING BACK INTO THE TRADE CENTER BUILDINGS ABOUT SECURITY?>>NONE. NONE AT ALL. STUART: THEY DIDN’T VOICE –>>THEY DIDN’T VOICE IT BUT DIDN’T EXECUTE THE WAY THEY SIGNED LEASES FOR THE ENTIRE BUILDING, LONG-TERM LEASES AND IT JUST GAVE US A VERY POSITIVE BOOST. STUART: IS IT NOW BACK? CAN YOU SAY DOWNTOWN IS BACK FULLY?>>DOWNTOWN IS BACK ALMOST FULLY. THE REASON I SAY ALMOST FULLY, TWO BUILDINGS ARE LEFT IN THE TRADE CENTER. THERE IS PERFORMING ARTS CENTER THAT RONALD PERELMAN FUNDED FOR US. THAT IS 400 MILLION-DOLLAR PROJECT WHICH BY 202 WILL BE OPERATIONAL AND IT WILL BE A PERFORMING ARTS CENTER WITH COMPLETELY NEW VENUE FOR LOWER MANHATTAN THAT PART OF THE CITY, FOR ANY KIND OF PERFORMANCES THAT YOU CAN REQUEST. ADDITIONALLY THE LAST OFFICE BUILDING TO GO UP IN THE TRADE CENTER WILL BE 2 WORLD TRADE CENTER. AS SOON AS WE FIND OCCUPANTS OF THAT, WE’LL START THAT. I WOULD SAY BY 2022 WE SHOULD BE FINISHED. STUART: YOU KNOW YOU HAVE A REPUTATION, DON’T YOU?>>I HOPE A GOOD ONE? STUART: YOU HAVE A REPUTATION FOR BEING ONE OF THE MOST FEROCIOUS NEGOTIATORS. YOU NEVER BACK OFF, YOU NEVER BACK DOWN, YOU ALWAYS GET WHAT YOU WANT?>>WELL, THAT — STUART: TAKE THAT.>>THAT SOUNDS LIKE AN UNDERSERVED — STUART: [LAUGHTER]. JUST, SO I’M TOLD, LARRY. THAT IS WHAT THEY TELL ME.>>OH, OKAY. STUART: BEARING IN MIND — NO, I KNOW YOU’RE TRYING TO GET OUT OF THIS.>>IT IS OKAY. STUART: WE WILL NOT NEGOTIATE IN THE INTERVIEW. I INSIST ON ASKING WHAT ADVICE YOU WOULD GIVE TO YOUR FELLOW NEW YORK REAL ESTATE DEVELOPER, CURRENT PRESIDENT OF THE UNITED STATES, HOW TO NEGOTIATE, DONALD TRUMP?>>I THINK HE WROTE THE BOOK ON NEGOTIATION. SO I WOULD LEAVE IT TO HIM TO DECIDE WHAT’S BEST FOR HIM TO DO. STUART: DO YOU LIKE HIM?>>I HAVE KNOWN HIM FOR MANY, MANY YEARS. AND HE IS A FUN PERSON, AN INTERESTING PERSON. HE IS WORKING, HE IS WORKING ASSIDUOUSLY TO DO WHAT HE THINKS IS RIGHT AND TO ACCOMPLISH HIS GOALS. STUART: DO YOU THINK HE IS RIGHT? DO YOU THINK HIS GOALS ARE RIGHT?>>WE’LL FIND OUT. I THINK THAT WILL BE ASCERTAINABLE IN THE NEXT TWO YEARS AS TO WHETHER OR NOT AMERICA FEELS THAT HE IS RIGHT OR NOT. STUART: BUT WHAT DO YOU FEEL?>>I LOOK TO THE PUBLIC TO SEE WHAT THEY HAVE TO SAY. STUART: YOU ARE DETERMINED NOT TO — YOU REALLY DON’T WANT TO ADDRESS DONALD TRUMP, DO YOU?>>I WISH HIM THE BEST OF LUCK. STUART: HE MIGHT CALL YOU AFTER THIS, YOU KNOW?>>HE MIGHT. WE CERTAINLY KNOW EACH OTHER LONG ENOUGH. STUART: I HAVE TO ASK, OBVIOUSLY QUESTION. DO YOU APPROVE OF HIS PRESIDENCY AND HIS CONDUCT OF THE PRESIDENCY?>>YOU KNOW, THERE ARE SO MANY ASPECTS TO THE PRESIDENCY OF THE UNITED STATES. THE, THERE ARE, THERE ARE SO MANY PRESSURES ON HIM. THERE ARE SO MANY OPPOSING ISSUES. THERE IS, THERE IS, THERE IS SO MANY CONSIDERATIONS THAT HE HAS GOT TO TAKE ACCOUNT OF AND LOOK AT VERY SERIOUSLY. SO IS IT AN EASY JOB? NO IT IS NOT. IS IT DIFFICULT? YES, IT IS. AND I THINK WITH TIME THE AMERICAN PEOPLE WILL MAKE A DECISION AS TO WHETHER OR NOT HE HAS DONE THE JOB, THAT THEY APPROVE OF. STUART: LARRY SILVERSTEIN, THAT WAS ABSOLUTELY BRILLIANT, DIPLOMATIC ANSWER WHICH WAS NO ANSWER AT ALL BUT IT WAS REALLY VERY GOOD AND WELL-CONSTRUCTED THERE I WOULD SAY. [LAUGHTER]. LARRY SILVERSTEIN. IT WAS FUN. YOU HAVE TO ADMIT IT WAS FUN. YOU’RE LAUGHING, RIGHT?

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