American Express to Establish New Headquarters at Two World Trade Center
In 2011, Condé Nast solidified its lease at One World Trade Center, marking a turning point for downtown New York as it began to heal from the emotional scars of 9/11, which remained long after the physical cleanup.
In a notable development, American Express has announced its plans to relocate to Two World Trade Center. This decision signals a significant psychological boost for the area, especially following 2025, which was marked by the best rental performance in downtown since the pandemic, even surpassing Midtown. Larry Silverstein is set to develop the tower for AmEx, as the company will take over the lease from Pennsylvania and, essentially, own and occupy the space.
Projected to be finished by 2031, this new skyscraper will stand over 1,200 feet, showcasing the vision of renowned architect Norman Foster. An anonymous broker in downtown expressed the prevailing sentiment: “It’s not just a morale booster; it’s an adrenaline shock. Honestly, everyone has been waiting for this for so long.”
For years, the area remained vacant, symbolizing a lingering inability for New York to fully recover from the attacks. The intersection at Church and Fulton streets became a painful reminder within architect Daniel Libeskind’s master site plan.
This incomplete state conjured memories of a fierce battle to replace the original World Trade Center. Public disputes involved politicians, the Port Authority, Silverstein, and competing architects, and the media, particularly the New York Times, often took an adversarial stance towards Silverstein and reconstruction. Strikingly enough, the Times, seemingly quiet after the recent snowstorm, hasn’t mentioned the groundbreaking AmEx deal.
It’s worth noting that Silverstein, against all odds, managed to construct Towers 3 and 4, as well as the nearby Seven World Trade Center. These projects stand as notable achievements in his portfolio. Although he initially launched the “Freedom Tower” project, ultimately passing it to developer Douglas Durst and the State of Pennsylvania, Silverstein never relinquished hope for Tower 2. Now, at 94 years old, his perseverance has paid off after officials indicated it took three years to coordinate between AmEx, Penn State, and Silverstein.
We should recognize the critical role of those involved in this transformation. Particularly, Stephen J. Squerri, who has served as AmEx’s chairman and CEO since 2018, utilized his negotiation expertise to navigate one of the most complicated land-use agreements imaginable.
Cushman & Wakefield played a significant role in advising AmEx during the development and land lease transactions on behalf of Silverstein. Their team consisted of Peyton Horne, Dale Schlazer, Lou Davanzo, and Kyle Earnest. Meanwhile, Silverstein was represented by a CBRE team, including Ken Meyerson, Evan Haskell, Caroline Melk, and Mary Ann Tye, who notably facilitated the earlier deal with Condé Nast 15 years ago.
Jonathan Mechanic, chairman of Fried Frank Real Estate, lent his legal expertise to AmEx. This wasn’t his first encounter with the World Trade Center area; he had previously negotiated with other parties to anchor Silverstein’s project, though those attempts didn’t culminate in an agreement.
However, last week’s announcement somewhat alleviated those past disappointments. “I was very excited to be involved in this landmark transaction to complete the World Trade Center with such a large building as the Norman Foster-designed American Express headquarters,” Mechanic remarked. “I suppose the third time is the charm,” he added with a chuckle.
