American Express Tower Groundbreaking Scheduled for July
On July 9th, the much-anticipated groundbreaking for the American Express Tower at Two World Trade Center will kick off with a champagne reception in downtown New York. This marks a significant step forward in the long journey to fully restore the 16-acre site that was devastated on 9/11, which has taken nearly 25 years to navigate.
“It’s going to be a big day for New York, and with AmEx involved, it feels like it’s made of platinum and gold,” joked Jessica Lappin, president of the Downtown Alliance.
For Larry Silverstein, the builder behind the AmEx tower, it’s also a moment of celebration. He originally developed the 3, 4, and 7 World Trade Center buildings before they were transferred to the Port Authority and the Durst Organization. The project had faced delays mainly due to difficulty in securing an anchor tenant for the 55-story structure, which could cost around $4 billion.
While AmEx will not occupy the building, it will own the tower through a land lease agreement with the Port Authority. This new structure adds to the growing number of trade center towers that are nearly fully leased, with rents exceeding $200 per square foot.
The design, created by Foster + Partners, features six exposed corner gardens and three large terraces that add visual breaks to the towering glass facade.
Construction beneath the surface has been ongoing for several months. Officials expect the skyscraper’s vertical core to begin rising in August, with structural steel work anticipated to begin in late spring 2027 and reach a plateau by late 2029. The tower is projected to be mostly completed by 2030, with an opening set for 2031.
“We can’t think of a better partner to help complete the World Trade Center campus than American Express, an iconic institution that embodies the strength, resilience, and global importance of this project,” noted Lisa Silverstein, CEO of Silverstein Properties.
Executives from AmEx, government, the landlord Port Authority, and real estate representatives are expected to attend the ceremony on July 9.
Events like this typically attract attention from notable political figures, like governors and mayors.
Interestingly, Mayor Mamdani, who has expressed skepticism towards large businesses, is likely to be present, according to someone familiar with the situation.
In the past, the far-left mayor referred to the project as “a testament to the power of trade unions and the dignity of work.”
