Outside the Beltway

UN Ponders Temporary Move to New WTC

Robert Garcia Tagorda · Monday, May 9, 2005 · 3 comments

UN Considers Move to New WTC Building (FT)

The United Nations, which is searching for a temporary home for when renovations begin on its Manhattan headquarters in 2007, is considering a move to one of the new buildings on the World Trade Center site, real estate executives say.

The building, 7 World Trade Center, is one of a number of sites round New York that the UN is considering. But word of its interest will be welcome news to Larry Silverstein, the developer, who has yet to find outside tenants for the buildings he has planned for the site.

The lack of tenants has been a big source of concern about the viability of the World Trade Center redevelopment plan. The steel for 7 World Trade Center was topped out last autumn and the building is expected to open to occupants early next year, but so far only Silverstein Properties has said it will move in.

The UN is looking for a seven-year lease much shorter than the standard commercial lease, which poses an obstacle to a deal. But it is seeking at least 700,000 sq ft, which would be accommodated easily in the 1.7m sq ft building.

Interesting. The article ignores the issue of security. Presumably, however, it’ll increase when the new building is up, and perhaps the UN’s lease will bolster it even further.