As GlobeSt.com previously reported, utilizing the many financial incentives available to the company if they choose to locate in the World Trade Center site or another site Downtown--including a Pilot deal that reduces real estate taxes, low cost power, and waiver of sales tax on the building, and the entire tenant fit-out--will save Merrill Lynch $600 million.
The financial firm's lease in its downtown Manhattan office will expire in 2013 and although preliminary, according to an unidentified source, Merrill is said to be considering one of three buildings being developed by Larry Silverstein, which the source says is Tower 3. Also known as 175 Greenwich St. and designed by Richard Rogers Partnership, it will be located at the center of the buildings around the WTC Memorial site. The building is around 2.5 million sf, a source tells GlobeSt.com.
The Port Authority of New York and New Jersey, the agency that owns the site, is expected to discuss the matter at 1:30 p.m. on Thursday as far as whether or not to award Silverstein with a six-month extension on the deadline to complete the tower, the unidentified source tells GlobeSt.com. Port Authority would not return GlobeSt.com queries by deadline. Merrill Lynch tells GlobeSt.com that they have no comment at this time.
Another unidentified source, tells GlobeSt.com that as was reported when Silverstein and the Port Authority concluded their lease renegotiation in 2006, "Silverstein forfeits the towers he is building on the site if he misses his deadlines for completion. The extension gives Silverstein the time he needs to compete for a very large tenant without sacrificing six months of cushion on his deadline."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
