American Express has announced plans to build a new headquarters in the World Trade Center complex. This is for the 55-story office project, 2 World Trade Center, where the financial services giant will be the lone occupier of the property in a long-term ground lease on land that's owned by the Port Authority.
With Silverstein Properties serving as the developer, the project aims to support as many as 10,000 workers.
The project is set include over an acre of outdoor space, flexible and modern workspaces and smart building technology. Plus, the building will be fully electric, with Foster + Partners serving as the design architect.
This will mark the first headquarters transition for American Express since 1986, when it moved into 200 Vesey Street. It plans to remain at that location until construction is complete for the site at 200 Greenwich Street, which is estimated by 2031. Groundbreaking is set to start this spring.
Once completed, 2 World Trade Center is expected to generate $5.9 billion for New York City and $6.3 billion overall to the state's economy, according to American Express. A combination of more than 3,200 indirect and direct construction-related jobs is anticipated to be created.
The development will span almost two million square feet.
"This is an investment in our company's future, our colleagues, and the Lower Manhattan community, reaffirming our deep commitment to the neighborhood we've called home for nearly two centuries," Stephen J. Squeri, chairman and CEO of American Express, said in a statement.
"Our new headquarters will be more than just a building — it will be a place for our colleagues to feel energized, inspired, and proud — a home for innovation, interaction, and growth. We're excited to work with our partners and local leaders to shape this exciting new era for American Express and Lower Manhattan."
JLL Capital Markets and Savills Capital Markets advised the Port Authority on the ground lease deal. CBRE's Mary Ann Tighe, Ken Meyerson, Evan Haskell and Caroline Merck represented Silverstein Properties.
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