NEW YORK (AP) — Construction on the final office building at the World Trade Center complex is set to begin this spring, with American Express serving as the anchor tenant for what will become the company’s new corporate headquarters, Governor Kathy Hochul and the financial services giant announced Wednesday. The milestone comes nearly a quarter-century after the September 11 terrorist attacks devastated the original site.
The planned 2 World Trade Center structure will complete the lengthy and challenging reconstruction of the original 16-acre complex. While a residential tower to replace another building damaged in the 9/11 attacks still lacks a construction timeline, this office building announcement marks significant progress in the symbolic rebirth of ground zero.
Hochul and other state leaders highlighted the development as evidence of New York’s enduring appeal to major corporations, particularly as states like Florida actively court businesses to relocate from the Empire State.
“Building 2 World Trade Center will bring another iconic skyscraper to Lower Manhattan, create thousands of good-paying union jobs and provide billions in economic benefits to New Yorkers,” the Democratic governor stated.
Stephen Squeri, American Express’s chief executive, described the new skyscraper as “an investment in our company’s future, our colleagues and the Lower Manhattan community.” The credit card company has maintained its presence in the area for nearly two centuries, with its existing headquarters located just west of the trade center complex.
The original World Trade Center was destroyed when terrorists affiliated with al-Qaida flew hijacked aircraft into the twin towers on September 11, 2001, as part of coordinated attacks that also targeted the Pentagon and resulted in a crash in Pennsylvania. The attacks claimed nearly 3,000 lives, with the majority of casualties occurring at the trade center.
Reconstruction efforts faced numerous obstacles including engineering challenges, funding difficulties, political disputes, and extensive public discussions about appropriate development plans. Despite these setbacks, the site now features the prominent 1 World Trade Center tower, additional office buildings, the September 11 memorial and museum, a transportation and retail complex, and a cultural performing venue, all situated on property managed by the Port Authority of New York and New Jersey.
The proposed 55-floor building will span approximately two million square feet and rise at the northeast section of the site. Currently, the location houses a temporary low-rise structure decorated with colorful street art and an outdoor drinking establishment.
While American Express refused to disclose construction costs for the tower — which the company will purchase while leasing the land beneath — officials confirmed no tax breaks are involved in the arrangement. Requests for additional financial details were sent to relevant authorities.
Earlier proposals called for a structure reaching 80 stories, with media companies News Corp. and the former Twenty-First Century Fox among those previously considering relocation to the building. Similar to other trade center developments, securing adequate funding and a primary tenant proved challenging over many years. The COVID-19 pandemic further complicated matters in 2020 as office buildings emptied and companies reconsidered their space requirements.
Developer Larry Silverstein consistently maintained confidence the project would move forward despite obstacles.
Lisa Silverstein, chief executive of Silverstein Properties and daughter of the 94-year-old developer, praised American Express as “an iconic institution embodying the strength, resilience, and global significance of the project.”
The financial services company intends to occupy the entire Norman Foster-designed structure, featuring a modern design with glass facades, outdoor terraces, and landscaped areas throughout. The building is designed to house up to 10,000 employees, though American Express declined to compare this capacity to their current facility.
Project completion is anticipated by 2031.
