Pre 9/11, Cantor was headquartered in 1WTC and Morgan Stanley had a massive office in 2WTC. BofA, Lehman, and KBW also had a presence, though not as large.
The new One World Trade Center only has has a small number of financial institutions period and no banks. I suppose the larger banks tend to focus on having everything under one roof now in NYC, but I'm curious as to why no smaller banks are there considering it is an iconic location. I honestly would have thought that Cantor would be interested for symbolic reasons given their shows of strength right after 9/11. It seems most of the current One World Trade Center tenants are media firms.
Considering how popular Hudson Yards is, I would have thought this would have been too.
For a while, leasing was very slow in general, partially because of pushback from potential tenants put off by the association with 9/11, and partly because leasing there was expensive. However, I believe the building is pretty full now after the government stepped in and provided subsidies that made the space cheaper.
As for banks, think about it. If you're a senior at KBW and you were around back in 9/11, you probably wouldn't want to work in the area where so many of your co-workers and friends perished and be reminded of that day constantly.
Let this forum know what else are you wondering about these days
Because the last time we had banks in the World Trade Center some rude dudes flew planes into it.
If I remember correctly, the leases were way above market. They had a super difficult time bringing in tenants. Also I am not too familar with NYC submarkets, but I think several banks were trying to move away from the financial district as they wanted to be in more happening spots like midtown. As someone above said, govt helped provide incentives to get tenants in the door, but will be interesting to see what happens in the future.
Most seniors live in CT/LI/NJ or the UES/UWS. From all these places it is easier to get to Midtown than FiDi. This is a reason Hudson Yards (by Penn Station) is very popular. FiDi nowadays is mostly support teams/firms priced out of Midtown and more creative firms whose managers live in Brooklyn. GS and C are the only BB remaining in FiDi.
Omnis eos officia dicta laudantium. Qui porro sunt quae ipsum maiores reiciendis omnis dolores. Quam pariatur et sunt distinctio possimus aut. Iusto vitae mollitia praesentium laboriosam aliquid iusto odio. Tempore et minima rerum distinctio accusamus in. Aspernatur doloribus aut odio ut nisi quisquam rerum. Modi eos voluptatem fugit.
Voluptates quisquam cupiditate facilis quod ex. Eum enim molestias id commodi consectetur ipsum. Animi aperiam error veniam eaque eveniet quas.
Minus nemo eum ut suscipit. Itaque vitae delectus ut rerum eos.
Quibusdam velit alias doloremque quod ut soluta facere. Et magni quae incidunt ipsam id. Qui sunt impedit delectus ea.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...