Silverstein Properties to Build American Express HQ in NYC

American Express will relocate its global headquarters to a 2 million-square-foot tower at Manhattan’s World Trade Center. Silverstein Properties is leading the development of the property, 2 World Trade Center, which is slated for completion in 2031. American Express will own and fully occupy the 55-story building.

The building represents the final component of the World Trade Center redevelopment in Lower Manhattan, which has unfolded over three decades since the terrorist attacks of Sept. 11, 2001. Silverstein has developed other office towers across the campus including 7 World Trade Center, 4 World Trade Center and 3 World Trade Center, which opened in 2006, 2013 and 2018, respectively.

The building will rise at 200 Greenwich St. on land owned by the Port Authority, secured through a long-term ground lease. Work on the office tower is set to begin in spring 2026. JLL Capital Markets, led by Senior Managing Director Drew Isaacson and Savills Capital Markets, led by Vice Chairman David Heller, acted as advisors to the Port Authority on the ground lease agreement that will enable the development of 2 World Trade Center.

Construction on the tower initially began in 2007 and then stalled in 2012, New York YIMBY reported. The project has been on hold for the last 14 years.

American Express says the tower could house up to 10,000 employees. At full build-out, the property will rise 55 stories. Pursuing LEED certification, the building will feature all-electric energy-saving systems, an acre of outdoor space as well as multiple terraces and gardens. Foster + Partners is the project’s architect.

American Express currently operates its headquarters out of 200 Vesey St., where it has been since 1986. The company will continue using the space over the next five years, until the tower is open to employees.

The high-rise will be close to the World Trade Center PATH station and various subway stations. The 9/11 Memorial pools are less than a half mile away.

Teams behind the transaction

Cushman & Wakefield’s Peyton Horn, vice chairman, Dale Schlather, executive chairman, Lou D’Avanzo, executive vice chairman and Kyle Ernest acted as the exclusive adviser to American Express on the development and ground lease transactions.

Silverstein Properties was represented by Mary Ann Tighe, Ken Meyerson, Evan Haskell and Caroline Merck of CBRE.

Fried Frank’s legal team included Jonathan Mechanic, chairman of the firm’s Real Estate Department, real estate partners Cyril Touchard and Tal Golomb, tax partner Richard Wolfe, real estate special counsel Melissa Brown and real estate associate Elliot Fuchs who advised American Express on the agreement.