About Silverstein Properties

Background

Silverstein Properties, Inc. (SPI) is one of the most active and respected real estate development and investment firms nationwide. SPI has developed, owned and managed more than 35 million square feet of commercial, residential and retail space in the Northeast and Mid-Atlantic, Michigan and Florida. Founded in 1957, SPI offers fully integrated real estate services. The firm specializes in complex and mixed-use properties that incorporate transportation, retail and public spaces.

Currently, SPI has $10 billion worth of development activities in the pipeline, including rebuilding the commercial office space at the World Trade Center, one of the largest public-private developments ever undertaken; a Four Seasons Hotel and Residences in Downtown Manhattan; and Silver Towers, the largest residential rental development in New York.

Led by President and CEO Larry Silverstein, the company includes more than 175 professionals from every discipline in the real estate industry.  For the second year in a row, SPI was recognized as one of the "2009 Best Places to Work in New York City" by Crain's New York Business.

Throughout SPI's history, it has developed, acquired and renovated some of New York City's and the United State's most successful and high-profile properties, including the Americas Tower at 1177 Avenue of the Americas; The Times Square Embassy Suites; the Ronald Reagan Building; Teleport, the world's first satellite communication center; and most notably, the World Trade Center.

A Major Factor in the Revitalization of Downtown New York

In July 2001, SPI completed the largest real estate transaction in New York history by acquiring the 10 million-square-foot World Trade Center. Six weeks later, terrorists attacked most of the World Trade Center complex, including the Twin Towers, on September 11, 2001.

Since 9/11, the company has remained passionately committed to the redevelopment of the World Trade Center site. In May 2006, SPI opened 7 World Trade Center, a 52-story, 1.7 million square foot office tower, at 250 Greenwich Street, just north of the World Trade Center site. The building - which replaced a 2 million-square-feet tower that was the last building to go down on 9/11 - is New York City's first green commercial office building, certified at the Gold level by the U.S. Green Building Council's LEED rating system. 7 World Trade Center is over 90% occupied and leased to a diverse group of tenants including: Moody's Corporation; the intellectual property law firm Darby & Darby PC; Mansueto Ventures (publisher of Fast Company and Inc. magazines);  New York Academy of Sciences; NCR; German investment bank WestLB; and others.

In September 2006, designs were unveiled for three new office towers on the World Trade Center site - 150, 175 and 200 Greenwich Street - that will be developed by Silverstein Properties. Construction on the towers began in early 2008.  Each of the three buildings was designed by a Pritzker-prize winning architect:  Norman Foster and Richard Rogers of the U.K. and Fumihiko Maki of Japan. Each design will set new standards in life safety, sustainability and technology.

Silverstein Properties has also partnered with Four Seasons Hotels and Resorts - the world leader in luxury hospitality and service - to develop the city's second Four Seasons. Downtown's first five-star hotel, the Four Seasons Hotel Downtown and Private Residences at 30 Park Place is designed by yet another world-renowned architect Robert A.M. Stern. The Four Seasons project will work in tandem with the revitalization of the World Trade Center. Together they promise a brighter, more vibrant future for Downtown New York through a dynamic mix of superior commercial and residential spaces, comprehensive transit links, and a range of cultural and retail destinations.

"Larry Silverstein is a tireless advocate for Lower Manhattan and a major factor in Downtown's incredible revitalization. He helped jump-start redevelopment in Lower Manhattan by rebuilding 7 World Trade Center in near record time, and the wide range of tenants this architecturally significant building has attracted only adds to Downtown's robust and diversifying economy. Larry's on-going development of the World Trade Center site and his exciting new Four Seasons project are reasons why Lower Manhattan's dynamic live/work community is a global model for urban centers of the 21st century." - Elizabeth Berger, President, Alliance for Downtown New York