When the World Trade Center opened in the 1970s, the city and national economies were not doing well. Throwing all that square footage of office space onto the lower Manhattan market seemed to make little sense, and for some years the center was occupied mainly by government offices. In the booms of the 1980s and 1990s that changed, and by the time of the terrible events of September 11, 2001, the World Trade Center was truly one of the trophy properties of New York.
So too is the World Financial Center, on the other side of West Street. Built in the 1980s as the office building component of the mixed-use Battery Park City development along the Hudson River waterfront, the distinctive towers of the World Financial Center are connected to one another by a vast and beautiful public atrium called the Winter Garden.
The Winter Garden was destroyed on September 11, but was rebuilt and reopened in exactly one year, an event that filled New Yorkers with pride and confidence. The World Financial Center, with such tenants as Merrill Lynch, American Express, Dow Jones Oppenheim, and the New York Mercantile Exchange, is as thriving as ever.
The World Trade Center site remains undeveloped. This should not be surprising given the complexity of the ownership and management relationships and the intense public interest in the rebuilding project. At the moment, four gleaming towers are planned. The Freedom Tower will be the tallest, designed by Skidmore, Owings & Merrill and Daniel Libeskind. Architects of the other towers will be Norman Foster, Richard Rogers, and Fumihiko Maki. A memorial by Michael Arad and Peter Walker, and a dramatic station for the PATH subway, by Santiago Calatrava, round out the structures proposed for the site. These designers are a who’s who of important international architects.
On the other side of Vesey Street, developer Larry Silverstein has already rebuilt Seven World Trade Center, by Skidmore, Owings & Merrill, and it's proving a huge success. Nearby, a new headquarters for Goldman Sachs, by Pei Cobb Freed, is going up.
In other words, even as we await the redevelopment of the World Trade Center site, the district has come roaring back, and is home to several of the finest Class A office properties in the city. Class B and Class C properties can also be found nearby, for example to the south on Greenwich Street, Trinity Place, and West Street.
Transportation remains excellent, with Chambers Street a hub for the 1, 2, 3, A, C, and E lines. The R train at Rector Street is also nearby. The PATH trains from New Jersey come right into the area, which is also convenient to the Staten Island Ferry.
The World Trade Center/World Financial Center District and Tribeca have virtually melted into each other, with all of Tribeca's restaurant, shopping, and arts offerings right at hand. The famous annual Tribeca Film Festival takes place partly in Battery Park City.
Seldom do office properties come with amenities such as Battery Park City with its magnificent waterfront esplanade and parks, the perfect places to eat lunch, take a rejuvenating stroll, or meet friends after work.
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