WestLB Signs Major Lease at 7 World Trade CenterDec 04, 2008
New York City Mayor Michael R. Bloomberg and Silverstein Properties President & CEO Larry A. Silverstein today announced that WestLB, a leading German financial institution, has signed a 15-year lease for approximately 129,000 square feet of office space on the top three floors of 7 World Trade Center.
WestLB will move its New York headquarters from its current Midtown location at 1211 Avenue of the Americas to floors 50 through 52 of 7 World Trade Center. A portion of the space will be dedicated to a trading area.
“WestLB’s arrival in Lower Manhattan is great news for the area and the latest sign that it continues to be one of the most attractive commercial centers in the world,” said Mayor Bloomberg. “The vision we outlined in 2002 of Lower Manhattan as a place that should be both a global business hub and a 24-7 residential community continues to be realized, and 7 World Trade Center is playing a major role. I applaud WestLB – an asset to New York City for more than 30 years – for its smart business decision and congratulate Silverstein Properties for its continued success with 7 World Trade.”
“We are thrilled to welcome WestLB to the stellar roster of world-class companies at 7 World Trade Center,” said Mr. Silverstein. “Their decision to relocate to Downtown is yet another demonstration of confidence in this area’s future as a dynamic, 21st Century live-work neighborhood.”
“WestLB established itself in New York City in 1975, is deeply committed to New York and proud to be a part of Downtown’s rebirth,” said Connie Kain, Managing Director, WestLB. “In keeping with our leadership position in financing projects that lessen mankind’s carbon footprint on the planet, we chose three floors of this state-of-the-art, LEED Gold building. WestLB also plans to construct an interior office space that will pay great attention to sustainability and energy efficiency.”
The WestLB lease brings 7 World Trade Center to 83 percent occupancy – over 1.42 million square feet leased. Since opening in May 2006, 7 World Trade Center has amassed a diverse roster of high-profile tenants, including Moody’s, Ameriprise Financial, Darby & Darby P.C, the New York Academy of Sciences, and Mansueto Ventures – the publisher of Fast Company and Inc. magazines.
WestLB was represented by Mark S. Weiss, Executive Vice President; Scott J. Klau, Executive Vice President and Robert Eisenberg, Senior Managing Director of Newmark Knight Frank.
Roger A. Silverstein, Senior Vice President of Silverstein Properties, together with Mary Ann Tighe, Chief Executive Officer of the CB Richard Ellis New York Tri-State Region; Stephen B. Siegel, Chairman, Global Brokerage; Howard Fiddle, Vice Chairman; Brad Gerla, Executive Vice President; Adam Foster, Senior Vice President; Jason Pollen, Senior Vice President; Simon Wasserberger, Senior Vice President and Christie Harle, Senior Financial Analyst of CB Richard Ellis handled the negotiation of the lease agreement on behalf of Silverstein Properties.
7 World Trade Center, which contains 42 office floors above a ten-story base, is New York City’s first high-rise office building to be certified by the U.S. Green Building Council’s Leadership in Energy & Environmental Design (LEED) rating system – achieving the gold standard in March 2006. The building’s environmental design features include state-of-the-art ultra-clear exterior glass technology, high-efficiency air filtration, energy and water conservation technologies and 15,000 square feet of open park space to provide a pleasing urban environment for tenants, neighbors and building visitors.
About Silverstein Properties
Silverstein Properties is one of Manhattan’s leading real estate development and investment firms, and has developed, owned and managed more than twenty four million square feet of office, residential and retail space. The firm offers fully integrated real estate services including design, development, leasing, management and operations. The company owns and manages some of the most successful and high-profile properties in New York City. Properties under development include three office towers at the World Trade Center site, a Four Seasons hotel and residential development and Silver Towers, the largest residential rental development in New York.
About WestLB Structured Finance
WestLB develops sophisticated structured solutions through a team of highly experienced investment banking professionals. WestLB has a long-standing presence in the corporate, structured and project financing sectors supporting clients’ needs with capital commitments, advisory services and innovative financing solutions. The bank’s global relationships, coupled with its unique understanding of local economies, industries and cultures, help WestLB bankers consistently deliver high quality advice and service. For more information, please visit www.westlb.com.
WestLB AG is one of Germany´s leading financial services providers and offers the full range of products and services of a universal bank, focusing on lending, structured finance, capital market and private equity products, private banking, asset management, transaction services and real estate finance. WestLB has total assets of €273.1 billion, as of September 30, 2008. For more information, please visit www.westlb.com.
In the United States, certain securities, trading, brokerage and advisory services are provided by WestLB’s wholly owned subsidiary WestLB Securities Inc., a registered broker-dealer and member of the NASD and SIPC.
(NOTE: Third Quarter 2008 Earnings Release as of September 30, 2008, distributed to public on November 27, 2008)