BY STEPHEN KLEEGE

The 1 World Trade Center tower, which seems to spring into view from every vantage point these days, symbolizes different things to different people. To commercial landlords and brokers, it represents both a flagship for the Downtown area and a potential surge in competition. For those with a direct stake, it means the recovery from the terrorist attack is finally reaching the finish line.

“The sense of momentum and progress, which was not universal for years, is now palpable,” said Janno Lieber, who oversees design and construction at the site for Silverstein Properties, the landlord of the two towers that were destroyed 11 years ago.

Passersby can now see three of the four planned office buildings rising from the site, and about 5 million people have visited the 9/11 Memorial since it opened at the complex on the anniversary of the attacks last year, he said.

Silverstein owns 7 World Trade Center, which was the first building to open on the site of the attacks, as well as three of the four towers in progress. Silverstein’s 4 World Trade Center, which topped out at about 1,000 feet, will be open in a year, and the other two are expected to be complete by 2017, Mr. Lieber said.

To read full story, ,click here.

BY STEPHEN KLEEGE

Silverstein Properties this month leased a 50,000-square-foot block of space at 120 Broadway to Beyer Blinder Belle Architects & Planners LLP, taking advantage of the incipient migration of a new breed of tenant into the Financial East area.

The prewar buildings that predominate in the submarket, which includes the financial landmarks along Broad and Wall Streets, have long since ceased attracting the biggest banks, law firms and insurers. Still, while vacancies in the submarket remain at almost 14 percent, local landlords and brokers say the flow of nontraditional tenants into the area is beginning to gain momentum.

The submarket “has and will continue to benefit from Midtown South tenants not wanting to pay increases in rents,” said Cassidy Turley Vice President Stephen Bellwood, referring to the technology, new-media and creative companies that have filled up the funky office market to the north. “As these companies grow, they’re growing out of mid-block buildings” and are being attracted by rents that are “10 to 15 percent less that what they’re finding in Midtown South.”

To read full story, ,click here.

BY STEPHEN KLEEGE

An improved transportation hub at South Ferry and the overhaul of Battery Park have yet to translate into gains for the Financial West office market.

The area west of Broadway and South Street and south of Albany and Liberty Streets had the lowest average rent and highest vacancy rate among downtown submarkets in the third quarter, according to Cushman & Wakefield.

Capital improvements in the area have included a $530 million Metropolitan Transportation Authority project that linked the South Ferry and Whitehall Street subway stations. The station has been open since 2009, as work continues on transportation hubs at Fulton Street and the World Trade Center.

To read full story, ,click here.

BY STEPHEN KLEEGE

A city proposal to sell three lower Manhattan buildings, potentially converting 750,000 square feet of outmoded office space into luxury housing or hotels, has run into objections from community representatives in the City Hall area, who argue that the plan should have included provisions for a school, community center or affordable housing.

The City Council’s subcommittee on planning, dispositions and concessions plans a hearing next week on the disposal of the properties at 22 Reade Street and 49-51 Chambers Street. Disposition of the third building in the package, at 346 Broadway, was approved in 1998. Mayor Michael Bloomberg announced the sale in January as part of a drive to make the city more efficient by consolidating its office spaces.

The properties are located in the City Hall submarket, which consists 51 office buildings with an overall vacancy rate of 2.3 percent, the lowest in Manhattan, according to third-quarter data from Cushman & Wakefield. People familiar with the three buildings estimated they could bring in anywhere from $187.5 million to $600 million. Currently, 49-51 Chambers Street and 346 Broadway contain offices for the Board of Corrections, the New York Police Department, the Department of Education and Manhattan Community Board One, while 22 Reade Street is home to the NYC Department of City Planning. The plan is expected to save the city $85 million in capital costs and provide additional net annual benefits of $4.6 million.

To read full story, ,click here.

BY MICHAEL EWING

Since emerging in the early 20th century, the Insurance District has taken over the northern streets of the Financial District. The district spans from Broadway to William Street and from Pine Street to Park Row, with John and Fulton streets forming the heart of the district.

The New York Life Insurance Company, among the largest insurance companies today, was founded in 1845 and opened its first headquarters at 112-114 Broadway, becoming one of the first insurance companies in the area. Hundreds of firms moved to the area and took spaces in historic buildings like the Home Royal Insurance Building, 110 Fulton Street, Home Insurance Plaza and the National Board of Fire Underwriters Building.

The Insurance District, of course, has changed over time, and the New York Life Insurance Company relocated to a building on Madison Avenue. AIG’s recent financial collapse forced it to sell its building in 2009 and lose its foothold in the neighborhood.

To read full story, ,click here.