Real Estate Forum - September 2011

Devastating though the 9/11 attacks on the World Trade Center were for Lower Manhattan (see “Game Changers,” page 67), the
story didn’t end there. “It’s hard to remember that 10 years ago, many
were convinced that Lower Manhattan was finished as a business
district,” Larry Silverstein, president and CEO of Silverstein Proper-
ties Inc., recalled in a GlobeSt.com article commemorating the 10th
anniversary of 9/11. “I can tell you that I never wavered on Downtown.
I’ve been in the business for 50 years and long ago learned to never
bet against New York.”
This year’s anniversary ceremony took place against the backdrop
of new construction—not only at the WTC site, but also across Lower
Manhattan. The Port Authority of New York and New Jersey had built
1 World Trade Center up to 82 of its eventual 104 stories as of the
ceremony, while across the site, SPI’s 2.3-million-square-foot 4 World
Trade Center is also well under way. Although the construction time-
table for SPI’s 2 and 3 World Trade towers is less certain at this point,
both are in the cards for completion when market demand warrants.

The WTC site will also be home to the World Trade Center Port Authority Trans-Hudson Transportation Hub, which will eventually link to the Metropolitan Transportation Authority’s Fulton Street Transit Center. Both are under construction.

In the decade since 9/11, Goldman Sachs has moved into a newly built headquarters at 200 West St. Several hotels have opened, including the 58-story W New York Downtown developed by the Moinian Group. Residential construction has proceeded apace; Battery Park City has broken ground on its final two development sites, while Forest City Ratner’s New York by Gehry is now the tallest apartment tower in New York City.

REBUILDING FROM 9/11’S DEVASTATION

“It had long since come to my attention that people of accomplishment rarely sat back and let things happen to them. They went out and happened to things.” – Leonardo DaVinci

;e associates of CNL extend our warmest congratulations to James M. Sene;, Jr., our founder and executive chairman, on being named a Real Estate Forum “Legend & Icon”.

James M. Underhill, Cushman & Wakefield >>>>>>>>>>>>

James M. Underhill succeeded John Santora as Cushman & Wakefield’s chief executive officer of the Americas this past November, after five years as executive vice president and area leader for the Mid-Atlantic and New England regions. In that capacity, Underhill was responsible for offices in Washington, DC; McLean, VA; Bethesda, MD; Baltimore; Philadelphia; and Boston. The service lines he oversaw included agency leasing, tenant representation, investment sales, project finance and property and construction management. Today, Underhill’s bailiwick has been enlarged to C&W’s biggest operating region, spanning 141 owned and alliance offices throughout North and South America. He now leads all of the commercial real estate services firm’s business operations in the Americas, along with driving the firm’s growth and development, overseeing branch and area leaders in the US as well as Canada, Mexico, Argentina, Brazil, Colombia, Ecuador, Peru and Venezuela. Before joining C&W in 2005, Underhill founded the Northeast region for the Staubach Co.

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