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Brookfield/Silverstein Team to Develop Fifth World Trade Tower

A partnership led by Brookfield Properties and Silverstein Properties will launch exclusive negotiations for the development of a mixed-use tower on the World Trade Center campus. The boards of the Port Authority of New York and New Jersey and the Lower Manhattan Development Corporation selected the Brookfield/Silverstein partnership to build on one of the campus’ last undeveloped parcels.

The proposal for the 1.56-million-square-foot tower on WTC Site 5 entails 1,325 rental apartments, including 330 affordable units. The tower would rise on the site of the former Deutsche Bank building at 130 Liberty St. and would also include approximately 190,000 square feet of office space.

“Silverstein Properties has been intimately involved in the redevelopment of the World Trade Center since 9/11,” said chairman Larry Silverstein. “It has been a long, challenging, but deeply fulfilling journey.”

Negotiations for a 99-year lease on Site 5 are expected to be concluded within six months.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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