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3 World Trade Center may be capped at seven stories
Photo credit: Larry Silverstein needs to find a major tenant for before construction can top seven stories. (Getty
Developer Larry Silverstein may cut short his plan for the 3 World Trade Center tower if he can't find enough tenants to pre-lease space there, Crain's reported Monday.
If more tenants don't sign on by the end of the year, the building would be capped at an unimpressive seven stories, which will be used for retail space. The tower now stands four stories tall.
At least 10 of the building's planned 80 stories must be pre-leased to other tenants before construction above the seven-story mark can be approved, according to a 2010 agreement between the Port Authority and Silverstein Properties.
UBS was in talks to become the anchor tenant at 3 WTC, but the bank decided in August not to move its staff to the tower from Stamford, Conn.
"We are 100 percent committed and determined to build 3 World Trade Center to the top as quickly as possible," Silverstein said in a statement Monday. "We are currently speaking with a number of potential tenants and remain fully optimistic that we will sign a lease in time to complete the tower ... in 2015
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