Silverstein Starts the Campus's Last Commercial Tower
Silverstein Properties held the groundbreaking July 9, 2026 for 2 World Trade Center. The office of Gov. Kathy Hochul announced the date. The developer holds the lead role on the last commercial office tower at the World Trade Center campus. Completion closes the commercial buildout of the 16-acre site.
The site sits at 200 Greenwich Street. The Port Authority of New York and New Jersey owns the land under a long-term ground lease. Silverstein Properties develops the tower. Turner Construction builds it. Foster + Partners designed it.
The commitment carries a defined scale. The tower reaches 55 stories and 1,226 feet. It measures nearly 2 million square feet. It holds capacity for up to 10,000 people across flexible workspaces. Turner expects to complete the tower in 2031. Officials did not disclose the total project cost.
The Tenant That Carried the Project
American Express committed to the building before construction started. The company selected Turner in February 2026 to build its new global headquarters at the site. American Express will be the tower's sole tenant. One committed occupant covers the full 2 million square feet.
The Downtown Alliance recorded the deal in its Q1 2026 report as a signing between American Express, Silverstein Properties and the Port Authority.
Denise Pickett, president of enterprise shared services at American Express, said the project reflects the company's commitment to the city. "For American Express, this project is far more than a new headquarters," Pickett said. "It is a reaffirmation of our belief in this city, our commitment to our colleagues, and our enduring connection to the community we have proudly called home for nearly two centuries."
American Express moved into its current headquarters at 200 Vesey Street in 1986 and will remain there until the new tower is completed. The company has held a New York City presence since its founding in 1850.
Published Milestones
February 2026: American Express selected Turner Construction to build the headquarters.
July 9, 2026: Groundbreaking held at 200 Greenwich Street.
2031: Completion target published by Turner and by Silverstein Properties.
Those items sit in the published record. Every later date is a projection.
The Firms Carrying the Project
Silverstein Properties holds the developer role. Turner Construction holds the general contractor role. Foster + Partners holds the design architect role. The Port Authority of New York and New Jersey owns the land under the ground lease.
Build Terms Reported at Groundbreaking
Union labor will complete the shell, the core and the core interior work. The project team will pursue LEED certification. It will install fully electric, energy-efficient systems. Plans include more than an acre of outdoor space across landscaped terraces and gardens.
The developer estimates more than 2,000 union construction jobs and 3,200 total jobs across New York City. It estimates a contribution of approximately $5.9 billion to the city economy and $6.3 billion to the state economy. Those figures are estimates published with the announcement.
The Market the Tower Enters
Hotel demand in the district gives the build its market context. The Downtown Alliance reported Q1 2026 occupancy of 86 percent. That figure set a Q1 record and ran 9 percent above Q1 2025. The district average daily rate for the quarter reached $332, the highest Q1 rate on record.
The district counted 7,928 hotel rooms across 41 hotels open south of Chambers Street in the Q1 2026 inventory. Two hotels holding 346 rooms sit under construction. The total including that pipeline reaches 8,274 rooms across 43 properties.
What the Published Record Omits
The record omits the ground lease term, the total project cost and the date American Express takes occupancy.
Two hotels sit under construction in the district. The Ned Hotel at 123 Greenwich Street carries 174 rooms. The Platt Street Hotel at 7 Platt Street carries 172 rooms. Their opening dates set the next supply step around the site.