World Trade Center Rebuild Nears Completion with Groundbreaking of 2WTC
Larry Silverstein's 25-year quest to rebuild the World Trade Center has finally reached its last phase, with the groundbreaking of 2 World Trade Center in July. This 55-story tower at 200 Greenwich Street will become American Express's new global headquarters when it opens in 2031.
The project was delayed by numerous obstacles, including a five-year insurance battle after Silverstein bought the lease on the Twin Towers for $3.2 billion in 2001. Additionally, bureaucratic hurdles involving 19 government agencies with oversight of the site further complicated the process.
The turning point came when American Express agreed to serve as anchor tenant for the entire building, giving Silverstein the guarantee it needed to secure financing. The excavation and foundation work for 2WTC was finished in 2013, tied to construction of the Oculus transit hub.