Business11 September, 20262 min read
Construction Begins on 2 World Trade Center, Set for American Express Headquarters by 2031
This article is an automated aggregation of coverage from news outlets. Our editorials offer in-depth analysis curated by the NewsCord team.
Construction has begun on 2 World Trade Center, the final office tower at the site. The tower will be American Express's global headquarters in 2031.
2 WTC Finally Rising
Construction has begun on 2 World Trade Center, the final commercial office tower planned for the 16-acre World Trade Center site, with the 55-storey, 1,226-foot building at 200 Greenwich Street set to become the global headquarters of American Express.
The project is being developed by Silverstein Properties on land owned by the Port Authority of New York and New Jersey, and The Times of India says it will be fully occupied by 2031.
The New York Times frames the broader redevelopment as still incomplete because the still-barren site is where 5 World Trade Center was planned as “the only residential building on the site.”
In the meantime, ABC News’ photo timeline shows how the World Trade Center area has changed over 25 years, including a nighttime view of the Manhattan skyline taken in January 2001 from across the Hudson River in Weehawken, New Jersey, and a later view of One World Trade Center and the Tribute in Light on Sept. 4, 2026.
Money, Tenants, and Delays
The New York Times says Gov. Kathy Hochul announced the 5 World Trade Center project in 2023 and promised “We expect construction to begin next year; this is not three, five years down the road.”
In contrast, The New York Post describes how Larry Silverstein’s 25-year project reached a turning point “only this year, when American Express agreed to serve as anchor tenant for the entire building.”
The New York Post also says Silverstein bought the lease on the Twin Towers for $3.2 billion in 2001 and spent five years fighting more than 20 insurance companies over payouts, a fight that ended after then-Gov. Eliot Spitzer threatened to bar insurers from doing business in New York if they didn’t pay up.
For American Express, Denise Pickett said at the July groundbreaking, “When many questioned what the future would hold, American Express chose to stay.”
Jobs, Economic Impact, and What’s at Risk
The Times of India reports that an independent fiscal analysis by consulting firm AKRF estimates construction will create more than 2,000 union jobs and projects about 3,200 direct and indirect jobs across New York City. The same analysis projects $5.9 billion added to New York City’s economy and $6.3 billion to the wider New York state economy, while also describing energy and environmental features including smart-building systems and fully electric heating and cooling.
La Razón quotes Andrew Breslau, Vice President of Communications and Marketing at the Alliance for Downtown New York, saying, “All the main underground infrastructure is already in place, so within the time it takes for a skyscraper of this type, the tower will rise relatively quickly.” Yet the New York Times underscores that the redevelopment plan for 5 World Trade Center is not moving forward as planned, with Kristin Devoe saying, “While the current plan is no longer moving forward, the governor remains committed to ensuring this site delivers on what was promised.”