American Express To Move Global HQ Into Final World Trade Center Tower

It's official: American Express is moving its global headquarters to 2 World Trade Center. But, unlike the other corporate titans that have moved into the rebuilt complex since the 9/11 terrorist attacks, it is taking ownership of its new skyscraper.

The credit card giant announced Wednesday that it will be the “sole owner and occupant” of 2 World Trade Center, a nearly 2M SF tower at 200 Greenwich St. Construction is expected to start in the spring, with completion estimated for 2031.

“Our new headquarters will be more than just a building — it will be a place for our colleagues to feel energized, inspired, and proud — a home for innovation, interaction, and growth,” American Express CEO Stephen Squeri said in a statement.

The tower is being developed by Silverstein Properties, which has handled the redevelopment of the majority of the complex, delivering trophy buildings at 7, 3 and 4 World Trade Center after the Durst Organization developed 1 World Trade Center, the Western Hemisphere's tallest building.

The Port Authority of New York and New Jersey owns the World Trade Center complex, which Silverstein Properties leased for $3.2B six weeks before it was destroyed. Silverstein transferred its lease for the 2 WTC to American Express, a spokesperson for the development firm told Bisnow on Wednesday. Terms of the deal and estimated cost of construction weren't disclosed.

American Express has been headquartered a few blocks away at 200 Vesey St. since 1986. It plans to stay there until 2 World Trade Center is complete.

The new 55-story supertall was designed by Norman Foster of Foster + Partners and will rise 1,226 feet, making it the second-tallest building in Lower Manhattan, eclipsing the 1,079-foot-tall 3 WTC, which Silverstein delivered in 2018. 

When that building was complete, it left one remaining office site to be developed: 2 WTC. Silverstein founder Larry Silverstein has for years touted a deal as in the works, and his family firm — now led by his daughter — has finally sealed it.

“I can’t imagine a better partner to complete the World Trade Center campus than American Express, an iconic institution embodying the strength, resilience, and global significance of the project,” Silverstein Properties CEO Lisa Silverstein said in a statement.

The tower's design has evolved over the years. Silverstein initially tapped Bjarke Ingels Group in 2015 to design a staircase-like tower when News Corp. was considering signing an anchor lease. After Rupert Murdoch's company decided to stay in Midtown, the developer switched architects and hired Foster.

Foster's previous plan for 2 WTC called for an 80-story, 1,348-foot tower, but that was pared back last year, New York YIMBY reported.

A Cushman & Wakefield team including Peyton Horn, Dale Schlather, Lou D'Avanzo and Kyle Ernest advised American Express on the development and ground lease transactions. A JLL team led by Drew Isaacson and a Savills team led by David Heller represented the Port Authority on the lease transfer.

The tower is expected to generate roughly 3,200 construction jobs and $5.9B in economic activity for the city, according to the press release. Up to 10,000 workers will fill the tower, which will have more than an acre of green space across several landscaped terraces.

American Express has been circling 2 WTC since at least 2024, when the company was rumored to be "weeks away" from signing a lease. While the deal took far longer than expected, it means that yet another massive new office tower will be rising in Manhattan in the coming years.

Following the most active year of office leasing in the city in a decade, there is now a shortage of large blocks of available space, which has prompted several developers to kick-start construction on new buildings. BXP and Related Cos. each broke ground last year on trophy towers near Grand Central and in Hudson Yards, respectively. 

This year, Vornado, Rudin and billionaire Ken Griffin expect to break ground in April on 350 Park Ave., a $6B office tower to be anchored by Griffin's hedge fund, Citadel, and RXR and TF Cornerstone hope to kick off construction on a 2.9M SF office tower at 175 Park Ave. in June.

But unlike those towers, which will be owned by their developers and leased by their corporate occupants, Amex will have control of its real estate under a ground lease with the Port Authority, a deal structure that echoes JPMorgan Chase's decision to construct its massive new headquarters at 270 Park Ave. in Midtown. 

That tower, also designed by Foster, cost $4B to build and opened last year to great fanfare. The bank has since doubled down on the area, snapping up buildings to create a corporate campus near Grand Central.

“The evidence keeps building: there is no better state than New York to do business, and from flagship corporations to small businesses, we are seeing employers plant their flag in our state for generations to come,” Gov. Kathy Hochul said in a statement Wednesday. “Thank you to American Express for doubling down on your commitment to New York and to partners at the Port Authority for getting this deal done.”

The 2 WTC site is one of two pieces of the World Trade Center complex that have yet to be rebuilt nearly 25 years after it was destroyed in terrorist attacks. Silverstein is partnering with Omni New York, Dabar Development and Brookfield on a 1,200-unit residential tower at 5 World Trade Center at the southern end of the complex on the site of the former Deutsche Bank building.