Silverstein May Swap In German Bank West LB for HSBC at 7 World Trade Center

Although the credit crisis has definitely taken its toll on local green building projects in a variety of ways, the Post ‘s Steve Cuozzo reported today that Larry Silverstein may be close to landing a tenant who will at least partially replace the space that HSBC was slated to occupy at LEED Gold-certified 7 World Trade Center . HSBC’s potential move to five floors at the green tower was heralded, but a deal to sell its Midtown headquarters at 452 Fifth Avenue (at West 40th Street) fell apart several weeks ago after bidders came up $180 million short of the bank’s $600 million asking price. Accordingly, HSBC very quietly pulled out of its agreement to move downtown to Manhattan’s first LEED-certified commercial office building.

Now, the German bank West LB is “in ‘real’ discussions” with Mr. Silverstein for space across three floors, according to Cuozzo, and although the sides have yet to agree upon a term sheet, documents have been traded back and forth. If Silverstein does finalize the deal, it would leave seven floors at the top of the tower available; asking rents for the remaining space, at least over the summer and before the credit crunch, were between $75 and $85 per square foot.

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