AMEX to return to World Financial Center

Real Estate Weekly, Dec 12, 2001 by Parke Chapman

American Express recently will return to their headquarters at the World Financial Center after demanding that the city beef up security around the building.

Mayor Rudolph Giuliani, when faced with the demands initially, called them "unrealistic."

In the end, however, the city agreed to meet Amex's demands halfway. It remains unclear what new security measures will be taken, though K-9 patrols and mounted police units will reportedly be brought into the area.

The firm's headquarters in 3 World Financial Center housed 5,000 employees prior to Sept. 11. The company also leased space in 7 World Trade Center, which was destroyed.

"We've had assurances from both the city and state that all of our security demands will be met. Now everything is in place and we're ready to move back to the World Financial Center," said Judy Tenzer, a spokeswoman for American Express.

Amex's demands could become status quo as firms consider moving back into lower Manhattan. "If they do it for American Express, they will have to do it for the next guy," said Peter Pattison, a real estate consultant.

Many firms are waiting for an incentives package to take shape before they commit to a downtown lease. But it could be months before any package is finalized, so many of these firms have already signed leases elsewhere.