Real Estate

Zuccotti presses for 3 WTC development

Brookfield Office Properties co-chairman John Zuccotti wants to see 3 World Trade Center built soon, even though it would create more competition for his own Brookfield Place complex.

While taking no position on the prolonged Port Authority-Larry Silverstein negotiation over financing the project, Zuccotti told us: “I certainly support long-term development of the World Trade Center site.”

Zuccotti, one of the city’s most respected real estate executives for more than 40 years, continued: “And, having 3 World Trade Center built takes a major step forward to generate the critical mass of street level retail and streetscape to continue to make the [whole] project successful.

“I know that 3 World Trade doesn’t finish it, but it’s a major step forward and a necessary step.”

Zuccotti also said he welcomes the competition that a fully built-out World Trade Center would mean for Brookfield Place, the former World Financial Center, where more than 1 million square feet remain available despite a recent giant lease-signing with Time Inc.

He likened the situation to the one in the far West 30s, where Brookfield’s Manhattan West is battling Related Cos.’ larger Hudson Yards complex for tenants. Hudson Yards has a head start with two towers under construction for users, including Coach Inc. and Time Warner.

“While we and [Related chief] Stephen Ross are competitors on the West Side, the success of each enhances the value of the other,” Zuccotti said. “It’s the same thing between us and Larry.”

Zuccotti offered no specific timetable or financing strategy for 3 World Trade Center. His remarks were necessarily guarded.

Publicly traded Brookfield has business with the PA. Also, it’s competing for tenants downtown not only with Silverstein but also with the PA and the Durst Organization, which own 1 World Trade Center.

Yet Zuccotti didn’t have to say anything at all. His perspective is strikingly different from those of certain developers who are trying to undercut Silverstein.

Perhaps it’s because Brookfield Place, where a $250 million redesign is ongoing, has enough work to do filling offices and a new retail portion without having an unfinished Ground Zero construction site indefinitely on its doorstep.

But just as likely, it’s because Zuccotti, who’s seen it all, knows that development needn’t be a zero-sum game — and that what’s good for one project can be just as good for one next door.