The Rebuilding of Ground Zero, Part 33

Merrill Lynch is considering consolidating its office space in Lower Manhattan, and is looking at Tower Three, which is being built by Larry Silverstein. Originally, Silverstein would own the buildings and lease them to tenants, but talks are underway to see about Lynch owning the building.

Merrill Lynch is negotiating a deal to build a 70-story headquarters at ground zero, a plan that would make it the first financial firm to return to the 16-acre former World Trade Center site since the terrorist attack destroyed the complex in 2001.

A major step toward a deal was taken Thursday, when the Port Authority of New York and New Jersey voted to change the construction schedule for the towers at ground zero, enabling the developer Larry A. Silverstein to continue talks with Merrill Lynch about the building.

Officials of the Port Authority, the state and the city are optimistic about a Merrill deal, which the officials and the developer hope will spark other corporations’ interest in moving to the site. But the company is also looking for a sizable government subsidy, officials say, which could prompt some stormy bargaining sessions.

Another investment bank, Goldman Sachs, sidestepped the 16-acre trade center parcel, deciding instead to build a $2.4 billion, 43-story headquarters across West Street at Battery Park City.

Merrill is considering a move to what would be a 3 million square foot skyscraper at the northwest corner of Cortlandt and Church Streets. A tower that size would allow Merrill to consolidate 10,000 employees now at 2 and 4 World Financial Center and 222 Broadway. Merrill would prefer to own the building, rather than lease it from Mr. Silverstein, who would nevertheless build it.

As the Post notes, the Port Authority negotiated tough deals with Silverstein over completion dates, but it's hilarious talking about completion dates when the Port Authority struggled to make its own deadlines for turning over those sites to Silverstein in the first place.

Security at Ground Zero should be improved as 20 frequencies would be set aside for emergency communications at the site. Also, consideration for where an emergency operations center is underway.