Rebuilding of 7 World Trade Center on Schedule

December 12, 2003

As workers raised a steel beam to the 11th floor of number 7 World Trade Center, New Yorkers could celebrate some palpable progress in the rebuilding of the site devastated by the attacks of Sept. 11.

Number 7, a 52 story office building, which, among other offices and a Con Ed power station, housed the New York offices of the Securities and Exchange Commission’s legal investigators, was the last structure to collapse on Sept. 11, several hours after the twin towers fell.

Larry Silverstein, head of Silverstein Properties, the WTC’s master leaseholder, had also leased the building at N° 7 for several years before acquiring the overall lease in July 2001.

The steel beam will eventually form part of an entrance to the reconstructed complex. According to a report from Reuters, Silverstein said his goal in the rebuilding of N° 7 was not only to “provide a spectacular gateway,” but also to serve as a symbol of the reconstruction of lower Manhattan.

Rebuilding the rest of the complex is expected to take another 10 to 12 years, providing that the remaining insurance disputes, mainly the “one occurrence/two occurrences” dispute between Swiss Re, Travelers and other insurers and Silverstein, can be resolved. The case is set for trial in February.

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