Deutsche Bank Building Will Come Down

NEW YORK CITY-A major impediment to the rebuilding process of the World Trade Center site has been resolved as an agreement was reached between Deutsche Bank and insurers Alianz and AXA over the future of the bank’s Liberty Street site. The building has been shrouded in black due to the severe damage it suffered in the Sept. 11, 2001 terrorist attacks.

Under the terms of the agreement, the pair will pay Deutsche Bank $140 million; the Lower Manhattan Development Corp. will then acquire the property for $90 million and begin a $45-million demolition process. However, Alianz and AXA will pick up the tab if costs exceed $45 million. Deutsche had previously settled claims with Chubb Corp. and Zurich Financial Services AG.

The 1.4-million-sf building next to the World Trade Center site will be torn down in a five- to seven-month process that is expected to begin in September, according to LMDC president Kevin M. Rampe. “The blight will be removed,” he said. The use of the site reduces density on the WTC site by moving the proposed fifth office tower to the property and creating approximately 30,000 sf of open space. Also planned is underground tourist bus parking and a truck security spot.