Archives of the Mayor's Press Office

Date: Tuesday, September 29, 1998

Release #456-98

Contact: Colleen Roche/Curt Ritter (212) 788-2958


Renovated Office Tower Marks Latest Addition To Revitalized Lower Manhattan

Mayor Rudolph W. Giuliani and Real Estate Developer Donald J. Trump today unveiled The Trump Building at 40 Wall Street, a 72-story, 1.3 million square-foot, state-of-the-art office tower in Lower Manhattan. Located at the corner of Wall and Broad Streets, across from the New York Stock Exchange, The Trump Building at 40 Wall Street has been completely restored to its former grandeur and outfitted to meet the technological needs of the 21st Century.

"The opening of The Trump Building at 40 Wall Street is another indication that New York City has the best resources for business in the world," said Mayor Giuliani. "40 Wall Street not only offers a front row seat on the market action that drives the world's economic growth, it also offers tranquil views of our great City -- the Statue of Liberty, the Hudson River and the Manhattan skyline. Developments like this one, which embrace change while honoring the heritage, culture and character of our City, ensure that New York City will remain the financial Capital of the World for generations to come. I want to thank Donald Trump for his continued investment in New York City, and I am proud to welcome 40 Wall Street back to the forefront of the world's business addresses."

When Mr. Trump first purchased 40 Wall Street in 1996 it was almost 100 percent vacant. Today it is nearly 100 percent occupied with tenants that include American Express, CNA, Compaq Computers and Bear Stearns. The Trump Building at 40 Wall Street features a state-of-the-art telecommunications system that offers the highest level of technology available in the marketplace. The new telecommunications, along with the building's location in the heart of the financial district has been extremely effective in attracting several major hardware and software companies. In addition, the building will offer over 100,000 square-feet of divisible retail space at one of the busiest pedestrian malls in the City.

"The Trump Building at 40 Wall Street signaled a change in the real estate market in Lower Manhattan, which had been in serious peril," said Mr. Trump. "What we have accomplished with this renovation is to prove that once again New York City's downtown area was, is and will always be the epicenter of the global business community. There is tremendous opportunity to develop properties here that pay allegiance to the past and are technologically prepared for the next century."

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