1 WTC
The Port Authority of New York & New Jersey has approved the terms of the Durst Organization’s partnership deal for a 10 percent stake in 1 World Trade Center, the New York Times reported. The Dursts will pay $100 million — a number that could rise to $300 million in the future — for their share of the $3.3 billion, 1,776-foot-tall tower, for which the developers will head up the leasing and property management efforts once the deal is complete. Just a few days ago, publishing giant Condé Nast tentatively signed on to move its headquarters to 1 World Trade Center in 2014 from another of Durst’s Manhattan skyscrapers at 4 Times Square, though Durst was reportedly not involved in the Condé Nast negotiations. [NYT]