Port Authority searches for partner at 1 WTC

New York /
Jan.January 04, 2010 01:31 PM

The Port Authority of New York and New Jersey has asked a group of commercial real estate developers and owners to bid for a partnership interest in the $3.2 billion One World Trade Center tower, formerly known as the Freedom Tower, in an effort to raise $100 million for the project. Potential partners identified and contacted by the Port Authority include Boston Properties, the Related Companies, the Durst real estate family, Hines, Vornado Realty Trust and Brookfield Properties. Each has been offered access to a restricted Web site containing detailed, confidential information about the tower, which is slated for completion by 2013. The Port Authority is hoping that a partner would handle the marketing and leasing in what will be one of the most expensive office buildings on the continent. Cushman & Wakefield and Jones Lang LaSalle have been hired as real estate advisors to handle negotiations with prospective partners. Construction at the World Trade Center site has been delayed due to legal woes between developer Larry Silverstein and the Port Authority, which are in the last stages of arbitration. A three-judge panel finished hearing the case in early December, and the two sides hope it will rule in early 2010. [NYT] and [Crain’s] 


Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)
Related is the latest developer to target the Rockaways
Related is the latest developer to target the Rockaways
Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)
Free and clear: Vornado pays off debt at 220 CPS
Free and clear: Vornado pays off debt at 220 CPS
Vornado chairman and CEO Steven Roth, and 608 Fifth Avenue (Credit: Getty Images)
“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call
“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call
Coinbase CEO Brian Armstrong and 55 Hudson Yards (Getty, Godsfriendchuck/Wikimedia)
Coinbase opening first NYC office at 55 Hudson Yards
Coinbase opening first NYC office at 55 Hudson Yards
The Vessel at Hudson Yards (Getty)
Vessel will reopen at Hudson Yards — with $10 fee, new security
Vessel will reopen at Hudson Yards — with $10 fee, new security
Boston Properties CEO Owen Thomas and 360 Park Ave South (Thomas by Axel Dupeux, 360 Park Ave South via CBRE)
Boston Properties to acquire 360 Park Ave South ground lease
Boston Properties to acquire 360 Park Ave South ground lease
Stephen Preuss
Top sales broker out at Cushman & Wakefield
Top sales broker out at Cushman & Wakefield
Deutsche Bank CEO Christian Sewing (Getty Images)
Time Warner Center is now the Deutsche Bank Center
Time Warner Center is now the Deutsche Bank Center
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...