1 WTC sale to take months, PA says

TRD New York /
Jan.January 05, 2010 10:02 AM

A minority stake in the planned One World Trade Center is now publicly up for sale, but the Port Authority of New York and New Jersey isn’t in a rush to settle on a partner for its Ground Zero tower. Though the agency has already reached out to an elite group of developers, seeking a minimum bid of $100 million in the 2.6 million-square-foot building, the deal will likely take six to eight months, said Christopher Ward, the agency’s executive director. The investment will help the Port Authority raise cash for the project formerly known as the Freedom Tower, which is scheduled for completion in 2013. The agency is hoping to get even more than the stated $100 million, and wants the winning bidder to take over marketing and leasing at the building, which already has leasing commitments for close to half of the building. “We wanted a number that was high enough for the developer to have skin in the game,” Ward said. Boston Properties, the Related Companies, the Durst real estate family, Hines, Vornado Realty Trust and Brookfield Properties are among those currently identified as interested parties. [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

Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)

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

Huizenga lobbied Rick Scott to secure Opportunity Zone designation for West Palm site

Huizenga lobbied Rick Scott to secure Opportunity Zone designation for West Palm site

Facebook CEO Mark Zuckerberg and Hudson Yards (Credit: Getty Images)

It’s official: Facebook is taking 1.5M sf in Hudson Yards

220 Central Park South (Credit: Getty Images)

Vornado’s 220 Central Park South closes $64M condo sale

Vornado chairman Steven Roth (Credit: Getty Images)

Vornado slashes Forever 21’s rent, dimming 2020 outlook

A Victoria's Secret store in New York (Credit: Getty Images)

Victoria’s Secret sues WTC landlord amid store closures and layoffs

arrow_forward_ios