1 WTC sale to take months, PA says

January 05, 2010 10:02AM

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]

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