Port Authority won’t reveal rents at 1 WTC

Public agency says disclosing information could do competitive harm

New York /
Jan.January 06, 2015 03:40 PM

Despite being 90 percent owned by public agency the Port Authority of New York and New Jersey, the bulk of One World Trade Center’s financial information remains secret — including tenants’ rents.

In response to Freedom of Information Act requests from the Wall Street Journal, as well as organizations and individuals, the Port Authority took the stance that the rents are private — and could be a hindrance to the agency if revealed, the Journal reported.

The agency claims release of rents is blocked under a Freedom of Information rule that deals with giving competitive advantages in awards and collective bargaining agreements.

In comparison, rents are publicly available at major privately-owned office towers including Larry Silverstein’s 3 World Trade Center and the Durst Organization’s One Bryant Park.

Among the limited financial information that the agency has disclosed about 1 World Trade Center: the Port Authority expects to make $875 million from its 15-year deal with Legends Hospitality, the operator of the tower’s planned observation deck. An unspecified amount of that is based on shared profits with Legends, however. The building’s annual operating income is projected to be $144 million.

The Durst organization owns the remaining 10% of the property. [WSJ]Tess Hofmann

 

Related Articles

arrow_forward_ios
CBRE CEO Robert Sulentic and One World Trade Center (CBRE, iStock)
Port Authority taps CBRE to manage WTC
Port Authority taps CBRE to manage WTC
Silverstein Properties’ Larry Silverstein and Brookfield’s Brian Kingston (Getty/Illustration by Kevin Rebong for The Real Deal)
Port Authority taps Silverstein, Brookfield to build 5WTC
Port Authority taps Silverstein, Brookfield to build 5WTC
Douglas Durst of the Durst Organization, Port Authority Executive Director Rick Cotton, and Conde Nast CEO Roger Lynch. (Getty)
Condé Nast isn’t paying rent at 1WTC amid lease dispute
Condé Nast isn’t paying rent at 1WTC amid lease dispute
The bus terminal was built in the 1950s and designed to serve one fourth of the riders it sees today. (Getty)
Port Authority to raze, replace “hell on earth” bus terminal
Port Authority to raze, replace “hell on earth” bus terminal
TRD's Erik Enguist and Port Authority's Rick Cotton
Port Authority, out $3B, has waterfront land to sell
Port Authority, out $3B, has waterfront land to sell
TRD's Erik Enguist and Port Authority's Rick Cotton
Can the Port Authority bring NYC back? Tune in to TRD Talks Wednesday
Can the Port Authority bring NYC back? Tune in to TRD Talks Wednesday
Port Authority Bus Terminal and AECOM CEO Troy Rudd (Roger Rowlett via Wikipedia; AECOM)
“Worst place on earth” may be buried underground
“Worst place on earth” may be buried underground
Anna Wintour of Condé Nast, One World Trade Center and Douglas Durst (Wintour by Dia Dipasupil/Getty Images; 1WTC via iStock; Durst by Patrick McMullan via Getty Images)
Condé Nast wants out at 1WTC. Durst may not be OK with that
Condé Nast wants out at 1WTC. Durst may not be OK with that
arrow_forward_ios

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

Loading...