Port Authority Chooses Durst to Acquire an Interest in WTC One

WNYC News | Jul 13, 2010

New York, NY —

The Port Authority, which owns the World Trade Center site, chose a developer on Wednesday to negotiate a stake in the tallest office tower planned for its site. The agency's choice may come as a surprise to some. The Durst Organization won the bid, the New York developer which vocally opposed the World Trade Center complex.

Durst beat out real estate giants Vornado Realty Trust, Hines, the Related Companies, Boston Properties and Brookfield Properties. Next, Durst enters a thirty-day negotiation period for an equity stake in the 1,776-foot One World Trade Center, formerly known as the Freedom Tower. During the negotiation period, Durst must come to a final agreement with the Port Authority, and the Port's board must sign off on the terms.

Durst has agreed to put up at least $100 million for leasing rights at the skyscraper, and it reportedly already has commitments from government tenants for some of the World Trade Center office space.

The developer owns 10 office towers in Manhattan, including the 2.1 million square foot Bank of America building at One Bryant Park. One World Trade Center is expected to open its doors in 2013.

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