Port Authority Seeks Partner in 1 WTC

Monday, January 04, 2010

The Port Authority of New York and New Jersey has announced it wants a partner for the central tower at Ground Zero.

The New York Times reports the Port Authority has opened bidding for a group of real estate developers to purchase a partnership interest in the $3.2 billion 1 World Trade Center, formerly known as the Freedom Tower. The 2.6 million square foot building will be completed in 2013, and will be one of the most expensive office buildings in the country.

“There’s a substantial amount of real estate equity capital looking for the right investment,” Michael Rotchford, the executive vice president for one of the real estate agents, Cushman & Wakefield, Inc., told The Times. “We think this is potentially one of the best real estate investments available in New York.”

Boston Properties, the Related Companies, the Durst real estate family, Hines, Vornado Realty Trust and Brookfield Properties are reportedly among the group of bidders.

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