Executives from the Port Authority are currently reviewing bids, and their recommendation will be passed onto the authority's board, who will render a decision and proceed with negotiations. "I get the distinct impression that Vornado is not going to be recommended," the insider tells GlobeSt.com, noting that the decision will most likely not be made on bid price. "It's not a money issue, the source explains. "When you're talking in the $3 billion range, the difference between $3 billion and $3.2 billion is peanuts."

This decision will be based on more pertinent factors, the insider believes. "Brookfield has depth in this market," says the executive, referring to the company's ownership of the World Financial Center. The firm also has a track record with the Port Authority since it markets retail space in both complexes jointly. Brookfield is joint venturing with Boston Properties on the purchase.

"If I were to list them, I'd say the frontrunner is Brookfield, followed by Silverstein and then Vornado," the source explains. He says it is possible that a winner in round one will be announced as early as tomorrow.