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Vornado Unlikely as World Trade Frontrunner, Insider Says

NEW YORK CITY-Reports that Vornado has the inside track in the sale of the World Trade Center are misleading, says one official close to the talks. Brookfield/Boston Properties is still the logical choice.

By John Salustri | Updated on February 21, 2001

NEW YORK CITY-It’s happened before and it can happen again. Stories currently being leaked that Vornado Realty is the one to beat in negotiations for the World Trade Center sale are definitely premature, says a source close to negotiations. To this extent, the sale of the WTC mirrors the days leading up to last December’s Rockefeller Center sale. Just prior to Christmas, Vornado was tagged “the frontrunner” in that sale as well, days before a Tishman Speyer/Crown Family joint venture landed the complex for $1.85 billion.

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.”

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