One insider close to the talks recently told GlobeSt.com that the process had been "very difficult." Various published reports this morning are now indicating that talks have stalled entirely. Various publications are even betting that the Port Authority's attentions will now turn to bidder Silverstein Properties.
The Port Authority put out requests for bids early last spring for a company to lease, manage and operate the complex for a 99-year term in what turned out to be a speedy and heated process. The complete package bidders scrambled to claim includes the Commodities and Exchange Center and Five World Trade Center. Eight initial bidders entered the fray to take the property, a group that was narrowed down to four finalists this past December, Vornado, Boston Properties, Brookfield Properties and Silverstein Properties.
An end-date for the requests was on tap for December, but that date was extended. Shortly thereafter, Boston Properties and Brookfield formed the joint venture with Blackstone Real Estate Advisors, CIBC Partners and Deutsche Bank in a strategy to increase their firepower among bidders.
Officials from Vornado and the Port Authority declined to comment.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
