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Port Authority, Vornado Hit a Snag in WTC Deal Negotiations

NEW YORK CITY-In what one insider has termed very difficult negotiations, no handshake has come about in Vornado's $3.25-billion bid for the World Trade Center.

By John Salustri | Updated on March 15, 2001

NEW YORK CITY-The 20-day negotiating window granted to Vornado Realty Trust by the Port Authority of New York and New Jersey has come and gone, but still there’s no deal for the sale of the World Trade Center.

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.

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