Vornado Out, Silverstein In as Prime WTC Candidate

NEW YORK CITY-Port Authority chairman Lewis M. Eisenberg is apparently fed up and is not going to take it any more–negotiations with Vornado Realty Trust, that is, for title to the 99-year lease on the World Trade Center. In February, the PA tapped Vornado from a list of contenders to enter into an exclusive, 20-day negotiation period. Reports have been circulating since that the talks were not going well. Last night, they went down in flames.

In a statement released yesterday, Eisenberg said simply that, “in view of the lack of a final agreement at this time, the Port Authority’s board of commissioners has instructed staff and our advisors to engage in exclusive negotiations with Silverstein Properties and Westfield America to conclude a 99-year net lease transaction.”

While Eisenberg took a high-road approach in the statement, insiders told GlobeSt.com long before talks broke down that Vornado was a “difficult” negotiator and mentioned that the “fit” between Vornado and the Port Authority simply was not there.