Of the termination of negotiations with the PA, Vornado spokesperson Howard Rubenstein issued a statement saying, "It has been unable to reach a final agreement at this time with the Port Authority of New York and New Jersey to conclude a net lease of the World Trade Center Complex." However, despite the cool exterior, an insider says, "This whole thing has gotten so very soap opera like."
The source adds, "I never thought they would pick Vornado. When I thought about it though, it made sense. Vornado is tied to New Jersey politics. By picking Vornado it gave them the New Jersey vote. There are six New Jersey commissioner votes and six New York votes. New Jersey had been silent. Now with Silverstein I think it's going to be interesting to see where New Jersey will come out on this thing." Silverstein is a New York-based company with little holdings in the New Jersey market.
The source goes so far as to say that despite Silverstein's holdings, including 7 World Trade Center, and $3.22 billion bid, "I don't think it's going to go off."
Boston Properties would then get the chance to sit at the table with its $3.1 billion bid. Vornado had been the top bidder at $3.25 billion.
GlobeSt.com reporter Betsy Kraat contributed to this story.
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