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GlobeSt.com EXCLUSIVE: Silverstein, Port Authority Start WTC Closing Today

NEW YORK CITY-Today's the day for pre-closing to begin on the World Trade Center, sources close to the deal tell GlobeSt.com. After the dust clears this Thursday, the Silverstein/Westfield JV will be in control of a trophy asset valued at $3.22 billion.

By John Salustri | Updated on July 14, 2001

NEW YORK CITY–Monday’s the day closing talks begin on the 99-year lease of the World Trade Center. A joint venture between Silverstein Properties and Westfield Properties outmaneuvered such names as Vornado Realty Trust and Boston Properties to land the trophy property at a price tag of $3.22 billion.

Sources close to the deal tell GlobeSt.com that the process actually involves five separate closings, one for each LLC created by the joint venture to run the properties. So, in effect, closing talks will be held between the Port Authority of New York and New Jersey and One World Trade Center LLC; Two World Trade Center LLC; Four World Trade Center LLC; Five World Trade Center LLC; and Westfield WTC LLC, which is in charge of the retail.

“The parent company charges back these LLCs to run those properties and so is guaranteed income from the operation,” our source explains. Despite the complexity of the deal, the closings are expected to be complete this Thursday.

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