In spring 2000, the Port Authority of New York and New Jersey began seeking bids for a company to lease, manage and operate the complex, which signed its first tenant 30 years ago. A number of firms including Vornado Realty Trust, Brookfield Properties and Boston Properties took an interest. At one point, Vornado appeared to be the successful bidder but at the end of the day Silverstein and Westfield rose to the top of the bidding stack.

New York Gov. George Pataki noted this morning that the sale would allow the agency to focus its efforts on improving the city's airports, bridges and tunnels and give attention to projects such as the Second Avenue subway.

New Jersey Acting Governor Donald DiFrancesco echoed those remarks, stating that this deal would allow the state to concentrate on projects such as extending the Newark Airport Monorail to the Northeast Corridor rail line and purchasing new PATH cars.