New York Post
The Port Authority has reportedly had talks with the Related Cos. and also had talks with Brookfield Properties earlier this year. Although the Port Authority did not outright deny reports, a Related Cos. spokesperson tells GlobeSt.com that they are "not sure where the reports are coming from" and is "not commenting or confirming." Brookfield Properties did not return GlobeSt.com queries for comment by deadline.
The Port Authority reportedly wants to find a developer to form a partnership of sorts and that the developer would complete the $3 billion tower as opposed to starting from scratch. Hugh Finnegan, an attorney in the real estate group at Sullivan & Worcester LLP, who is not involved in talks surrounding the Freedom Tower, tells GlobeSt.com that the Port Authority "wants to share the pain of the construction and leasing risk."
Finnegan continues that "there are rising costs, which will result in cost over-runs. Leasing downtown is not easy, especially with the ongoing suffering of Wall Street," he says.
As GlobeSt.com previously reported, the P.A. picked Cushman & Wakefield as leasing agent of 1 World Trade Center, the Freedom Tower. The Freedom Tower, which is currently under construction at the site of the former World Trade Center, is expected to be complete in 2012.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
