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Port Authority Seeks WTC Partner

NEW YORK CITY-The authority has identified half a dozen commercial real estate giants as potential partners on its 2.6-million-square-foot One World Trade Center, published reports say.

By Paul Bubny | Updated on January 04, 2010

NEW YORK CITY-Weeks after passing a 2010 budget that curtails some major capital projects, the Port Authority of New York and New Jersey is reportedly seeking a partner on One World Trade Center. Published reports say the Port Authority has sounded out a half dozen key owners and developers to bid for an interest in the 105-story office tower.

The New York Times and the Associated Press said the authority hopes to raise at least $100 million by bringing in a private-sector partner, which would also be responsible for leasing the remainder of the 2.6-million-square-foot skyscraper. According to the Times, the authority has identified Boston Properties, Hines, Vornado Realty Trust, the Durst Organization, Related Cos. and Brookfield Properties as candidates for such a partnership. Last spring, Beijing Vantone Industrial Co. signed a 20-year lease for five floors and 190,000 square feet at the tower, and state and federal agencies have preliminary commitments on another one million square feet there.

A spokesman for the Port Authority declined to comment on the Times article. However, both the Times and the AP quoted another spokesman as saying “the timing is right to determine whether there is a strategic partnership that can add long-term success to the building.” Additionally, Steven Spinola, president of the Real Estate Board of New York, told the AP it was a smart move for the authority “to bring in private-sector know-how and look for the opportunity to maybe generate some revenue.”

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