Durst Tapped for Stake in 1 WTC

NEW YORK CITY-The Durst Organization has gotten the nod for a minority equity stake in 1 World Trade Center, the Port Authority of New York and New Jersey said late Wednesday afternoon. Durst will invest at least $100 million and take over leasing and management at the 2.6-million-square-foot office tower under the proposal selected by the Port’s board of commissioners following an executive session.

In a release, the Port says that Durst’s proposal best aligned with the agency’s interests in the long-term success of 1 WTC and because of the firm’s track record in developing green office towers. The LEED Platinum-certified 1 Bryant Park, which Durst developed in partnership with anchor tenant Bank of America, had its formal opening in Midtown this past spring.