WTC Owner Picks Developer to Negotiate Tower Stake

Published November 20, 2014

NEW YORK -- The government agency that owns ground zero has picked a developer to negotiate a stake in the tallest office tower planned at the site in New York City.

The Port Authority of New York and New Jersey chose The Durst Organization on Wednesday after a monthslong bidding process for a stake in One World Trade Center. The developer owns 10 Manhattan office towers, including the Bank of America building.

The agency and Durst have 30 days to negotiate a final agreement for an interest in the 1,776-foot skyscraper, formerly known as the Freedom Tower. It is expected to open in 2013.

Durst has agreed to put up at least $100 million for leasing rights at the skyscraper, which already has commitments from mostly government tenants.

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