Port Authority Finalizes Durst Partnership for One World Trade Center
By Julie Shapiro
LOWER MANHATTAN — The Port Authority finalized an agreement Thursday that gives The Durst Organization a stake in One World Trade Center.
Durst will invest at least $100 million in the 1,776-foot skyscraper, formerly known as the Freedom Tower, and will manage most of the construction and leasing of the building for Port Authority, in return for a share of the profits.
The Port Authority board approved the broad terms of the deal Thursday afternoon and will begin working with Durst immediately. A more detailed agreement should be in place within several months, the Port said in a press release.
“This partnership continues the momentum downtown and adds to the growing private sector confidence in the new World Trade Center,” Port Authority Executive Director Chris Ward said in a statement.
“We very much look forward to partnering with a world-class organization in Durst to truly make One World Trade Center New York’s first address.”
Durst won a competition earlier this year to invest in the tower, which has risen 32 stories so far and is scheduled to open in 2013.
The Port Authority recently signed a tentative deal with Conde Nast to lease up to 1 million square feet in the tower.