By Della Hasselle
DNAinfo Reporter/Producer
FINANCIAL DISTRICT — A bidding contest for 1 World Trade Center was won by the Durst real estate family, who will pay $100 million for the right to lease and operate the building under the deal, Port Authority executives announced Wednesday.
The $3.3 billion skyscraper known as the "Freedom Tower," which when completed will be the tallest building in the city at 1,776 feet, has been a trophy coveted by prominent New York real estate figures.
The bidding contest for the building, which is viewed as a symbol of renewal for lower Manhattan, garnered fierce competition. The Durst Organization won the bid over the other finalist, real estate giant Related Companies, the New York Times reported.
"We are ecstatic that the Port Authority has selected us, and we are optimistic that 1 World Trade Center will join the skyline as one of New York’s great buildings," Jonathan Durst, the organization's president, told the Times.
"We look forward to a productive and mutually beneficial partnership with the Port Authority and congratulate them on the progress they have achieved at 1 World Trade Center."
The Durst family will negotiate with the Port Authority of New York and New Jersey, the owners of the site, over the next 30 days. If all goes well, the Dursts will invest at least $100 million and take over leasing and management of the building, the Times reported.
The cost of the building is roughly $1,269 a square foot, according to the Times, and has 2.6 million square feet of space.
The Port Authority selected the Durst Organization for its ability to lure high-flying tenants. So far, Chinese real estate firm Beijing Vantone Industrial Company signed a lease for floors 64 through 69, and is the building’s sole tenant.
Another potential tenant is publishing company Condé Nast, who have expressed interest in moving to the Freedom Tower from their current location in Times Square, the Times reported. Condé Nast resides in one of the 10 buildings that the Durst Organization owns in Manhattan.
"We're extremely pleased that some of the most prominent developers saw market value in this world-class tower, and engaged in an extremely competitive process for a stake in it," Port Authority Anthony R. Coscia told the Times. "What is most important is that we reach an agreement that is good for the building, for the World Trade Center site and for the region."
