Friday, August 06, 2010

The Rebuilding of Ground Zero, Part 110

The Port Authority and Durst Organization has entered into a deal enabling the Dursts to handle Freedom Tower marketing/leasing and a 10% ownership stake for $100 million.
The Port Authority of New York and New Jersey approved the terms of a partnership deal with the Dursts on Thursday in which the family would pay $100 million for a roughly 10 percent stake in the $3.3 billion building. In the future, the Dursts’ investment could swell to $300 million.

When the deal is complete, the Dursts will take over responsibility for leasing the tower, whose steel superstructure now rises 320 feet above street level, managing the property and dealing with construction of tenants’ spaces.
Earlier this week publishing giant Conde Nast was reported to be interested in 1 million sf at 1WTC/Freedom Tower beginning in 2014 when the tower should be ready and would be the largest tenant at the 1,776 foot skyscraper that has nearly 2.6 million sf of space.

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