One World Trade Center not for sale after all (at least not yet)
Last week, 6sqft reported that the Port Authority would sell One World Trade Center for up to $5 billion due in part to vacancy issues and the fact that the tower only brought in $13 million in revenue last year, a mere 0.35 percent return on the agency’s investment. But Authority chairman John Degnan said yesterday to Politico that “It’s certainly not on the block. We’re not talking to any brokers about it.” This doesn’t however, mean that the agency has changed its stance that it will one day “divest and monetize in non-transportation-related holdings.”
Degnan was prompted by a letter from developer Douglas Durst, who owns a $100 million interest, or 10 percent stake, in the building. In it, Durst complained to Degnan that employees were worried they needed to look for new jobs, brokers were “skittish,” and tenants were generally concerned. Degnan didn’t comment directly on the letter, but he did reiterate the previous statement from a 2014 Port Authority report, concluding “We’re reviewing all the non-transportation assets as we speak, but there’s no decision and there’s no decision imminent to sell the World Trade Center now.”
[Via Politico]
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