Durst Organization to invest $100M at 1 World Trade Center, take over leasing, management
By APThursday, August 5, 2010
Durst to invest $100M at 1 World Trade Center
NEW YORK — A New York City-based private developer is investing at least $100 million in the signature skyscraper being built at the World Trade Center site under a newly approved agreement with the site’s owner.
The Port Authority of New York and New Jersey’s Board of Commissioners authorized the deal with The Durst Organization Inc. on Thursday. The Port Authority says Durst’s investment will get it a stake in the 1 World Trade Center building, originally called the Freedom Tower.
The company will take over primary responsibility for property management, leasing and outfitting the building for tenants.
The planned 1,776-foot-tall skyscraper would be the city’s tallest. It’s set to open in 2013.
The skyscraper is one of five envisioned along with a Sept. 11 memorial, a transit hub and a performing arts center at the rebuilt lower Manhattan site.
