Friday, 16 September 2016

One World Trade Center won’t be sold anytime soon, says Port Authority

News of a potential sale last week caused panic in the real estate world

Well, so much for trying to sell the One World Trade Center building. Just a week after news emerged that the Port Authority was looking into a potential sale of the building to generate as much as $5 billion for its other needs, the chairman of the agency, John Degnan, is saying otherwise.

In a conversation with Politico, Degnan clarified that the agency wasn’t talking to any brokers, and that the building was not going to be sold anytime in the near future. Politico pointed out that Degnan’s comment was just a reiteration of what the Port Authority has been saying since 2014 when news first emerged that a One World Trade Center sale could be in the offing.

At the time, the agency had talked about wanting to divest itself of its "non-transportation-related holdings at 1 World Trade Center," but Degnan clarified to Politico that the agency had never specified when or how it would do that.

The news last week created a bit of panic in the real estate world, according to Politico with the Port Authority receiving a letter of complaint from Douglas Durst (who owns a stake in One World Trade) saying that tenants and employees were concerned about looking for new jobs.

For now however, things are going to stay just the same.


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