Date: Mar 19, 2001
Press Release Number: 37-2001
STATEMENT BY LEWIS M. EISENBERG, CHAIRMAN, THE PORT AUTHORITY OF NEW YORK AND NEW JERSEY
Re: Net Lease of World Trade Center
In connection with the net lease of the World Trade Center, on February 22, 2001, the Port Authority entered into an exclusive negotiating period with Vornado Realty Trust. During this period, Port Authority staff and its advisors, JP Morgan, Cushman & Wakefield and Milstein Brothers Realty Advisors, have worked with representatives of Vornado to complete the contract and associated transactional documents.
In view of the lack of a final agreement at this time, the Port Authority\'s Board of Commissioners has instructed staff and our advisors to engage in exclusive negotiations with Silverstein Properties and Westfield America to conclude a 99-year net lease transaction.