Date: Apr 26, 2012
Press Release Number: 56-2012
Agreement with The Durst Organization Will Provide Premier Broadcast Facility On Top of the
Tallest Building in the Western Hemisphere; Will Bring New Revenue Stream to the Port Authority
The Port Authority Board today approved an agreement with The Durst Organization to allow a new state-of-the-art, premier broadcast facility to be built on top of One World Trade Center.
Under the agreement, The Durst Organization – the Port Authority’s partner in One World Trade Center and one of the most respected developers in the real estate industry – will oversee the construction and operation of the broadcast facility that will service television and radio broadcasters.
Given the 1,776-foot height of the tower, including the building’s 408-foot antenna, the facility will generate significant interest from major broadcasters. The facility will be marketed along with a broadcast tower atop 4 Times Square, also operated by The Durst Organization.
“This agreement is another example of how the Port Authority is seeking to maximize the effectiveness of our limited capital resources through partnerships with private and other entities,” said Port Authority Chairman David Samson. “Through the leverage of private capital, we have improved the economic competitiveness of One WTC with a premier broadcast facility.”
“This is a great deal for us and an equally good deal for the region’s broadcasters,” said Port Authority Executive Director Pat Foye. “By leveraging our world-class facility with private capital and the expertise of one of the most highly regarded developers in the industry, we will create an unparalleled facility that will provide a new revenue stream to One World Trade Center, and serve dozens of broadcasters in the region.”
“The spire that takes the iconic One World Trade Center to 1776 feet high is not simply symbolic,” said Port Authority Deputy Executive Director Bill Baroni. “Combined with a state-of-the-art broadcasting facility in a unique marriage of form and function, it will generate millions of dollars of critical, on-going revenue for the Port Authority.”
“Broadcasting from the top of One World Trade Center is both an economic and symbolic achievement,” said Jonathan (Jody) Durst, President of The Durst Organization. “It’s hard to imagine a more appropriate setting of this state-of-the-art broadcast facility than the pinnacle of the world’s most iconic building. At the same time, the facility would serve as a source of ongoing revenue for the property.”
The Durst Organization will invest the approximately $34 million needed to create the new broadcast and antenna facility and to market and operate it together with its existing broadcast facility at 4 Times Square.
Prior to September 11, 2001, the World Trade Center’s North Tower featured a broadcast facility on its rooftop.
Port Authority of New York and New Jersey
Steve Coleman, 212-435-7777
The Port Authority of New York and New Jersey, which does not receive tax dollars from either state, operates many of the busiest and most important transportation links in the region. This includes John F. Kennedy International, Newark Liberty International, LaGuardia, Stewart International and Teterboro airports; AirTrain JFK and AirTrain Newark; the George Washington Bridge and Bus Station; the Lincoln and Holland tunnels; the three bridges between Staten Island and New Jersey; the PATH (Port Authority Trans-Hudson) rapid-transit system; Port Newark; the Elizabeth-Port Authority Marine Terminal; the Howland Hook Marine Terminal on Staten Island; the Brooklyn Piers/Red Hook Container Terminal; the Port Authority-Port Jersey Marine Terminal and the Port Authority Bus Terminal in midtown Manhattan. The agency also owns the 16-acre World Trade Center site in Lower Manhattan.