Date:  May 22, 2008

Press Release Number:  48


PORT AUTHORITY GRANTS EXTENSION TO SILVERSTEIN PROPERTIES ON WORLD TRADE CENTER TOWERS 3 AND 4

Extension Facilitates Firm’s Negotiations to Bring Merrill Lynch to WTC site

The Port Authority Board of Commissioners today granted Silverstein Properties, Inc. an extension for the completion of World Trade Center Towers 3 and 4. The Board’s action came in response to a request by SPI for an extension in order to facilitate negotiations with Merrill Lynch & Co., Inc. for full occupancy of Tower 3.

The Master Development Agreement forged by the Port Authority in 2006 set firm deadlines for the completion of all elements of the WTC site and held all parties accountable to those deadlines. The Board’s action would amend the master agreement to include the extensions.

SPI requires the extension because in order to accommodate Merrill Lynch, Tower 3 would need to be redesigned, and the foundation plans for Towers 3 and 4 would have to be amended as well.

The extension requested by SPI and granted by the Port Authority Board provides an additional six months for Tower 3 and four months for Tower 4, moving the completion dates to mid-2012 for Tower 3 and spring 2012 for Tower 4.

Work on the foundations for Towers 3 and 4 will continue as SPI works to accommodate potential redesigns.

CONTACT:
Steve Coleman, Port Authority of New York and New Jersey
212 435-7777


The Port Authority of New York and New Jersey operates many of the busiest and most important transportation links in the region. They include 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; the Port Authority-Downtown Manhattan Heliport; Port Newark; the Elizabeth-Port Authority Marine Terminal; the Howland Hook Marine Terminal on Staten Island; the Brooklyn Piers/Red Hook Container Terminal; and the Port Authority Bus Terminal in midtown Manhattan. The agency also owns the 16-acre World Trade Center site in Lower Manhattan.

The Port Authority is financially self-supporting and receives no tax revenue from either state