World Trade Center Passes Into Private Control

• April 2001: New York Port Authority awards WTC complex to private interests.
• Assets include:
  • Both of the 110-story Twin Towers
  • The three low-rise WTC Buildings, WTC 4,5,6
  • The 22-story WTC Marriot Hotel, WTC 3
  • The WTC subterranean mall, with 400,000 square feet of retail space
• New controllers are combination of real-estate interests:
  • Headed by Silverstein Properties
  • Includes Frank Lowy's Westfield America and mogul Lloyd Goldman
• Price: $3.2 billion for 99-year lease from Port Authority
  • Larry Silverstein to Real Estate Journal:
    "This is a dream come true."
    "We will be in control of a prized asset."
  • Silverstein Properties invested only $15 million of its own money.
• July 26, 2001: new lease-holders take official possession of their property.
  • Ceremony includes Mayor Rudolph Giuliani.