Deal reached on 3 World Trade Center

After weeks of haggling about who is going to fund the construction of 3 World Trade Center, the Port Authority of New York and New Jersey (PANYNJ ) announced this week that it has approved a plan to help finance the construction of the 80-storey tower. Under the agreement, the PANYNJ will contribute $159m in insurance proceeds from the 9/11 terrorists attacks and Silverstein Properties will raise the remainder of the $1.2bn needed to build the over $2bn spire.

The deal allows construction to proceed only temporarily while Silverstein raises the $1.2m privately, reportedly through the municipal bond market. Having a deal in place is important for retaining the building’s anchor tenant, media company Group M, which has agreed to lease 516,000 sq ft of space in the tower. Crains New York reported that Group M has the right to cancel this lease beginning in July but it is expected to remain committed to the lease now that this deal has been put together.

Tuesday 01 July 2014
Aedas’ Sandcrawler in Singapore wins 2014 American Institute of Architects NWPR Design Award
Tue 21 Oct 2014
ELI Beamlines by Bogle Architects wins Building of the Year at 2014 Czech Architecture Week
Tue 21 Oct 2014
Google doodle celebrates 382nd anniversary of birth of Sir Christopher Wren
Mon 20 Oct 2014
Donna van Milligen Bielke wins Dutch Prix de Rome Architecture 2014 prize
Mon 20 Oct 2014
Piercy & Company’s Berners Street scheme in London, UK gets council go-ahead
Fri 17 Oct 2014
Joseph Aliotta joins Perkins Eastman New York office as principal
Thu 16 Oct 2014
Benoy-designed Galerie Šantovka wins Building of the Year 2014
Wed 15 Oct 2014
Photography team Hufton + Crow win Arcaid Images’ Architectural Photographer of the year 2014
Wed 15 Oct 2014