SEARCH IN BRIEF

 
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.

IN BRIEF
Tuesday 01 July 2014
Rising star gone to soon - Randall Stout dies at 56
Fri 25 Jul 2014
Maggie's Cultural Crawl tickets now available
Fri 25 Jul 2014
Post Tower wins CTBUH 10 Year Award
Fri 25 Jul 2014
Two winners announced for Archifest Pavilion
Thu 24 Jul 2014
Jane Duncan selected as next President of the Royal Institute of British Architects
Thu 24 Jul 2014
Longo Park Design Workshop's Jay Longo and Jennifer Park to join Forum Studio
Wed 23 Jul 2014
Three experts in sports design relocate from HKS Sports (Dallas) to Gensler
Wed 23 Jul 2014
"Are transport destinations the next typology?"
Tue 22 Jul 2014