{"id":1004099503,"date":"2014-06-27T06:44:03","date_gmt":"2014-06-27T14:44:03","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004099503"},"modified":"2022-12-05T23:43:29","modified_gmt":"2022-12-06T07:43:29","slug":"port-authority-votes-to-advance-construction-of-3-wtc","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/port-authority-votes-to-advance-construction-of-3-wtc\/","title":{"rendered":"Port Authority Votes to Advance Construction of 3 WTC"},"content":{"rendered":"<p><em>By Barbra Murray, Contributing Editor<\/em><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/06\/3-World-Trade-Center1.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004099506\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/port-authority-votes-to-advance-construction-of-3-wtc\/3-world-trade-center-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/06\/3-World-Trade-Center1.jpg\" data-orig-size=\"376,646\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"3 World Trade Center\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/06\/3-World-Trade-Center1.jpg?w=376\" class=\"alignleft size-medium wp-image-1004099506\" alt=\"3 World Trade Center\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/06\/3-World-Trade-Center1.jpg\" width=\"174\" height=\"300\" \/><\/a>Silverstein Properties\u2019 $2.3 billion development of the 2.5 million-square-foot 3 World Trade Center office tower takes a long-awaited step forward as the Port Authority of New York and New Jersey\u2019s board of commissioners green lights a revision of the 2010 financial agreement between the two parties.<\/p>\n<p>The Port Authority\u2019s stance on the financing of 3 WTC, or Tower 3, has changed since 2010: it now wants to increase private-sector investment, thereby decreasing the agency\u2019s exposure. The new arrangement does just that. Silverstein will have to take on the task of raising approximately $1.3 billion of senior fixed-rate bonds, sans its requested and much-debated $1.2 billion loan guarantee.<\/p>\n<p>Additionally, the modified agreement will solidify approximately $300 million in WTC site revenue for the Port Authority, and provide the agency with $14 million in savings through its returning of two floors totaling roughly 76,400 square feet on its existing lease at Tower 4 to Silverstein.<\/p>\n<p>For Silverstein, the biggest benefit of the new agreement is the permission to use $159 million of escrowed Tower 2 insurance proceeds to finance the construction of Tower 3.\u00a0 And aside from previous commitments, the Port Authority\u2019s financial support will end there. As much as $50 million of the sum will be made available immediately, paving the way for vertical construction of 3 WTC to resume.<\/p>\n<p>The balance of the financing structure outlined in the new deal remains the same. Silverstein will raise $300 million in mezzanine debt and\/or private equity and receive $463 million in insurance proceeds and $210 million in state and city funding.<\/p>\n<p>&#8220;After months of public debate and constructive discourse of the Port Authority&#8217;s Board of Commissioners, we have reached an agreement that strikes the right balance of public sector support with private sector commitment,&#8221; Scott Rechler, Port Authority vice-chairman, said in a press release on the news.<\/p>\n<p>Silverstein, the Port Authority and, indeed, the New York commercial real estate market, can breathe a sigh of relief, as the revival of construction will allow Silverstein to complete development of 3 WTC in time for anchor tenant GroupM to move into its 515,000-square-foot digs in the building. After all, per its 20-year lease agreement, GroupM didn\u2019t have to wait forever for its space to reach completion; the media and technology company\u2019s retreat would have been a major setback all around, to say the least.<\/p>\n<p>\u201cI appreciate the leadership of Port Authority Vice-Chairman Scott Rechler and other members of the Board who have partnered with us to fulfill the vision we all share&#8211;a fully rebuilt World Trade Center at the heart of a vibrant new Downtown,\u201d Larry Silverstein, chairman of Silverstein, said in a prepared statement. \u201cWe remain confident that we will nail down a construction financing package that will allow us to complete the project and create an ideal environment for GroupM employees and other dynamic, creative companies who are making their home at the new World Trade Center.\u201d<\/p>\n<p>Construction of 3 WTC will recommence in the third quarter, and if all goes as planned, the tower will open its doors in 2018.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Silverstein Properties\u2019 $2.3 billion development of the 2.5 million-square-foot 3 World Trade Center office tower takes a long-awaited step forward as the Port Authority of New York and New Jersey\u2019s board of commissioners green lights a revision of the 2010 financial agreement between the two parties.<\/p>\n","protected":false},"author":969,"featured_media":1004099506,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,11,1600,21742,10,21747],"tags":[],"class_list":["post-1004099503","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-midatlantic","category-new-york","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Port Authority Votes to Advance Construction of 3 WTC - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/port-authority-votes-to-advance-construction-of-3-wtc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Port Authority Votes to Advance Construction of 3 WTC\" \/>\n<meta property=\"og:description\" content=\"Silverstein Properties\u2019 $2.3 billion development of the 2.5 million-square-foot 3 World Trade Center office tower takes a long-awaited step forward as the Port Authority of New York and New Jersey\u2019s board of commissioners green lights a revision of the 2010 financial agreement between the two parties.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/port-authority-votes-to-advance-construction-of-3-wtc\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2014-06-27T14:44:03+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-06T07:43:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/06\/3-World-Trade-Center1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"376\" \/>\n\t<meta property=\"og:image:height\" content=\"646\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Barbra Murray\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/port-authority-votes-to-advance-construction-of-3-wtc\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/port-authority-votes-to-advance-construction-of-3-wtc\/\",\"name\":\"Port Authority Votes to Advance Construction of 3 WTC - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/port-authority-votes-to-advance-construction-of-3-wtc\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/port-authority-votes-to-advance-construction-of-3-wtc\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/06\/3-World-Trade-Center1.jpg\",\"datePublished\":\"2014-06-27T14:44:03+00:00\",\"dateModified\":\"2022-12-06T07:43:29+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/port-authority-votes-to-advance-construction-of-3-wtc\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/port-authority-votes-to-advance-construction-of-3-wtc\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/port-authority-votes-to-advance-construction-of-3-wtc\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/06\/3-World-Trade-Center1.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/06\/3-World-Trade-Center1.jpg\",\"width\":376,\"height\":646},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/port-authority-votes-to-advance-construction-of-3-wtc\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Port Authority Votes to Advance Construction of 3 WTC\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32\",\"name\":\"Barbra Murray\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g\",\"caption\":\"Barbra Murray\"},\"url\":\"https:\/\/www.commercialsearch.com\/news\/author\/barbra-murray\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Port Authority Votes to Advance Construction of 3 WTC - Commercial Property Executive","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/news\/port-authority-votes-to-advance-construction-of-3-wtc\/","og_locale":"en_US","og_type":"article","og_title":"Port Authority Votes to Advance Construction of 3 WTC","og_description":"Silverstein Properties\u2019 $2.3 billion development of the 2.5 million-square-foot 3 World Trade Center office tower takes a long-awaited step forward as the Port Authority of New York and New Jersey\u2019s board of commissioners green lights a revision of the 2010 financial agreement between the two parties.","og_url":"https:\/\/www.commercialsearch.com\/news\/port-authority-votes-to-advance-construction-of-3-wtc\/","og_site_name":"Commercial Property Executive","article_publisher":"https:\/\/www.facebook.com\/CPExecutive","article_published_time":"2014-06-27T14:44:03+00:00","article_modified_time":"2022-12-06T07:43:29+00:00","og_image":[{"width":376,"height":646,"url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/06\/3-World-Trade-Center1.jpg","type":"image\/jpeg"}],"author":"Barbra Murray","twitter_card":"summary_large_image","twitter_creator":"@cpexecutive","twitter_site":"@cpexecutive","schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/news\/port-authority-votes-to-advance-construction-of-3-wtc\/","url":"https:\/\/www.commercialsearch.com\/news\/port-authority-votes-to-advance-construction-of-3-wtc\/","name":"Port Authority Votes to Advance Construction of 3 WTC - Commercial Property Executive","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/news\/port-authority-votes-to-advance-construction-of-3-wtc\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/news\/port-authority-votes-to-advance-construction-of-3-wtc\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/06\/3-World-Trade-Center1.jpg","datePublished":"2014-06-27T14:44:03+00:00","dateModified":"2022-12-06T07:43:29+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32"},"breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/news\/port-authority-votes-to-advance-construction-of-3-wtc\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/news\/port-authority-votes-to-advance-construction-of-3-wtc\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/port-authority-votes-to-advance-construction-of-3-wtc\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/06\/3-World-Trade-Center1.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/06\/3-World-Trade-Center1.jpg","width":376,"height":646},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/news\/port-authority-votes-to-advance-construction-of-3-wtc\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/news\/"},{"@type":"ListItem","position":2,"name":"Port Authority Votes to Advance Construction of 3 WTC"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/news\/#website","url":"https:\/\/www.commercialsearch.com\/news\/","name":"Commercial Property Executive","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/d1edda962dd3af55af8a203870f9fc32","name":"Barbra Murray","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/9a36d5070adb56de135886aa49db0452b319180ff050dbd70770fd33a3e63774?s=96&d=mm&r=g","caption":"Barbra Murray"},"url":"https:\/\/www.commercialsearch.com\/news\/author\/barbra-murray\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/06\/3-World-Trade-Center1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004099503","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/users\/969"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/comments?post=1004099503"}],"version-history":[{"count":1,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004099503\/revisions"}],"predecessor-version":[{"id":1004625172,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/posts\/1004099503\/revisions\/1004625172"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media\/1004099506"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/media?parent=1004099503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/categories?post=1004099503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/news\/wp-json\/wp\/v2\/tags?post=1004099503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}