{"id":1004110164,"date":"2014-12-29T12:55:26","date_gmt":"2014-12-29T20:55:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004110164"},"modified":"2022-12-08T15:14:36","modified_gmt":"2022-12-08T23:14:36","slug":"port-authority-considers-selling-re-one-wtc","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/port-authority-considers-selling-re-one-wtc\/","title":{"rendered":"PANYNJ Considers Selling RE, One WTC"},"content":{"rendered":"

By Anna Spiewak, Senior News Editor<\/em><\/p>\n

\"John<\/a>

John Degnan, PANYNJ<\/p><\/div>\n

Port Authority of New York and New Jersey officials are talking about possibly selling some of its real estate, including One World Trade Center, according to various news sources.<\/p>\n

In a 100-page report released over Christmas weekend, a plan proposes selling off some of the authority’s properties.\u00a0The idea is not a new one. A few months ago Chairman John Degnan has mentioned in meetings possibly disposing of the 1.776-foot WTC tower once it becomes marketable.<\/p>\n

“If One World Trade Center turned out to be profitable in five to 10 years, yes, we should consider selling it,\u201d he said in a September 2014 meeting, according to the Star-Ledger. The organization has been upholding that plan by gradually selling off \u00a0its assets over the past 15 years.<\/p>\n

In its pledge to reform the Port Authority, both Governors Andrew Cuomo and Chris Christie agreed that real estate sales should be at the forefront of a proposed overhaul of the Port Authority, in light of the George Washington Bridge scandal, which brought attention and criticism to the agency. Instead they want the agency to redirect its focus on its core mission of transportation projects.<\/p>\n

“Prudently divest existing real estate holdings and restrict future real estate investments to\u00a0those integral to the Authority\u2019s core transportation mission,” per the report.<\/p>\n

The proposal was issued at the same time that both governors\u00a0blocked the efforts of lawmakers in both states to reform the Port Authority.<\/p>\n

It is still unknown how the plan will be carried out, according to Degnan, and it is predicted to take several years to sell Port Authority’s 90-percent stake in One WTC, according to the Wall Street Journal.<\/p>\n

One WTC has become a desirable office space due to its location and magnitude, being the tallest skyscraper in Manhattan. Several tenants have already moved in over the past few months into the landmark tower, including publishing giant Conde Nast, Servcorp<\/a>,\u00a0C12 Capital Management,\u00a0Incandescent Technologies<\/a>,\u00a0High 5 Games<\/a>, and mobile advertising company\u00a0xAD<\/a>, to name a few.<\/p>\n

Stay tuned for more updates on the story this week.<\/em><\/p>\n

 <\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Port Authority of New York and New Jersey officials are talking about possibly selling some of its real estate, including One World Trade Center.<\/p>\n","protected":false},"author":952,"featured_media":1004110166,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21747],"tags":[],"class_list":["post-1004110164","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-office"],"acf":[],"yoast_head":"\nPANYNJ Considers Selling RE, One 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-considers-selling-re-one-wtc\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PANYNJ Considers Selling RE, One WTC\" \/>\n<meta property=\"og:description\" content=\"Port Authority of New York and New Jersey officials are talking about possibly selling some of its real estate, including One World Trade Center.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/port-authority-considers-selling-re-one-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=\"2014-12-29T20:55:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T23:14:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/12\/John-Degnan-2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"366\" \/>\n\t<meta property=\"og:image:height\" content=\"336\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anna Spiewak\" \/>\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\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/port-authority-considers-selling-re-one-wtc\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/port-authority-considers-selling-re-one-wtc\\\/\"},\"author\":{\"name\":\"Anna Spiewak\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1bbb99675c2609ea2e6792f8b25d7b76\"},\"headline\":\"PANYNJ Considers Selling RE, One WTC\",\"datePublished\":\"2014-12-29T20:55:26+00:00\",\"dateModified\":\"2022-12-08T23:14:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/port-authority-considers-selling-re-one-wtc\\\/\"},\"wordCount\":367,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/port-authority-considers-selling-re-one-wtc\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2014\\\/12\\\/John-Degnan-2.jpg\",\"articleSection\":[\"Investment\",\"News\",\"Office\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/port-authority-considers-selling-re-one-wtc\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/port-authority-considers-selling-re-one-wtc\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/port-authority-considers-selling-re-one-wtc\\\/\",\"name\":\"PANYNJ Considers Selling RE, One WTC - 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