The Durst Organization is negotiating to buy a $100 million equity stake in One World Trade Center, the Port Authority of New York and New Jersey announced Wednesday.
The authority expects to finalize an agreement with the real estate firm within 30 days that will be subject to board approval. The investment would give Durst an approximately 10% stake in the building. The Port Authority owns the site and is developing the 1,776 foot building.
The developer was chosen from local and national real estate firms in a competitive process, the PA said in a press release.
The agency cited the firm’s prior success in developing “green” office buildings as one of the reasons for selecting it. Durst will also assist the authority with construction and be responsible for leasing and property management.
The building is slated for completion in 2013 and will contain approximately 2.6 million square feet of office space. Construction on the long-delayed building has progressed to the 28th floor.
The Durst Organization controls 10 million square feet of commercial office space, according to the Port Authority.