AS the celebration continues in some cities in the United States over the killing of the Osama Bin Laden, developers of the central tower at ground zero, designed to rise to 105 tales, has been characterized by some as a symbol of New Yorks resilience, and reviled by others as a white elephant. Now it will pick up a new mark: for sale.The Port Potential of New York and New Jersey desires to sell the skyscraper, the ex- Freedom Tower , renowned now by its original name, 1 World Trade Center.In recent days, the Port Potential has questioned a select assemble of money-making real estate developers and owners to bid for a partnership appeal in the $3.2 billion tower, according to a developer who was contacted by the potential.The offering would allow the potential to raise what it hopes would be at least $100 million for the project. But the potential desires its new partner to take on the hard task of marketing the skyscrapers space and negotiating leases with corporate tenants.Stephen Sigmund, a spokesman for the potential, acknowledged that a potential sale was in the offing.As 1 World Trade Center continues to rise into the city skyline, he said Thursday, the timing is aptly to determine whether here is a strategic partnership that can add long-term success to the building.Although the steel latticework is only about five floors above street level now, the skyscraper has been overloaded with enormous symbolic consequence since its inception. It will stand 1,776 feet tall, in a nod to the common founding. The tower, with 2.6 million square feet, will also be amongst the most expensive office buildings in North America when it is concluded in 2013.The sales effort is likewise just getting off the ground. According to executives briefed on the Port Potentials strategy, it has hired tworeal estate advisers, Cushman Wakefield and Jones Lang LaSalle, to handle the negotiations with the prospective partners. The potential has identified a half-dozen companies with the financial ability and the money-making expertise for the job, counting Boston Properties, the Related Companies , the Durstreal estate family tree, Hines , Vornado Realty Trust and Brookfield Properties, which owns the adjacent World Financial Center .The bidders are being questioned to sign a confidentiality agreement and are being given door to a restricted Web site with detailed information about the skyscraper.It is not an especially auspicious time to be selling real estate. Values have plunged since the promote peaked in 2007. Rents are down by as much as 45 percent, according to real estate brokers. And the office vacancy rate city focal point is expected to climb above 10 percent as A.I.G., the insurance giant, reduces its presence and Goldman Sachs moves this year to its new heavily subsidized headquarters nearground zero.The Port Potential is also at loggerheads with the developer Larry A. Silverstein , who leased the World Trade Center only weeks before it was ruined in 2001. Mr. Silverstein desires to build three office towers atground zero with Port Potential financing, but given the lack of plea, the potential favors a slow, phased approach to construction. The two sides are in the last stage of arbitration.Still, a number of real estate investors have just made funds to buy real estate, at the aptly price. The publicly traded real estate investment trusts, like Vornado and Boston Properties, raised tens of billions of dollars this year, in part to take advantage of falling prices.The Port Potential, executives say, believes it has a saleable asset.Heres a significant quantity of real estate justice capital looking for the aptly investment, said Michael Rotchford, the executive vice president at Cushman who is handling the partnership sale for the potential. We reckon this is potentially one of the bestreal estate investments unfilled in New York.In Development, the Beijing Vantone Industrial Company, a Chinese real estate firm, signed a 23-year rent for the 64th through 69th floors at 1 World Trade Center. The potential has also signed preliminary agreements with the disorder and federal governments for an bonus one million square feet.
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