Durst Wins Bid for Equity Stake in NYC’s One World Trade Center

July 7 (Bloomberg) -- The Port Authority of New York and New Jersey chose skyscraper builder Douglas Durst as an equity partner in 1 World Trade Center, the 1,776-foot tower under construction at the Ground Zero site in lower Manhattan.

The agency chose to negotiate exclusively with Durst’s closely held Durst Organization to serve as its partner, overseeing leasing of the 2.6 million square-foot tower and investing at least $100 million of equity into the project, Stephen Sigmund, a Port Authority spokesman, said in an e-mail.

Durst, builder of Bank of America Corp.’s 1 Bryant Park in midtown Manhattan, was chosen over Stephen Ross’s Related Cos.

To contact the reporter on this story: David M Levitt in New York at dlevitt@bloomberg.net

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net