NEWS |
99-99: FOR IMMEDIATE RELEASE , August 18, 1999
"This is a key step in the historic transfer of one of the world's best-known buildings to a private operator," said Cherrie L. Nanninga, Director of Real Estate for the bistate agency.
The agency issued a Request for Qualifications, which will be used to establish a list of qualified bidders. The document, known as an RFQ, asks that would-be bidders demonstrate that they have the property management and operating experience, financial capacity and other qualifications necessary to operate the world's largest commercial office complex. The RFQ is available at the Port Authority's Web site. Copies are also available from J.P. Morgan, which has been acting as an advisor to the Port Authority on the transaction. Interested parties should contact Thomas Brown at 212 648-7894, or David Voyticky at 212 648-4573. Both are at J.P. Morgan.
Information outlined in the RFQ must be received by the Port Authority no later than September 20, 1999. After evaluating the responses, the agency will issue a Request for Proposals to qualified bidders.
The Port Authority, which built the World Trade Center, has operated the complex since it opened in 1970. The proposal seeks private operators for the Twin Towers, one of the most distinctive features of the Manhattan skyline; for two nine-story office buildings known as Four World Trade and Five World Trade, and for the retail mall and public space.
Occupancy at the World Trade Center has been running at nearly 94 percent -- the highest level of the decade -- and the opening of a number of highly popular, upscale retail stores has recently helped reposition the retail mall.
Some 40,000 people work in the World Trade Center, and more than 100,000 business and leisure visitors come to the center each day.