The Year in Review
Silverstein Properties scored a big win in late October after selling 1.6 billion in tax-exempt Liberty Bonds, paving the way for full construction of the firm’s long-stalled 3 World Trade Center tower. The financing marks the largest-ever unrated bond deal in the municipal market.
“The availability of that capital gives us the ability to lift the building above the eighth floor, where it is today,” Silverstein Properties Chairman Larry Silverstein said at a Commercial Observer breakfast panel on Nov. 5.
The five-year saga involving the General Services Administration and 1 World Trade Center reflects both intractable Washington gridlock and the lurching progress at the building formerly known as the Freedom Tower.
When the GSA , an independent government agency in charge of supplying and managing federal offices, secured a 270,000-square-foot lease at 1 World Trade Center, it pushed the still-rising landmark above 50 percent occupancy.
But along the way there was a dramatic scaling back of lease terms, an angry congressman and a Las Vegas spending spree that nearly torpedoed the transaction.
After the jump, an illustrated guide to the biggest deal of the year.