Key Facts
Type
Organization
Sector
Not specified
Industry
Not specified
Status
Draft
Country
Not specified
Headquarters
Not specified
Founded
Not specified
Dissolved
Active
Website
Also Known As
VornadoVornado TrustVRT
Tags
No tags
Overall Confidence
95%
Internal Notes
No notes
Key Information
Leadership
No leadership added
Positions
No positions added
About
Major publicly traded REIT. Led by Steven Roth. Initially won the WTC lease bid before withdrawing.
Key Relationships
Larry Silverstein
competed_against
In February 2001, Vornado Realty Trust won the WTC lease bid at $3.25 billion, outbidding Silverstein by $30 million. However, Vornado insisted on a shorter 39-year lease (rather than 99 years) to reduce balance sheet debt, and sought assurances against real estate tax liability. The Port Authority considered these demands nonnegotiable. Vornado withdrew in March 2001, and Silverstein won the lease. Note: Bernard Mendik (Silverstein's former partner) had sold his holdings to Vornado in 1997.
Since 2001