History: Collapse Of The World Trade Center, September 11, 2001, Lower Manhattan, New York City, United States

• Lease
In 1998, the Port Authority approved plans to privatize the World Trade Center. In 2001, the Port Authority sought to lease the World Trade Center to a private entity. Bids for the lease came from Vornado Realty Trust, a joint bid between Brookfield Properties Corporation and Boston Properties, and a joint bid by Silverstein Properties and The Westfield Group. By privatizing the World Trade Center, it would be added to the city's tax rolls and provide funds for other Port Authority projects. On February 15, 2001, the Port Authority announced that Vornado Realty Trust had won the lease for the World Trade Center, paying $3.25 billion for the 99-year lease. Vornado outbid Silverstein by $600 million though Silverstein upped his offer to $3.22 billion. However, Vornado insisted on last minute changes to the deal, including a shorter 39-year lease, which the Port Authority considered nonnegotiable. Vornado later withdrew and Silverstein's bid for the lease to the World Trade Center was accepted on April 26, 2001, and closed on July 24, 2001.