Larry Silverstein seeks partners to help fund 2 WTC for Fox

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For Alexa luxe Living - June 2015 - Profile on  BJARKE INGELS 2 World Trade Center CREDIT DBOX

August 7, 2015- Editor’s note: Given that cable TV, movie theaters, and printed papers will be obsolete by 2020, will Fox be able to afford the rent?

August 6, 2015- The Post reports, “Larry Silverstein is seeking an equity partner or mezzanine debt investor to kick in roughly half a billion dollars toward the $4 billion tab to develop 2 World Trade Center, The Post has learned.

A pension fund or sovereign wealth fund will be the likely source for the $500 million in mezzanine financing or equity with its return coming in the form of a preferred return or a stake in the 2.8 million-square-foot tower that Silverstein Properties would develop and manage.

Almost 14 years after 9/11, the final tower will need several billion dollars in overall financing. The Liberty Bonds originally targeted for the WTC rebuilding are gone, having been used for other trade center towers and projects that ranged from One Bryant Park to the defunct sports museum.

News Corp., which owns The Post, and 21st Century Fox have signed a letter of intent to occupy 1.6 million square feet on the lower floors of the 88-story building being designed by Bjarke Ingels Group.

A lease signing could come by the end of this year, in which case construction would start next year with a target completion date in 2020.”

 

 

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