Associate
- Joined
- 21 Jan 2007
- Posts
- 273
anybody know who owned it and were they to gain in any way if it went down?
Larry Silverstein's bid for the lease to the World Trade Center was accepted on July 24, 2001, seven weeks before the buildings were destroyed in the September 11, 2001 attacks. This was the first time in the building's 31-year history that the complex had changed management.
The lease agreement applied to One, Two, Four and Five World Trade Center, and about 425,000 square feet (39,500 m²) of retail space. The terms of the lease gave Silverstein, as leaseholder, the right to rebuild the structures should they be destroyed and should he comply with the onerous financial obligations of the lease.
The owners of the demolished World Trade Center in lower Manhattan acquired the buildings under a 99-year lease allowing them to walk away from their investment in the event of "an act of terrorism".
It is understood that the buildings are insured for more than $3bn, enough to cover rebuilding costs. However, an executive connected to the buyers said: "Ultimately, the decision will be made by politicians. It is a state and federal government decision about whether or not to rebuild on the site.". The total potential payout was capped at $4.577 billion for buildings 1, 2, 4 and 5.