The long-stalled 3 World Trade Center finally has a green light to build after developer Larry Silverstein sold $1.6 billion of tax-exempt Liberty Bonds to finance the project. Municipal market conditions, only after the previous month, allowed the deal to pan-out leaving the project fully-funded. Crain's reports that Goldman Sachs placed $1.1 billion of senior bonds maturing in 30 years at a 5 percent yield. For non-numbers folk, that all means the 2.8 million-square-foot, 80-story tower is a go after being stuck at seven stories for several years.
The Post says advertising firm GroupM has signed on to take 20-percent of 3 World Trade Center's space by 2018, when the tower is still expected to be complete. The bonds, which Silverstein was granted after September 11 for space at the World Trade Center that he signed a 99-year lease for six weeks prior to the attacks, are backed by tenant leases and rents and are secured by a mortgage.
· Larry Silverstein sells $1.6B in unrated debt for 3WTC [Crain's]
· 3 WTC secures financing, back on track for 2018 opening [NYP]
· All 3 World Trade Center coverage [Curbed]