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One World Trade Center under construction

A three-horse investment race for the $100 million, under-construction One World Trade Center in Downtown Manhattan just became a two-horse competition.

Boston Properties Inc. has dropped out, leaving the Durst Organization Inc. and Related Cos., both based in New York City, vying for the skyscraper rising at the scene of the Sept. 11 terrorist attacks, the Wall Street Journal reports.

"Given the increasing scale of our own corporate activities, upon reflection, we decided it was best to withdraw from the process after further consideration," a spokeswoman for Boston Properties, told the WSJ.

The Port Authority of New York and New Jersey, which owns the project site, is hoping to choose a partner by the end of June and wants to secure an investment of at least $100 million in the office building, formerly known as the Freedom Tower.

Larry Silverstein

Private developer Larry Silverstein has plans for three other office buildings on the site.

The WSJ says Durst is "an intriguing competitor" because Condé Nast, the main tenant in Durst's 4 Times Square tower, is considering moving to One World Trade Center, according to people familiar with the matter.

Condé Nast declined to comment.

 

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