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New York & Tri-State  + Downtown New York  + Finance  |  December 5, 2021
One World Trade Center is now 95% occupied, the highest level in its history, with an expansion by Celonis
Paul Bubny
By: Paul Bubny

NY State Okays Bond Sale to Refi One World Trade Center Debt

New York Liberty Development Corp., a state agency created in 2002 to help rebuild Lower Manhattan after 9/11, approved $700 million in bonds to refinance debt used for One World Trade Center, Bloomberg News reported. The agency, under the aegis of Empire State Development, plans to issue the bonds this month on behalf of the Port Authority of New York & New Jersey, the tower’s landlord.  

Proceeds will redeem securities sold in 2011 to help finance the 1,776-foot office tower. Siebert Williams Shank & Co. and Goldman Sachs will manage the deal. 

Separately, the agency approved Silverstein Properties’ selection of Goldman Sachs to manage a $525-million refinancing for nearby 7 World Trade Center. The building opened in May 2006, the first in the new complex.  

Silverstein last refinanced the municipal bonds for 7 WTC in 2012.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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