The Freedom Tower, officially named One World Trade Center, is owned primarily by the Port Authority of New York and New Jersey, which holds roughly a 90 percent stake. The Durst Organization, a private Manhattan real estate firm, owns the remaining 10 percent through a public-private partnership formed in 2010. The Port Authority also owns the 16-acre World Trade Center campus the tower sits on.1Port Authority of New York and New Jersey. World Trade Center Information
The Port Authority Holds the Majority Stake
The Port Authority is a bi-state government agency created in 1921 through a compact between New York and New Jersey that Congress approved to allow joint work on transportation and infrastructure around the New York port region.2Government Publishing Office. 42 Stat. 174 – Joint Resolution Granting Consent of Congress to Compact Between New York and New Jersey The agency runs bridges, tunnels, airports, and bus terminals across the region, and the World Trade Center campus has been part of its portfolio since the original Twin Towers were built in the 1960s and 1970s.
The agency funded most of One World Trade Center’s construction, which reportedly cost roughly $3.9 billion. Financing came from a combination of capital reserves, insurance proceeds from the September 11 attacks, and tax-exempt bonds. Because the Port Authority is a government body rather than a private corporation, revenue from the building flows back into regional infrastructure instead of to shareholders.
A twelve-member Board of Commissioners governs the agency. The governors of New York and New Jersey each appoint six commissioners, subject to confirmation by their respective state senates.3Ballotpedia. New York-New Jersey Port Authority Compact of 1921 Those commissioners have final say over the tower’s security protocols, capital improvements, and major lease agreements.
The Durst Organization’s Minority Interest
In 2010, the Port Authority selected the Durst Organization to negotiate an equity membership interest in One World Trade Center LLC, the legal entity that holds the building. Durst made a minimum investment of $100 million for its stake.4Port Authority of New York and New Jersey. The Durst Organization Selected to Negotiate Equity Membership Interest in One World Trade Center That investment bought approximately 10 percent of the building’s equity.5Skidmore, Owings & Merrill. A Closer Look One World Trade Center
Durst, a family-run firm with decades of experience in Manhattan commercial real estate, took on day-to-day management responsibilities including leasing, tenant relations, and building operations. The arrangement lets the Port Authority keep majority ownership and decision-making authority while handing the commercial side to a company whose core business is filling and running office buildings. In 2024, the two partners marked the tenth anniversary of the building’s opening and described the arrangement as a “unique public-private partnership.”6Port Authority of New York and New Jersey. Port Authority, Durst Organization Mark 10th Anniversary of Opening of One World Trade Center
Durst’s 10 percent stake entitles the firm to a share of the building’s operating income, giving both partners a financial reason to keep occupancy high. Condé Nast Publications has anchored the tower since it opened in 2014, with Ameriprise, Carta, Stagwell, and other media and technology firms among the tenants.7The Durst Organization. One World Trade Center
Who Owns the Land Underneath
Ownership of a Manhattan skyscraper usually involves two separate questions: who owns the building, and who owns the land. For One World Trade Center, the answer to both is the Port Authority. The agency holds the 16-acre WTC campus outright and holds the dominant equity stake in the tower itself.1Port Authority of New York and New Jersey. World Trade Center Information
That makes One World Trade Center different from most of the other buildings on the same site. The surrounding towers operate under a ground lease model. In July 2001, developer Larry Silverstein signed a 99-year lease on the original World Trade Center complex for $3.2 billion, and after September 11, Silverstein Properties retained long-term ground leases for several replacement towers, including 3 World Trade Center and 4 World Trade Center. Silverstein controls those buildings and collects rent from tenants, while the Port Authority still owns the land beneath them and collects ground rent. The Perelman Performing Arts Center also sits on the campus under a separate 99-year lease. One World Trade Center is the outlier: the Port Authority kept both the land and the building for itself, bringing in Durst only as a minority equity partner and manager.
Why the Tower Doesn’t Pay Standard Property Taxes
Because the Port Authority is a public agency, One World Trade Center does not pay traditional property taxes. The building instead makes payments in lieu of taxes, a common arrangement for public-private developments in New York. These payments function similarly to property taxes but are negotiated separately rather than assessed through the standard tax rolls, which gives the city revenue from the property while preserving the Port Authority’s tax-exempt status as a government entity.
A Note on the Name
Many people still call the building the Freedom Tower, the name used during early planning. The Port Authority officially moved to One World Trade Center in 2009 for leasing reasons; Chairman Anthony Coscia said at the time that the new name was “the one that is easiest for people to identify with.” Prospective tenants, including international firms, responded more warmly to a conventional office address than to one carrying heavier political symbolism. The 1,776-foot height, a reference to the year the Declaration of Independence was signed, stayed in place through the renaming and still makes the building the tallest in the Western Hemisphere.8Encyclopedia Britannica. One World Trade Center