History
On February 15, 2001, the Port Authority announced that Vornado Realty Trust had won the lease for the World Trade Center, paying $3.25 billion for the 99-year lease. Silverstein Properties was outbid by $30 million by Vornado. However, Vornado balked over lease terms and possible tax liabilities that Silverstein was willing to accept. Silverstein's bid for the lease to the World Trade Center was accepted on July 24, 2001.
On May 14, 2009, Vornado issued a press release announcing that the board had voted to replace Roth with Fascitelli as CEO of the company. Roth will remain chairman of the board, and Fascitelli will be the President and CEO of the company.
Read more about this topic: Vornado
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