Turning The Freedom Tower Into Cash

Taking another step toward selling off the Freedom Tower, the Port Authority of New York and New Jersey has hired Deutsche Bank to explore “equity capital investments” in the building.

Michael Francois, the Port Authority’s director of development, said at a board committee meeting this morning that invitations to bid on the consulting job, which will examine ways to sell equity in the building, went out to eight leading financial firms, six of which responded. Deutsche Bank was chosen because it had the “best overall qualifications.”