New York - A decade after the WTC tragedy, the construction of One WTC has become a symbol of the renewal of downtown Manhattan. Orrick's Public Finance team has represented the Port Authority in raising more than $1bn to finance the construction, which will support the redevelopment of the site. New York tax partner Richard Chirls and New York public finance partner Damon Pace led Orrick's representation of the Citigroup underwriting syndicate. New York global finance and corporate partner Bill Haft and New York global finance associate Njoki Gatimu coordinated a global review by Orrick lawyers of security laws in 15 different countries to permit the offering and sale of the bonds in the international markets.
This financing was the most recent stage of Orrick's ongoing involvement in a series of financings for the World Trade Center site, which has also included representation of Citigroup's underwriting of the Port Authority's $850 million of bonds in 2010 and $750 million in 2009.
Orrick's work on this important project continues today. The Orrick team is currently representing the J.P. Morgan syndicate to underwrite a $700 million Port Authority bond issue scheduled to close at year-end.
"When the redevelopment of the World Trade Center site is complete, it will comprise more than 10 million square feet of commercial space," said New York tax partner Richard Chirls. "I am really proud that Orrick played a role in the financing of this extraordinary project."