The Twin Towers, officially known as the World Trade Center Twin Towers, were iconic skyscrapers located in Lower Manhattan, New York City, USA. Designed by architect Minoru Yamasaki, the towers became symbols of New York’s financial strength and global influence.
The complex was developed and owned by the Port Authority of New York and New Jersey (PANYNJ), a bi-state government agency created in 1921 to oversee trade, transportation, and infrastructure in the region. The North Tower (1 WTC) was completed in 1970, while the South Tower (2 WTC) followed in 1973. At their peak, they were among the tallest buildings in the world and hosted thousands of employees across finance, trade, law, and technology sectors.
Ownership Status of Twin Towers
The Port Authority of New York and New Jersey was the legal owner of the Twin Towers. However, just prior to the September 11, 2001 attacks, the Port Authority entered into a 99-year lease agreement with Larry Silverstein, a New York real estate developer and chairman of Silverstein Properties.
This lease gave Silverstein operational control, management, and the right to collect rents, but ownership of the land and buildings remained with the Port Authority.
Major Entities Involved
| Entity / Owner | Ownership / Control | Notes |
|---|---|---|
| Port Authority of NY & NJ | Full ownership | Original and legal owner of the World Trade Center complex. |
| Larry Silverstein / Silverstein Properties | 99-year leaseholder | Signed lease in July 2001, gaining control and financial responsibility. |
Key Shareholder Highlights
- Port Authority of NY & NJ: As a public agency, the Port Authority maintained ownership of the land and physical structures. Its goal was not profit-making but infrastructure and economic development.
- Larry Silverstein: By acquiring the lease, Silverstein took on management responsibilities, including insurance coverage, maintenance, and leasing to tenants. Notably, Silverstein Properties had been a long-time stakeholder in downtown Manhattan real estate.
Recent Developments in Ownership
After the September 11 attacks destroyed the Twin Towers, the leaseholder Silverstein Properties became central to the rebuilding efforts. The One World Trade Center (Freedom Tower) and other towers on the redeveloped site are part of the new World Trade Center complex.
Ownership of the site remains with the Port Authority, while Silverstein Properties continues to lease and manage much of the office space developed in the rebuilt complex.
FAQs
Q. Who owned the Twin Towers before 9/11?
The Port Authority of New York and New Jersey owned the Twin Towers.
Q. Did Larry Silverstein own the Twin Towers?
Not exactly. Larry Silverstein did not own the towers but leased them under a 99-year agreement starting in July 2001, just weeks before the September 11 attacks.
Q. Who owns the World Trade Center site today?
The Port Authority of New York and New Jersey still owns the site, while Silverstein Properties leases and manages significant portions of the new buildings.
Q. When were the Twin Towers completed?
The North Tower was completed in 1970 and the South Tower in 1973.
Q. Who built the Twin Towers?
They were designed by Minoru Yamasaki and developed by the Port Authority of NY & NJ.