West Side Yards: Tishman Still Leads as Durst-Vornado Scrambles

Tishman Speyer appears to be in the pole position going into the final stretch of the West Side rail yards saga, as the Metropolitan Transportation Authority, as of this morning, was still negotiating with the firm to hammer out an agreement before Wednesday’s MTA board meeting, according to three people familiar with the talks.

Yesterday, the other team left standing, a venture of the Durst Organization and Vornado Realty Trust, tried to breathe some life into its proposal with a clarification of its bid that had a sweetened financial offer, according to two people with knowledge of the move.

Still, Durst-Vornado seems to remain the backup should negotiations with Tishman prove fruitless. Tishman, which envisions the complex as a heavy office district, offered more cash up front with a better overall financial package, two people said. The Durst-Vornado team, which relies on more residential development, boasts anchor tenant Conde Nast (Morgan Stanley dropped out of Tishman’s bid as its anchor tenant).

West Side Yards: Tishman Still Leads as Durst-Vornado Scrambles