PARAMUS, N.J. — The Port Authority of New York and New Jersey have reportedly entered into a 20-day exclusive negotiating period with Vornado Realty Trust on the 99-year lease for the World Trade Center in New York City. The winning bid for the lease was nearly $3.25 billion.

The Board of Commissioners of the Port Authority has instructed its staff and advisors to present the final contract for approval at a special meeting scheduled for March 14.