|Twin Towers of the World|
Trade Center before 9/11
"charges an initial $200,000 for use of the name on a building, plus $10,000 in annual membership fees. The Port Authority, owner of the nearly completed skyscraper called One World Trade Center, pays the $10,000 fee, records show. Silverstein Properties, the firm that is building three other towers on the site that also use the name, has an undisclosed agreement with the association, Richie said.
Each year, more than 320 members, public and private, also pay. In 2011, the company’s revenues were $6.9 million.
Its members are an eclectic mix.
The one in the United Arab Emirates city of Dubai is a 39-story tower with embassies, government offices and corporate headquarters. Boston’s is a 428-room luxury hotel and large convention center on the seaport.
There is also one in a run-down storefront off Hudson Street in Hackensack. Suite 1 of the building is the home of the World Trade Center of Northern New Jersey, which doubles as a real estate office.
Members can use the facilities of other World Trade Centers around the world. And the association encourages minimum standards for all its facilities, from hosting periodic speakers’ series to hanging clocks with worldwide time zones.
But use of the name is perhaps the most valuable.”
|One World Trade Center|
Still, even if PANYNJ is getting a bargain deal, there is a sense of unfairness surrounding the circumstances leading to WTCA's ownership of the trade marks. As an asset, IP can be bought, sold, licensed or gifted just like any tangible asset. PANYNJ thus had every right to sell (really, gift, considering the $10 price tag) its trade marks to WTCA, even if it later regrets the transaction. To that end, maybe Neil is right in suggesting that we be wary of considering IP as an asset lest its value be taken for granted. This Kat, for one, believes IP is an asset - a valuable one that should be treated with greater reverence considering the long term potential returns.
9/11 Memorial here
The World Trade Center in Movies here
Banksy's opinion of One World Trade Center here