HRO planned to reuse the old building's foundations and also solicited tax breaks from the city government.[15] Ronson was reportedly in discussions with Morgan Guaranty Trust and Swiss Re about anchoring the building.[16] However, in January 1996 First Boston reneged on their deal with HRO and instead signed a contract to sell the land to Bear Stearns.[14] Another conflict unfolded when First Boston's partner in the site, the al-Babtain family of Saudi Arabia, announced in February 1996 that they would be buying out First Boston's stake to take control of the entire site.[17] The family's ownership stake included a right of first refusal if First Boston attempted to sell the property.