A German financial institution that was bailed out by its government earlier this year has signed a lease to move its New York headquarters to the rebuilt 7 World Trade Center.
Mayor Michael Bloomberg and developer Larry Silverstein said WestLB is moving from midtown Manhattan to the top three floors of the 52-story tower, just north of where the twin towers stood. The original 7 World Trade Center collapsed the day of the 2001 terrorist attack.
The new building opened in 2006, and officials say it is 83 percent occupied, with more than 1.42 million square feet leased. HSBC, a banking company, recently pulled out of a deal to lease the top floors.
WestLB was one of several European institutions that lost money on U.S. subprime mortgages, and got a $7.8 billion bailout from Germany.
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