First Lease Signed for Freedom Tower - NBC New York

First Lease Signed for Freedom Tower

    processing...

    NEWSLETTERS

    First Lease Signed for Freedom Tower
    A rendering of the planned Freedom Tower and rebuilt World Trade Center.

    The Freedom Tower has its first official tenant.

    Representatives of The Port Authority of New York and New Jersey and Beijing -based Vantone Industrial Co., Ltd., signed a lease Thursday that will create the China Center, to be located on the 64th floor through 69th floors of the Freedom Tower.

    The Freedom Tower, which will be known as 1 World Trade Center, is slated for completion in 2013.
    The Chinese developer is the first firm to officially sign a lease at the planned 102-story tower. 

    The China Center will operate as a business and cultural center and has provided the Port Authority with a $10 million letter of credit, a statement said.

    The lease is for 20 years and nine months, commencing when the building is completed in late 2013.  Rents will start at $80 per square foot and escalate in subsequent years
    Vantone has been eyeing space in Lower Manhattan for three years.

    The firm had looked to sign on at Larry Silverstein’s 7 World Trade Center and also at 195 Broadway – but both leases fell apart late in the negotiation process.

    The only other tenants slated to move into the World Trade Complex is state, city and federal government agencies who are expected to rent out more than 2.3 million square feet.  Those leases have not yet been signed.

    That leaves more than 7 million square feet unaccounted for, including two entire planned buildings.