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After years of talk, Bloomberg News reports that Beijing-based firm Vantone has agreed to lease with the Port Authority for at least four floors at Freedom Tower. Vantone, which described its plans for the space as a "combination chamber of commerce and cultural center" last year, will occupy 190,000 square feet of space at about $80 per square foot "on a 23-year lease that provides for rent increases every five years," a source told Bloomberg News. The Observer points out, earlier this year, the Port Authority "transferred rent incentives once intended for a JPMorgan Chase tower downtown to the Freedom Tower, perhaps a sign that Vantone will benefit from the subsidies, valued at $5 a square foot." The deal is expected to be announced tomorrow; Freedom Tower is expected to be completed in 2013. Developer Larry Silverstein is reportedly looking for some more help to finish the other towers at the site.
Chinese Firm Agrees To Freedom Tower Lease
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Clinton St and Atlantic Ave 11201 for xmas trees. woops
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Larry, focus on the freedom tower and put the rest on hold. It makes no sense trying to complete the rest of the towers if no one wants to occupy them.
Do what they did with the Gehry building and cut your losses.
Isn't this the same group the has screwed over various developers in lower Manhattan before? I seem to remember reading about them reneging on a couple of lease deals.
A communist firm agrees to lease a capitalist tower built upon the ideals of freedom. I think they can smell the irony all the way in California.
The WTC rebuild is a doomed project. The WTC was a great idea 50 years ago but unnecessary today. It's because of shifts in global markets and communication advancements. What doomed the WTC is that it became too political.
Smart move by Vantone: leasing anywhere else meant they would have views of that nasty piece of shit.
Sorry Jen...you inferred wrong. Silverstein no longer hold the lease on the Tower One (Freedom Tower),...he only has 2, 3, & 4.
Tower One is now the responsibility of the Port.