Results tagged “vantone”

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.

The Port Authority says that a Beijing-based real estate developer will lease around 200,000 square feet at Freedom Tower (building on the far left). The news is notable because the only two other tenants are government agencies - the U.S. General Services Administration and the state office of General Services.