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Chinese Firm Agrees To Freedom Tower Lease
By
Jen Chung
Published Mar 25, 2009
Modified Mar 25, 2009
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By
Jen Chung
Published Mar 25, 2009
Modified Mar 25, 2009
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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.
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freedom tower
Silverstein Properties
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Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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