THE PORT AUTHORITY OF NY & NJ
Press Release Article
PORT AUTHORITY BOARD APPROVES AGREEMENT WITH PRIVATE-SECTOR TENANT FOR FREEDOM TOWER
Date: Jun 30, 2008
Press Release Number: 65-2008
The Port Authority Board of Commissioners today authorized an agreement with China Center New York LLC for space in One World Trade Center, the Freedom Tower - the first private-sector office tenant committed to the building.
China Center - which will be built by Beijing Vantone Real Estate Company - will lease approximately 190,000 square feet of office space on parts of the 64th floor, and the entire 65th through 69th floors, and approximately 5,000 square feet of storage space.
The agreement calls for a lease of approximately 23 years from the time the tower opens. The China Center will have the right to lease two additional contiguous floors at the same terms no later than June 30, 2009.
Port Authority Chairman Anthony R. Coscia said, “The Freedom Tower, coupled with other office and retail space on the World Trade Center site, will shape the economic future of Lower Manhattan. Signing up the China Center speaks to our belief in the World Trade Center as a world-class business destination, and will help us attract additional public- and private-sector commitments at the site.”
Port Authority Executive Director Christopher O. Ward said, “This agreement is a clear sign that the private sector believes in the World Trade Center as a prime location to do business and will give us important momentum as we get the entire rebuilding effort at the World Trade Center site on track.”
The China Center will serve as a base for Chinese businesses looking to operate in the United States. It will include a conference-and-events center for its tenants.
The China Center will pay rents for its office space that begin at $80 per square foot and escalate every five years.
Construction of the Freedom Tower began in April 2006 and significant progress has been made during the past two years. Seven of 24 jumbo columns that will form the perimeter of the tower have been installed above street level, with column installation to continue throughout the summer.
The tower’s 500,000 square-foot subgrade area is nearly complete. It involved the installation of approximately 22,000 cubic yards of concrete and more than 1,000 tons of steel.
Port Authority of New York and New Jersey
Candace McAdams, 212 435-7777, email@example.com
Steve Coleman, 212 435-7777, firstname.lastname@example.org
The Port Authority of New York and New Jersey operates many of the busiest and most important transportation links in the region. They include John F. Kennedy International, Newark Liberty International, LaGuardia, Stewart International and Teterboro airports; AirTrain JFK and AirTrain Newark; the George Washington Bridge and Bus Station; the Lincoln and Holland tunnels; the three bridges between Staten Island and New Jersey; the PATH (Port Authority Trans-Hudson) rapid-transit system; the Port Authority-Downtown Manhattan Heliport; Port Newark; the Elizabeth-Port Authority Marine Terminal; the Howland Hook Marine Terminal on Staten Island; the Brooklyn Piers/Red Hook Container Terminal; and the Port Authority Bus Terminal in midtown Manhattan. The agency also owns the 16-acre World Trade Center site in Lower Manhattan.
The Port Authority is financially self-supporting and receives no tax revenue from either state.