Press Release Article
PORT AUTHORITY BOARD APPROVES PARTICIPATION IN PROGRAM
TO PROVIDE RENT CREDITS TO PROSPECTIVE NEW WTC TENANTS
Date: Jan 22, 2009
Press Release Number: 11-2009
Program Designed to Attract New Businesses And Retain Existing Ones in Lower Manhattan
To promote economic growth in Lower Manhattan, the Board of Commissioners today authorized the Port Authority’s participation in an initiative that provides rent credits to new tenants who lease space in the office buildings at the World Trade Center site.
The Port Authority and the Empire State Development Corporation will jointly implement a program to provide a $5 per square foot rent credit to eligible tenants leasing space in One World Trade Center, the Freedom Tower, and Towers 2, 3, 4 and 5 up to a program total of 750,000 square feet of leased space.
Port Authority Chairman Anthony R. Coscia said, “The combination of Grade A office space and unparalleled transit access will make the rebuilt World Trade Center site one of the world’s most sought-after places to do business. This program will assist us in securing commercial tenants at the site, which will help to promote economic growth in Lower Manhattan.”
Port Authority Executive Director Chris Ward said, “We’re working tirelessly to rebuild the World Trade Center and to encourage businesses to come home to Lower Manhattan. The site was a first-class place to do business in the past and it will be a premier business destination for generations to come.”
Under the program, the Empire State Development Corporation will accept applications and will determine eligibility for the credit. The maximum total benefit that will be paid per year is $3.75 million, and up to a total of $61 million over the life of the program.
The program will implement legislation adopted in New York in August 2005 to provide incentives to attract new businesses and encourage existing businesses to relocate to Lower Manhattan. A companion program under the legislation provided for rent credits for tenants making early lease commitments at 7 World Trade Center, which opened in May 2006.
The Port Authority of New York and New Jersey
Candace McAdams or Steve Coleman, 212 435-7777
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; Port Newark; the Elizabeth-Port Authority Marine Terminal; the Howland Hook Marine Terminal on Staten Island; the Port Authority Auto Marine Terminal; the Brooklyn Piers/Red Hook Container Terminal; the Greenville Yard-Port Authority Marine Terminal; and the Port Authority Bus Terminal in midtown Manhattan. The agency also owns the 16-acre World Trade Center site in Lower Manhattan and is a partner in the Access to the Region’s Core tunnel project.