Freedom Tower Nears First Major Private-Sector Lease

The Port Authority has reached an agreement with the Chinese real estate firm Vantone to lease space in the Freedom

The Port Authority has reached an agreement with the Chinese real estate firm Vantone to lease space in the Freedom Tower, a deal that, if completed, will mark the first major private sector lease for the tower.

Vantone agreed to take 190,000 square feet for a 22-year lease to make a “China Center,” starting at $80 a square foot.

However, there’s reason to keep the champagne corked for now. Developer Larry Silverstein broke off a lease deal in 7 World Trade Center with Vantone in 2006 when the firm failed to produce a letter of credit in a timely fashion. The firm then backed out of a lease deal at 195 Broadway.

Statements from the Port Authority below.

Port Authority Chairman Anthony R. Coscia said, "China Center’s expression of interest in the Freedom Tower, even before we begin our formal leasing program, strengthens our conviction that the World Trade Center site is a world-class business location. Serious interest from the China Center is a major milestone in our efforts to secure Freedom Tower tenants from around the world."

Port Authority Executive Director Christopher O. Ward said, "We’re working hard to get this tower built, and we’re also looking to attract world-class tenants to occupy it. This interest from Vantone will help us build excitement as we aggressively market this building to other prospective public- and private-sector tenants."

Freedom Tower Nears First Major Private-Sector Lease