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China's Vantone Signs 20 yr Lease at 1-World Trade Center
LINK TO FULL STORY AT GLOBEST
NEW YORK CITY-Vantone Industrial Co., Ltd., one of the largest real estate investment companies in China, signed a 20-year lease for 190,810 square feet of space at the future One World Trade Center. Following the signing on Thursday at the monthly meeting of the Port Authority of New York and New Jersey's board, Vantone provided a $10-million letter of credit to the authority, which owns the tower.
The deal paves the way for a Vantone unit, China Center New York LLC, to build out a business and cultural facility that will occupy portions of the 64th floor as well as the entire 65th through 69th floors of the 102-story tower now rising at Ground Zero. The new facility will serve as a hub for Chinese firms developing US operations, as well as US companies looking to do business in China or expand ongoing operations.
Contrary to widely reported name changes, Port Authority spokesperson Steve Coleman confirmed to Globest.com, that One World Trade Center still incorporate 'Freedom Tower' as the second half of its name.
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