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China Center to be established in New York's famous building

(Xinhua)
Updated: 2009-03-27 14:42

A Chinese company Thursday signed a lease with the US authorities to establish a China Center in New York's famous One World Trade Center.

Vantone Industrial Co Ltd and the Port Authority of New York and New Jersey inked the lease, making the company the first tenant of the building.

The China Center would be a 190,810-square-foot (about 17,726 square meters) business and cultural facility, located on part of the 64th floor and the entire 65th through 69th floors of One World Trade Center.

Immediately after the signing, the China Center provided the Port Authority with a $10-million letter of credit.

The lease is for 20 years and nine months, effective upon completion of the building in 2013.

The New York City Investment Fund, which is the economic development arm of the Partnership for New York City, has committed up to $3 million in funding to support the China Center.

The Investment Fund worked with Vantone to gain the support of the Chinese government for one of the first authorized offshore real-estate investments.

Port Authority Chairman Anthony R. Coscia said, "signing up the China Center on competitive terms and in a struggling economy is a firm stamp of approval for the World Trade Center site as a world-class business destination."

"We look forward to building on today's success and securing other quality tenants for One World Trade Center from around the globe," he added.

Port Authority Executive Director Chris Ward echoed Coscia's views, saying "today's lease signing marks a new chapter in the progress of One World Trade Center. Not only can we see the tower coming to life nearly 10 stories above street level, but we have leases to match our construction progress."

"We are thrilled to have a finalized agreement with the Port Authority and are honored to be the first private company to sign on as a tenant in the most important US development project," said Feng Lun, Vantone's chairman.

"At the same time, we will be able to serve the growing number of US companies that want to break into the Chinese market," he added.

One World Trade Center would incorporate new architectural and environmental standards, setting a new level of social responsibility in urban design.

Upon completion, One World Trade Center will include 2.6 million square feet of office space on 70 office floors, a grand public lobby with a 50-foot ceiling, an observation deck 1,265 feet above ground, a skyline restaurant, a wide array of shopping opportunities and ample parking.

The Port Authority of New York and New Jersey also operates many of the busiest and most important transportation links in the region.