The term sheet--which is nonbinding--indicates that both parties have agreed in principle to the major parameters of the lease. Beijing Vantone has developed Vantone New World Plaza, Air China Plaza, Wanquan Legacy Homes, Longshan Legacy Town and Beijing Central Park, among others.

The China Center concept was conceived by Beijing Vantone with support from New York City and State government and the Partnership for New York City, a nonprofit coalition of the city's leading businesses. New York City Economic Development Corp. president Andrew Alper initiated discussions with Beijing Vantone in June 2004. The New York City Investment Fund, the economic arm of Partnership for New York City, has pledged up to $3 million in funding to support the center.

Others already committed to 7 WTC include American Express spin off Ameriprise Financial which signed a 10-year lease for approximately 20,000 sf. The New York Academy of Sciences became the first tenant when it signed a 15-year, 40,000-sf lease for the entire 40th floor.