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.
The 52-story tower is bound by Greenwich, Vesey, Washington and Barclay streets. Tenant floors begin at the 11th floor above grade. According to a source, asking rents at the site range from $50 per sf to $55 per sf, depending upon the floor number. When coupled with incentives, the rents are brought down into the $40s.
Beijing Vantone was represented by Peter Riguardi, president of Jones Lang LaSalle's New York region. He was assisted by John Ryan and Paul Mas, both executive vice presidents with the firm's local office. Xue Ya and Andrew Swain are Vantone's representatives here leading the project development.
Josef Mittleman, chief operating officer for Silverstein Properties and Cathy Giliberti of Silverstein Properties are overseeing the negotiation for the ownership. The agency leasing team from CB Richard Ellis for the site is led by Mary Ann Tighe, chief executive officer of the firm's New York Tri-State Region, Stephen B. Siegel, chairman, global brokerage, and Simon Wasserberger, first vice president.
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