Bloomberg

According to published reports, the deal--which has not yet been signed--is similar to a non-binding agreement announced last June by the Port Authority. At that time, Vantone subsidiary China Center New York LLC was to build out 190,000 square feet of office space on floors 64 through 69 of the Freedom Tower, along with 5,000 square feet of storage space.

The lease would have run for 23 years, with rents starting at $80 per square foot and escalating every five years, according to a release from the authority. The space would have contained the China Center, intended as a hub for Chinese businesses looking to operate in the US.

Beijing-based Vantone has been angling to take space Downtown since at least January 2006, when it inked a non-binding agreement to occupy the top five floors at Silverstein Properties Inc.'s 7 World Trade Center. The deal fell apart six months later, after Vantone failed to deliver a letter of credit to SPI on time. In early 2007, a deal to take space at L&L Acquisitions' 195 Broadway reportedly ended under similar circumstances.