Monday, September 01, 2014

Follow us:
Follow @NY1 on Twitter Subscribe to this news feed 

News

City Shells Out $32.9M To Lease Space At World Trade Center

  • Text size: + -
TWC News: City Shells Out $32.9M To Lease Space At World Trade Center
Play now

Time Warner Cable video customers:
Sign in with your TWC ID to access our video clips.

  To view our videos, you need to
enable JavaScript. Learn how.
install Adobe Flash 9 or above. Install now.

Then come back here and refresh the page.

New York City's local government will be one of the tenants in the rebuilt World Trade Center site, and the space will not be cheap.

Developer Larry Silverstein says he has exercised his option to have city government occupy roughly one-third of the 4 World Trade Center building that was formerly known as the "Freedom Tower."

It will cost an estimated $32.9 million a year to lease.

In an effort to get construction going, the city agreed in 2006 to become a tenant at a rate of $56.50 per square foot.

On Friday, a mayoral spokesperson credited the city's efforts as a key part of moving the project forward.

The tower is expected to be completed in 2013. Under certain restrictions, the city could also sublease the space.

10.11.12.244 ClientIP: 54.242.18.232, 23.62.6.63, 10.48.37.141 UserAgent: CCBot/2.0 (http://commoncrawl.org/faq/) Profile: TWCSAMLSP