Updated 02/25/2011 09:34 PM
City Shells Out $32.9M To Lease Space At World Trade Center
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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.