The Battle For Ground Zero, Part 220

In a follow up to yesterday's posting on the 14th anniversary of the 1993 WTC Bombing, here's a New York Post story about the memorial service held yesterday to mark the occasion.

It's important to recall the 1993 bombing because the Port Authority instituted significant changes in emergency procedures and infrastructure. While it took hours to evacuate the towers in 1993, the evacuation took a fraction of that time in 2001. Thousands of lives were saved as a result of the improvements, though they were insufficient for 2,746 others who died at the Twin Towers on 9/11.

Even now, more remains continue to be found at Ground Zero along the access road from the 9/11 attacks.

Meanwhile, the rebuilding continues as does the real estate deals for 7WTC and prospective deals in the Freedom Tower. Moodys is looking to take another 80,000 sf in 7WTC, which would bring its total commitment to nearly 700,000 sf.

One of the big surprises is that 7WTC can command 50-70% more per square foot than what naysayers were hoping for just a few years ago. Instead of rents in the low $50s, the top floors of 7WTC could fetch $80 per sf. That once again proves Silverstein's logic in rebuilding.

That logic may be pouring over into the Freedom Tower. Beijing Vantone is looking to secure a large amount of space in the Freedom Tower, but they keep running into difficulties in securing a line of credit that shows that they are capable of leasing the space. It is the ongoing failure to secure a line of credit that flushed their earlier deals at 7WTC.

As The Post first reported last week, Vantone scuttled a signed lease with the owners of 195 Broadway by reneging on a promised letter of credit.

Last year, a deal with Larry Silverstein at 7 WTC fell apart for the exact same reason.

Vantone is believed to be interested in as much as 700,000 feet in the Freedom Tower, compared to 200,000 at the other locations.

Shorris said, "Vantone did approach us. We'll see what they're up to in this case. It's in our interest to pursue everything and I wouldn't rule out or rule in anybody."

Shorris said he hoped a tentative agreement with the state Office of General Services for 415,000 square feet, announced last fall, could be completed within a few months.

A larger possible lease with the Federal General Services Administration might take longer because it requires congressional approval.