One World Trade Center to have China Center

There is going to be a new Chinese presence amid the city of New York. Really? Yes, it is but none should expect that it will be either of the Ministry of State Security (MSS) Chinese: Guojia Anquan Bu (Guoanbu) or of People’s Liberation Army (PLA). There will be a China Center in New York’s famous One World Trade Center but on account of the term of a contract between a Chinese company with the U.S. authorities.

Well, let’s be more candid. The organizations that inked the lease included Vantone Industrial Co., Ltd and the Port Authority of New York and New Jersey, making the company the first tenant of the building. It has been learnt that the China Center would be a 190,810-square-foot (about 17,726 square meters) business and cultural facility, located on part of the 64th floor and the entire 65th through 69th floors of One World Trade Center.

Nevertheless, it should be mentioned, the China Center provided the Port Authority with a 10-million-U.S.-dollar letter of credit right away after the signing. What is the scope of the lease? According to information, the lease is for 20 years and nine months and will be effective upon completion of the building in 2013. It is worthwhile to mention, in this context, that New York City Investment Fund has invested up to 3 million dollars in funding to support the China Center. The Fund happens to be the economic development arm of the Partnership for New York City.

Speaking on this, Port Authority Chairman Anthony R. Coscia said, “signing up the China Center on competitive terms and in a struggling economy is a firm stamp of approval for the World Trade Center site as a world-class business destination.” On the other hand, Port Authority Executive Director Chris Ward stated, “today’s lease signing marks a new chapter in the progress of One World Trade Center. Not only can we see the tower coming to life nearly 10 stories above street level, but we have leases to match our construction progress.”