Riguardi, Ryan and Mas of JLL rep tenant in 190,810 s/f lease at One WTC

Jones Lang LaSalle (JLL) has completed a lease for Vantone Industrial Co. Ltd. at One World Trade Center, now under construction. The Chinese real estate development firm will take 190,810 s/f for 20 years at the 2.6 million s/f class A office tower. The tenant was represented by Peter Riguardi, president of JLL's New York office, along with John Ryan, managing director, and Paul Mas, executive VP. The building owner, the Port Authority of New York and New Jersey, was represented in-house. Vantone Industrial plans to open the China Center within its space at One World Trade Center. The facility, which will occupy five floors at the building, includes a private club, event space, a cultural center and incubator office space for Chinese corporations. "Vantone Industrial is the first private company to lease space at One World Trade Center," said Riguardi. "The China Center will serve as an important cultural facility representing China's dynamic business community, and One World Trade Center's iconic status and global recognition made it an ideal location for the venture." "We are honored to be the first tenant to sign a lease at the World Trade Center," said Xue Ya, executive director of the China Center. "The China Center will provide Chinese companies with office space and the resources they need to be successful here in the United States. We will also be able to better serve the many U.S. companies seeking to do business in China." "It was Vantone's desire from the very start to have the China Center be a part of the redevelopment of the World Trade Center," said Mas. "Working together, Jones Lang LaSalle was able to assist Vantone realize its goal at a world-class location." "The China Center will fuel an influx of Chinese companies into Manhattan and, from there, the rest of the country," said Ryan. "The facility has always been intended to serve as a major gateway for new business opportunities." The China Center will serve as a hub for Chinese firms developing operations in the United States and for U.S. companies that wish to conduct business in China or expand ongoing operations there. Vantone Industrial has the right to lease up to two additional contiguous floors under the same lease terms, an option that expires at the end of 2009. The 102-story One World Trade Center office tower is under construction and scheduled for completion in 2013. The Port Authority is finalizing leases at the building with the U.S. General Services Administration and the state of New York's Office of General Services that will total more than 1 million square feet of office space. The New York City Investment Fund, which is the economic development arm of the Partnership for New York City, has committed up to $3 million in funding to support the China Center. The fund worked with Vantone Industrial to gain the support of the Chinese government for one of its first authorized offshore real-estate investments. China Center has also submitted an application to be considered for the Empire State Development Corp.'s World Trade Center Rent Reduction Program, under which it may be eligible for a $5-per s/f rent credit on its leased space for 15 years.