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In Personal Call to Acting GSA Administrator, Schumer Presses Agency to Finally Sign-off on Lease Agreement for One World Trade Center; Term Sheet Was Signed Over 7 Months Ago

Schumer Led the Call for Feds to Lease Space at 1 World Trade Center – To Make It Clear to Other Prospective Tenants that Lower Manhattan Was Open for Business in Aftermath of September 11th Attacks; Final Lease Will Bring Occupancy Past Vital 50% Threshold

Schumer: We Can’t Let Current GSA Mess Derail Timeline to Finalize Lease for 1 WTC; The Time is Now to Dot the Final “I” and Cross the Final “T”


United States Senator Charles E. Schumer, in a personal call to the Acting Administrator of the General Services Administration (GSA), Daniel Tangherlini, called on the agency to move forward with signing the final leasing arrangement to facilitate federal agencies occupying 1 World Trade Center. Schumer has long pushed for the federal, state, and local government to occupy space at 1 World Trade Center to send a message to prospective private-sector tenants that the building is a desirable location to do business. As a result of Schumer’s efforts, in August 2011 the GSA signed a term sheet with 1 World Trade Center for 300,000 square feet of space in the new building. While a term sheet agreement was reached in August of 2011, over seven months later, the final lease agreement has not been signed. With the current leadership change at GSA following the spending controversy, Schumer is pushing to make sure focus is not lost on the need to promptly finalize this agreement.


“It’s well past time for the GSA to put ink to paper and seal this deal once and for all,” said Schumer. “The federal government was a key member of the World Trade Center tenant community before 9-11, and it must continue to be a significant presence now, as we stand on the precipice of a remarkable downtown resurgence. If we want to continue to attract world-class business to the new World Trade Center, we need to make sure we put our money where our mouth is and get some skin in the game. The GSA needs to sign-off on the leasing arrangement immediately and bring us past the half-way mark at 1 WTC.”


Since the signing of the term sheet in August 2011, the final lease agreement has been under review by the GSA with little-to-no movement. In his call to Tangherlini, Schumer made the case that the Port Authority needs to be able to move on and focus its attention on attracting additional tenants to the building and that the GSA need to prioritize the final signing of this agreement so that it can do so. Schumer noted that seven months was more than enough time for the agency to finalize this deal.


“We can’t let the current mess at the top of GSA derail the effort to finalize the lease at 1 World Trade Center, which is so critical to maintain positive momentum for the site and the whole downtown community,” said Schumer.


Once signed, the GSA lease will push the tenancy rate of 1 World Trade Center past the crucial 50 percent mark, providing both a significant psychological accomplishment and a major marketing tool for the Port Authority to attract other businesses. Over the last year, both Condé Nast and Vantone have inked deals to occupy the space.


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