The Handshake

Issuing a press release at noon Tuesday, Larry Silverstein confirmed that Beijing Vantone agreed to basic terms of the 200,000-square foot lease at 7 World Trade Center. Along with a lot of quotes from every public official who had anything to do with financing the building or luring the tenant is an intriguing history. It started in June 2004 when the city's Economic Development Corporation first met with the Chinese real estate firm. Next, the E.D.C., along with the Partnership for New York City, brought a group of 20 American chief executives to Beijing last May. Subsequent visits by Silverstein and Governor Pataki sealed the deal. Crain's is reporting that the rent is a tad more than $50 a square foot. -Matthew Schuerman