600,000 s/f GSA deal at the Freedom Tower.The U.S. General Services Administration The General Services Administration (GSA) was established by section 101 of the Federal Property and Administrative Services Act of 1949 (40 U.S.C.A. § 751). The GSA sets policy for and manages government property and records. has signed a memorandum of agreement A memorandum of agreement (MOA) or cooperative agreement is a document written between parties to cooperatively work together on an agreed upon project or meet an agreed upon objective. The purpose of an MOA is to have a written understanding of the agreement between parties. with the Port Authority to take 600,000 s/f of space in the Freedom Tower for U.S. Customs. The agreement, which is not binding and is considered by many real estate experts far from a signed lease, nonetheless goes a long way towards relieving some of the uncertainty surrounding the building's development that was created when Port Authority chairman, Anthony Coscia, hinted a few weeks ago that the Port Authority didn't have the necessary government leases in place to make the building financially feasible. "The letter of intent is a great sign of progress," Coscia said. The Port Authority has sought to secure 1 million s/f of leases from government tenants in the Freedom Tower, deals whose monetized value Coscia has said are essential to the building's financing. The deadline for the leasing commitments is September, when the Port Authority is scheduled to approve a conceptual framework For the concept in aesthetics and art criticism, see . A conceptual framework is used in research to outline possible courses of action or to present a preferred approach to a system analysis project. agreement it signed with Silverstein Properties in April that outlines, but does not yet make into a formal contract, the plan to redevelop re·de·vel·op v. re·de·vel·oped, re·de·vel·op·ing, re·de·vel·ops v.tr. 1. To develop (something) again. 2. the WTC WTC World Trade Center, see there site and give the Port Authority control over the Freedom Tower. U.S. Customs will be taking, if the deal goes through, an amount of space virtually identical to what it had previously occupied on the site. The agency was the sole tenant at 6 World Trade Center, a 7-story, 540,000 s/f building that was severely damaged by the collapse of the Twin Towers and subsequently had to be demolished. GSA (1) (Global mobile Suppliers Association, Sawbridgeworth, U.K., www.gsacom.com) A membership organization of suppliers of GSM products and services. Its goal is to promote GSM as the worldwide mobile communications standard. See GSM Association and GSM. , which is representing U.S. Customs in the ongoing negotiations and which signed the memorandum of agreement, is a federal organization that provides a broad array of government agency support functions, including real estate services. Coscia said that rents in the Freedom Tower would likely be either in the $40s or $50s per s/f. Jones Lang LaSalle Jones Lang LaSalle (NYSE: JLL) is a major real estate and money management services firm headquartered in the Aon Center in Chicago, Illinois and the only company in its industry making it into Fortune magazine's list of the 100 Best Places to Work in the U.S. is representing the Port Authority in its search for tenants for the Freedom Tower. Last week the Port Authority said that it had awarded the firm a $2 million contract to provide additional services analyzing the various contingencies in the conceptual framework agreement. |
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