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Leasing submission report for 7 World Trade Center, Oct 1997

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A six-page report detailing leasing negotiations and building sale updates for the Mayor's Office of Emergency Management at 7 World Trade Center.

NYC-WTC_000171020–000171025

Folder label: “Bi-weekly/Monthly submission®Leasing 10/1/97

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NYC 9/11 Public Portal Document

Bi-weekly/Monthly submission Leasing 8/20/97

OEM at 7 World Trade Center

DCAS and OEM met with the landlord, Silverstein Properties, and its preferred architect, Swanke Hayden Connell, on August 19* to review the scope of work in order for the architect to submit a fee proposal to the landlord. Also in attendance was EIS, a systems consultant selected by OEM to assist the architect in the design of the Emergency Operations Center. We anticipate the architect to be engaged by the landlord and to commence preliminary design work by the end of August.

DCAS and the Law Department also met with the landlord and its attorney on August 21” to review the most recent draft lease document prepared earlier this month. Very few major issues remain. The schedule for completion remains (a) submission of the “Notice of Intent to Acquire” in November and approval by the City Planning Commission and City Council in late December, (b) a Real Property Public Hearing for approval of the business terms in early January with lease execution immediately thereafter and (c) construction of the office space by the end of March 1998 with construction of the EOC by the end of May.

Courts at 141 Livingston Street

DCAS has had several discussions with the landlord and the landlord’s agent over the last few weeks regarding the landlord’s most recent demand (included in the most recent July SI" draft lease) that the City have the right to cancel the lease in whole only, not in part. Previously the City had the right to cancel in part. Since the long term plan is to move these two Courts, Housing and Civil, to two separate locations, ideally the City needs to be able cancel in part. If we can only cancel in whole, we will need to coordinate the moves of these two Courts to minimize the possibility of rent being paid on vacate space. This demand remains non-negotiable and a “deal breaker” from the landlord’s perspective. The landlord feels if one Court vacates before the other, the vacated space cannot be marketed successfully to other tenants. It appears that we will need to agree to this demand to finalize the lease in the near future. If we agree to this provision now, the lease could be finalized and presented to a real property hearing for approval in October.

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NYC-WTC_000171022

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NYC-WTC_000171022Source: NYC Law Department, mirrored locally

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