02/23/2009 05:12 am ET Updated May 25, 2011

Ground Zero Rents Cut

Facing a rough real estate market, the Port Authority will cut tenants of the Freedom Tower and the other towers at Ground Zero a rent break.

The authority's board on Thursday approved a $61 million rent reduction program, giving tenants a $5-per-square-foot rent credit in the 1,776-foot Freedom Tower and Towers 2, 3, 4 and 5.

The credit only applies to the first 750,000 square feet of space - a small fraction of the 10 million square feet being built on the World Trade Center site.

Port Authority Executive Director Chris Ward admitted the economic crisis has made it tougher to find tenants.

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