Contemporary Examples
The Salvador Dali Museum in St. Petersburg, Florida secured a 99-year lease in 2007.
Highway 407 in Toronto, Ontario was leased to a consortium of investors under a 99-year lease in 1999.
Via Silverstein Properties and Westfield America, Larry Silverstein made a $3.2 billion bid on the World Trade Center in January 2001. Silverstein was outbid by $50 million from Vornado Realty. However, Vornado soon withdrew and the World Trade Center was secured by Silverstein on 24 July 2001. The lease agreement applied to One, Two, Four, and Five World Trade Center, and about 425,000 square feet (39,500 m2) of office space. Upon leasing the properties, Silverstein insured the World Trade Center, and after the 11 September attacks which totally destroyed the property including Six and Seven World Trade Center, Silverstein sought for $7.1 billion (two times the insured price) after the destruction because he interpreted the two plane crashes as "two occurrences".
Read more about this topic: 99-year Lease
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