Harlem’s most famous tenant has renewed his lease at a savings to the U.S. taxpayer.

Former President Bill Clinton, who caught some by surprise when he chose the 14-story building at 55 W. 125th St. for his offices after leaving the White House, has signed up for another 10 years. The lease for the 8,715 square feet on the building’s top floor was negotiated by the U.S. General Services Administration.

“The neighborhood has always been an endlessly fascinating and unique place for him,” a spokesman for the William J. Clinton Foundation wrote in an e-mail.

It’s also now less expensive. Like most other office markets in the city, Harlem’s has been battered by the economic downturn. Annual rent for the space will total about $399,931 during the lease’s first five years, according to the General Services Administration. That’s approximately $100,000 less annually than the current rent of about $506,777.

Taxpayers foot the bill for the offices, as all former presidents are provided “suitable” office space under the Former Presidents Act of 1958. When the original lease was signed, it was one of the most expensive office spaces ever leased by a former president.

But Mr. Clinton’s rent is now less than the roughly $701,636 annual rent on the 15,678-square-foot presidential Dallas offices of former President George W. Bush, according to the GSA.

Still up in the air is the fate of William J. Clinton Foundation offices, which are on the 11th and 13th floors of the same Harlem building. Its lease for about 19,000 square feet expires next summer, according to the spokesman. That rent is paid by the foundation and not taxpayers.

Mr. Clinton’s decision to lease in Harlem helped fuel the renaissance that area has enjoyed over the past 20 years.

Residential real estate prices have risen and new development has sprouted on 125th Street and other commercial areas, although the area has cooled off since the recession.

(Source: WSJ)