New-tech ad agency Droga5 has signed at 92,000 s/f deal for headquarters space at Silverstein Property’s 120 Wall Street.
The 15-year leased was hailed by Governor Andrew M. Cuomo and New York City Mayor Michael R. Bloomberg who said the expansion will create up to 154 new jobs by the end of 2017.
Currently headquartered in NoHo, Droga5 struck a deal with the State and City which each made a “ strategic investment” tied to job creation that will allow the company to further expand.
Empire State Development (ESD) and the New York City Economic Development Corporation (NYCEDC) jointly offered the company World Trade Center Job Creation & Retention Program funds (JCRP) to help facilitate the creation of the 154 new jobs.
“This is another example of how the country’s leading tech, media and advertising companies are choosing New York State as the place to bring and expand their business,” Governor Cuomo said. “
New York has proven itself to be a magnet for creative firms and minds, and this fast-growing company is a testament to the reality that the state is a haven for private sector growth.”
Founded in New York in 2006, Droga5’s clients include The Coca-Cola Company, American Express, Motorola, Mondelez International, Prudential, Spotify and UNICEF.
The agency is one of the fastest growing businesses in New York City and employs nearly 200 people in the US.
Andrew Essex, vice chairman of Droga5, said, “The time has come for our real estate to match the scale of our ambitions, and 120 Wall Street and the surrounding community of industry leaders in technology and media offer exactly that.”
In March, Silverstein Properties embarked on a capital improvement program at 120 Wall Street, working with Moed de Armas & Shannon Architects to modernize the façade, lobby and elevator cabs. Rob Rogers, partner at Rogers Marvel Architects, will design the office space for Droga5.
“In the past eight months, we have signed seven leases that have brought 120 Wall Street to almost full occupancy,” said Roger Silverstein, executive vice president, Silverstein Properties.
“This is a testament to this great property and also the resiliency of Lower Manhattan.”
Silverstein and Joseph Artusa, senior vice president of Silverstein Properties, handled lease negotiations for the landlord.
Ken Siegel and Howard Hersch of Jones Lang and LaSalle and David Brooks and Marty Edelman of Paul Hastings represented Droga5 on the lease negotiations. Ross Moskowitz of Stroock & Stroock & Lavan LLP handled JCRP negotiations for Droga5.
According to the Downtown Alliance, the 391 companies that have relocated to Lower Manhattan since 2005 represent an array of industries, with creative services (including media, advertising, and architecture companies) leading the way with 28% of relocations by square footage leased.