By Linda O’Flanagan
Developer Larry Silverstein has unwrapped a 516,000 s/f deal that will allow him to press on with the completion of 3 World Trade Center.
The developer announced on Monday that the much talked-about lease with media investment company GroupM, had been signed for a term of 20-years.
The firm will occupy 516,000s/f on nine floors at the base of the 80-story tower. As of October 2013, its below-grade foundations are complete, and several floors have been built above street level.
GroupM, which becomes the first tenant to lease space in the building, will consolidate its 2,400 employees from several Midtown locations to 3 World Trade Center when it moves into the building, which will open in 2017.
With this lease, Silverstein Properties will now move forward to complete the financing and construction of the tower at 175 Greenwich Street.
With the GroupM lease, a total of five million square feet of office space has now been leased at the new World Trade Center.
Companies that have moved or committed to space include Condé Nast, BMI, Omnicom, Moody’s, WilmerHale, Fast Company and Inc. magazines.
“GroupM is looking forward to becoming part of one of the most vibrant and important neighborhoods in New York City,” said Kelly Clark, CEO of GroupM North America.
“I want to thank and congratulate everyone who helped us reach this exciting, historic agreement – especially Governor Cuomo, Mayor Bloomberg, and all of their associates at the state and city levels.”
“Our agreement with GroupM to be the first tenant for 3 World Trade Center is another in a string of huge milestones at the World Trade Center,” said Larry A. Silverstein, president & CEO of Silverstein Properties Inc.
“Our firm recently opened 4 World Trade Center, the first tower to be completed at the 16-acre site. In addition, 2014 will see the completion of One World Trade Center and the 9/11 Museum. I congratulate GroupM and thank our government partners at the World Trade Center for helping ensure continued momentum in Lower Manhattan.”
Lease negotiations for GroupM were handled by the CBRE team led by Mary Ann Tighe, Gregory Tosko, Lauren Crowley Corrinet and Brendan Herlihy. Jeremy Moss, director of World Trade Center leasing for Silverstein Properties, handled lease negotiations for the landlord together with the CBRE WTC agency team led by Peter Turchin and Stephen Siegel.
Designed by Pritzker-prize winning architect Richard Rogers and his firm Rogers Stirk Harbor + Partners, 3 WTC will integrate into Downtown’s streetscape, with a major concentration of retail. Catherine McVay Hughes, chair of Community Board One.
“The ability to get the financing in place now is important so that the build out of 3 WTC continues to completion. The community cares about this because it means that the sidewalks on Dey & Cortland Streets and Greenwich & Church Streets will be restored and open. In addition, there will finally be access to the major transportation hub which has the PATH and subway lines as well as fine shopping along the way.”
