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Deals & Dealmakers

Silverstein signs four more tenants at 4WTC

Silverstein Properties announced that it has signed leases with four companies for a combined 71,000 s/f of office space at 4 World Trade Center.

To date, 1.36 million square feet have been leased, totaling 62 percent of the available space in the building.

The new tenants are PadillaCRT, a public relations and communications company; Dixon Hughes Goodman LLP, one of the top 20 public accounting firms in the U.S.; Syntactx, a Contract Research Organization that specializes in medical device, pharmaceutical, and genetics clinical trials; and Silver Suites Offices, a high-end pre-built executive offices company.

“Smart, creative and growing companies of all types are moving to the new World Trade Center,” said Janno Lieber, president of World Trade Center Properties, an affiliate of Silverstein Properties.

“These firms want to be in new, high-tech, green buildings right next to the best mass transit in the city and ultra-convenient to the Brooklyn, Lower Manhattan and New Jersey neighborhoods where their young talent is choosing to live. That’s why more than seven million square feet of office space has already been leased or committed at the World Trade Center.”

Currently located in Midtown South, PadillaCRT leased 14,639 s/f on the 48th floor of 4 WTC for 15 years. The balance of the floor was leased last year to Morningstar, the investment management firm, which took 30,000 s/f in the tower.

Headquartered in Charlotte, NC, Dixon Hughes Goodman LLP leased 5,023 s/f on the 44th floor for seven years. The company was previously a tenant at Silver Suites at 7 WTC, along with Syntactx, which leased 6,930 s/f for seven years, also on the 44th floor.

Silver Suites Offices is expanding from 7 WTC into 44,000 s/f on the 29th floor of 4 WTC, with 80 pre-built, business-ready offices and multi-room suites of varying sizes, many with breath­taking views.
Silver Suites Offices at 4 WTC will open in October 2015 with a full complement of amenities and services as well as à la carte and all-inclusive packages designed to suit each company’s needs.

MediaMath and Morningstar are building out their space and will move in in the fall. IEX, the start-up stock market moved into the building in May.

The 4 WTC leases follow a series of high-profile milestones for Silverstein Properties in Lower Manhattan: In June 2015, the company signed a letter of intent with 21st Century Fox and News Corp to move their headquarters into 1.3 million square feet at 2 WTC. The final tower planned for the 16-acre World Trade Center site is being designed by Bjarke Ingels Group and will open in 2020.

Late last year, the company successfully financed and recommenced construction on 3 WTC. The Richard Rogers-designed 80-story tower is currently at the 31st floor, will top out towards the end of 2016 and will open in early 2018.

GroupM, the world’s leading media investment management group, signed a 20-year lease for 515,000 square feet on nine floors at the base of the building.

In January, the company topped-out the 82-story Four Seasons Hotel and Private Residences Downtown New York, and has sold 70 percent of the residences at 30 Park Place. That project will open mid-2016.

The area south of Chambers Street now boasts over 800 TAMI (Technology, Advertising, Media, Information) companies, ranging from scores of smaller, ambitious tech start-ups to media companies like Time Inc., Condé Nast and HarperCollins to cutting edge advertising and branding firms like Droga5, Group M and MediaMath.

According to the Downtown Alliance, 607 firms have moved to Lower Manhattan since 2005, leasing a total of 15.2 million square feet.

Of those companies, 343 have been in TAMI or Professional Services fields, taking 58 percent of the space leased.

Jeremy Moss, Director of World Trade Center Leasing for Silverstein Properties, and Camille McGratty, Vice President of Leasing, led the negotiations for the landlord, together with the CBRE agency team including Steve Siegel, Mary Ann Tighe, Adam Foster, Steve Eynon, Evan Haskell, Ken Meyerson and David Caperna.

“In the last four and half years, over 10 million square feet have been leased or committed Downtown to companies that have relocated from Midtown or Midtown South,” said Jeremy. “That’s equal to the entire Austin, Texas central business district. This has turned a 60-year trend on its head.”

Lease negotiations for PadillaCRT were handled by David M. Kleinhandler, Senior Vice President, and Jared Freede, First Vice President, CBRE. Mark Maltz and Amanda Kinney of Davis & Gilbert LLP represented the tenant and Russell Wohl and Ryan Knutson from Skadden, Arps, Slate, Meagher & Flom LLP represented the landlord.

Dixon Hughes Goodman LLP was represented by Rob Wizenberg, Vice President, CBRE. Charles A. Alt , General Counsel, Dixon Hughes Goodman LLP represented the tenant and Russell Wohl from Skadden, Arps, Slate, Meagher & Flom LLP represented the landlord.

Syntactx was represented by Susan T. Grayburn, Attorney at Law and Russell Wohl from Skadden, Arps, Slate, Meagher & Flom LLP represented the landlord.

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