It's official: Group M has signed a lease at 3 World Trade Center. The agreement, for 516,000 square feet—represents more than just another another media firm heading Downtown—noteworthy as that is. It also gives Silverstein Properties the long-awaited ability to finish both the financing and construction of the building at 175 Greewich St. The deal has been in the works for just under a year; a term sheet was signed in July.
Group M will occupy approximately nine floors at the base of the 80-story tower when it opens in 2017. The media investment management concern will consolidate its 2,400 employees from several Midtown locations to the Trade Center.
Lease negotiations for GroupM were handled by CBRE's Mary Ann Tighe, CEO, New York tri-state region; Gregory Tosko, vice chairman, Lauren Crowley Corrinet, vice president and Brendan Herlihy, senior financial analyst. 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, EVP and Stephen Siegel, chairman of global brokerage.
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.
“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,” says Larry Silverstein, president & CEO of Silverstein Properties. “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.”
“GroupM's move to 3 WTC is another testament to the ongoing transformation of Lower Manhattan. $30 billion in public and private investment is manifesting itself in state of the art buildings, unsurpassed regional transit options, cutting edge telecom, exciting retail and dynamic open space,” says William Bernstein, acting president of the Alliance for Downtown New York. “Leaders in the worlds of media, technology and creative services are making Lower Manhattan their home in increasing numbers. They are joining pillars of Downtown—like finance and law—to help realize the full promise of this district and animate the spectacular buildings at the Trade Center .”
According to the Downtown Alliance, 455 firms have moved to Lower Manhattan since 2005, leasing a total of 10 million square feet. 211 of those companies have been in creative or professional services, taking 51% of the space leased.
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
