NEW YORK CITY—Silverstein Properties has signed a 17-year lease with SNY for 83,000 square feet of office and studio space at 4 World Trade Center. SNY—owned by Sterling Entertainment Enterprises, Time Warner, and Comcast NBC Universal—will move its Manhattan headquarters and relocate its broadcast studios from Midtown to the 49th and 50th floors of 4 WTC.
In addition, Sterling Equities and Sterling Project Development will join SNY at 4 WTC, establishing the location as their official Manhattan offices. The final tower planned for the 16-acre World Trade Center site will open in 2020.
"This confirms Downtown's emerging status as the new media capital of America," declares Larry Silverstein, chairman of Silverstein Properties. "Nothing says New York more than the World Trade Center, SNY and the Mets."
Adds Fred Wilpon, chairman, co-founder of Sterling Equities, "This is a historic move, as 4 World Trade Center is the perfect home for SNY and Sterling. Downtown has undergone a total transformation, at the World Trade Center, and we're excited to be involved."
Jeremy Moss, director of World Trade Center leasing for Silverstein, led the negotiations for the landlord, together with the CBRE agency team including Steve Siegel, Mary Ann Tighe, Adam Foster, Steve Eynon, Evan Haskell and David Caperna. SNY was represented by Scott Gottlieb, Ken Meyerson, Chris Corrinet, Dan Wilpon, Dan Knopf and Zach Weil, also of CBRE.
Russell Wohl and Ryan Knutson from Skadden, Arps, Slate, Meagher & Flom represented the landlord. Chris Smith and Jocelyn Redman from Shearman & Sterling represented the tenant.
The Downtown Alliance reports that 624 firms have moved to Lower Manhattan since 2005, leasing over 15 million square feet. Of those companies, 350 have been in TAMI (technology, advertising, media and information) businesses or professional services fields, taking 56% of the space leased.
Media companies that have moved Downtown recently include Condé Nast, Time Inc, HarperCollins, Macmillan, the New York Daily News and Broadcast Music Inc. In June 2015, Silverstein Properties 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.
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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.
