Droga5 Inks Massive Expansion Downtown

120 Wall St. is now 100% occupied.   Photo Credit: Silverstein Properties

NEW YORK CITY—Global ad agency Droga5 is more than doubling its significant presence at 120 Wall St . in Lower Manhattan. The company, which currently occupies 97,000 square feet on six floors of the 34-story tower, has signed a lease for an additional 110,000 square feet at the 650,000-square-foot tower. The transaction brings the property, owned by Silverstein Properties , to 100% occupancy. “The decision by Droga5 to expand Downtown is part of a seismic shift that has taken place in Lower Manhattan over the past decade,” says Larry Silverstein , chairman, Silverstein Properties. “While still the undisputed capital of international finance, Lower Manhattan has also remade itself into the new media and entertainment capital of America.” The developer points out that the area south of Chambers Street boasts more than 800 TAMI companies, including Condé Nast , Time Inc ., HarperCollins , Macmillan and Broadcast Music  Inc ., as well as prominent advertising and media agencies such as GroupM and MediaMath . “We are thrilled to have the opportunity to grow in one of the most vibrant and important neighborhoods in New York City,” says Amir Feder , CFO of Droga5.  “We’ve doubled in size since we moved into 120 Wall Street in early 2014 and we are very excited for the future of our company and the area.” According to the Downtown Alliance , 624 firms have moved to Lower Manhattan since 2005, leasing more than 15.8 million square feet.  Of those companies, 361 have been in the TAMI or professional services fields, taking 57% of the space leased. “Lower Manhattan is firmly establishing itself as one of the most dynamic, exciting places for companies to set up shop,” states Downtown Alliance president Jessica Lappin . “We’ve seen this transformation as hundreds of the most innovative firms and creative industries have flocked to the district.  Droga5 was one of the first pioneers to locate in Lower Manhattan, and we’re thrilled to see them expand to this impressive new size.” Roger A. Silverstein , EVP and Joseph Artusa , SVP, of Silverstein Properties handled lease negotiations for the landlord. Ken Siegel and Howard Hersch of JLL handled lease negotiations for Droga5.