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New York

GroupM in talks for 3 WTC anchor lease

3 WTC rendering
3 WTC rendering

The advertising and media company GroupM is in talks to lease a large space at 3 World Trade Center. Sources tell the New York Observer that the prospective lease inside Silverstein Properties’ Richard Rodgers-designed, 2.8 million square-foot tower would be for about  550,000 square feet — large enough for the developer to qualify for $600 million in public benefits.

Silverstein can only be eligible for city, state and Port Authority funding once a 400,000 lease deal is struck for space within the tower. UBS and Morgan Stanley both considered large leases in 3 World Trade Center, but financial sector downsizing scuttled the deals.

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The concrete base of the tower and its underground portions have already been built as they are necessary for the 16-acre underground retail and pedestrian spaces below the World Trade Center towers, as well as the Santiago Calatrava-designed PATH hub.

GroupM is currently housed at 498 Seventh Avenue and has other locations in Midtown; the move would allow the company to consolidate its offices. [NYO] — Jane C. Timm

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Silverstein Properties