Major tenant deal will allow Silverstein’s 3 WTC to rise

Advertising giant GroupM set to take 500K sf, paving the way for construction financing

New York /
Jul.July 09, 2013 09:00 AM

Larry Silverstein has reached a tentative deal with advertising firm GroupM for office space at 3 World Trade Center, paving the way for construction of the 80-story Lower Manhattan skyscraper, the New York Post reported.

GroupM – a division of advertising giant WPP — will take more than 500,000 square feet at the 2.5 million-square-foot tower in a 20-year deal, sources familiar with the transaction told the Post. The two sides signed a term sheet Monday, and are expected to have a completed lease by year-end, according to the Post.

The major deal will allow Silverstein Properties to move ahead with securing $1.3 billion in Liberty Bond financing, backed by the Port Authority, to build the tower, the third set to rise at the site of the former World Trade Center.

GroupM is currently based at 498 Seventh Avenue and a few other uptown locations. It intends to consolidate its offices in 9 lower floors at 3 World Trade Centre by late 2016.

All parties involved in the deal – including CBRE’s Gregory Tosko and Mary Ann Tighe for GroupM and Jeremy Moss for Silverstein Properties – either declined or did not respond to the Post’s requests for comment. [NYP]Hiten Samtani


Related Articles

arrow_forward_ios
Katie Kurtz and Silverstein Properties chairman Larry Silverstein (Silverstein, Getty)
Silverstein Properties hires Katie Kurtz as new CFO
Silverstein Properties hires Katie Kurtz as new CFO
Bill Gates and 619 West 54th Street (Getty, Taconic Partners)
Bill Gates-backed bio startup expanding in NYC
Bill Gates-backed bio startup expanding in NYC
From left to right: Gov. Andrew Cuomo, Tony Malkin, Larry Silverstein, Douglas Durst, Steven Roth and Bill Rudin. (Getty)
Vornado, Empire State Realty Trust pledge total carbon neutrality by 2035
Vornado, Empire State Realty Trust pledge total carbon neutrality by 2035
Larry Silverstein and The Denizen in Brooklyn above; and Scott Rechler with 555TEN in Hudson Yards top right. (Getty)
The art of the (discounted) deal
The art of the (discounted) deal
(iStock/Illustration by Kevin Rebong for The Real Deal)
Office landlords offer amenities to reel in employees
Office landlords offer amenities to reel in employees
Silverstein Properties' Larry Silverstein and Phase I of the Denizen Bushwick at 54 Noll Street (Getty, Google Maps/Illustration by Kevin Rebong for The Real Deal)
Silverstein offers to buy half of All Year’s Bushwick rental complex
Silverstein offers to buy half of All Year’s Bushwick rental complex
Silverstein Properties’ Tal Kerret and Silvertech’s Charles Federman (Getty, Silvertech)
Silverstein’s Tal Kerret seeks $250M for SPAC
Silverstein’s Tal Kerret seeks $250M for SPAC
Here’s what tenants are paying at Silverstein’s 120 Wall Street
Here’s what tenants are paying at Silverstein’s 120 Wall Street
Here’s what tenants are paying at Silverstein’s 120 Wall Street
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...