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