Global ad agency Droga5 is more than doubling its space at Silverstein Properties’ 120 Wall Street in the Financial District, leasing 110,000 square feet in addition to the 98,000 it currently occupies.
The firm — recently named “Agency of the Year” for 2016 by Advertising Age — will occupy 11 floors at the 34-story, 650,000-square-foot building.
Asking rents at 120 Wall Street — now fully leased up — were in the mid-$50s per square foot, the New York Post reported.
Ken Siegel and Howard Hersch of JLL represented Droga5 in the deal. Roger Silverstein and Joseph Artusa represented Silverstein in-house.
Larry Silverstein, who bought the building in 1980, told the Post the deal was, “part of a seismic shift that has taken place in Lower Manhattan over the past decade.”
“What’s critical is that they are absolutely representative of TAMI-type tenants coming to Lower Manhattan,” the developer told the Post, “Not only for work by day, but many of their employees live in close proximity, and many live in Brooklyn right over the river.”
Silverstein’s firm recently suffered a setback when Rupert Murdoch’s News Corp and 21st Century Fox announced they were backing out as anchor tenants at Silverstein’s 2 World Trade Center. That project is now in limbo. [NYP] — Ariel Stulberg