The Real Deal New York

Wedding-planning startup Zola settles down at 7 WTC

After a year of venture capital funding, the company is moving into bigger digs
January 18, 2019 09:30AM

Larry Silverstein and Zola CEO Shan-LynMa with 7 World Trade Center (Credit: Getty Images, Vivid Sydney, and Wikipedia)

Break out the champagne.

Wedding-planning startup Zola just inked an 11-year lease on a 30,000 square-foot office at Larry Silverstein’s 7 World Trade Center.

The five-year-old company, which offers tools like online gift registry and customizable invites to help to simplify the wedding-planning process, will take over an entire floor of the building, according to Bloomberg. It’s a step up from their previous 12,500 square-feet offices at 150 Broadway.

The move follows a year of venture capital investment in the firm, which says it raised $100 million last year from investors like Comcast Corp. and Goldman Sachs, bringing their total funding to around $140 million. The company is valued at $600 million, according to Bloomberg.

The 52-story tower at 7 World Trade Center, valued in 2018 at $1.2 billion, opened in 2006. It was the first of the World Trade Center buildings to be completed, and as of April 2018, was 95 percent occupied, with a loan-to-value ratio of 40 percent and a net operating income of $60.2 million, according to TASE documents.

Zola will join the building’s existing tenants Moody’s Corp. when they move in later this year.

Silverstein Properties’s Jeremy Moss and Camille McGratty handled the negotiations for the landlord, along with CBRE’s Mary Ann Tighe, Stephen Siegel, Adam Foster, Steve Eynon, Evan Haskell, David Caperna, Ken Meyerson and Rob Hill. Marcus Rayner and Sam Einhorn of Colliers International represented Zola, according to the Commercial Observer. [Bloomberg] – Decca Muldowney