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New York

Advertising agency, law firm in lease talks at 3 WTC

Larry Silverstein and a 3 WTC rendering
Larry Silverstein and a 3 WTC rendering

Larry Silverstein has received two formal offers from tenants looking for space in 3 World Trade Center, potentially allowing the developer to move ahead with the project, sources told Bloomberg News. The interested companies are Group M, an advertising and media firm, and law firm White & Case.

Group M had already been in talks to secure a 550,000-square-foot section of the tower, while White & Case is in the market for roughly 500,000 square feet. With 1.1 million square feet of the 2.8 million-square-foot tower committed to tenants, Silverstein would become eligible for public funding of the project from the city, state and Port Authority of New York & New Jersey.

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The project is currently stalled at eight stories because of a deal requiring Silverstein to fill at least 400,000 square feet before building upward. If signed, the Group M and White & Case leases would let the developer continue building to 80 stories.

Representatives for Silverstein, Group M and White & Case declined to comment to Bloomberg. [Bloomberg News] — Zachary Kussin

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Silverstein Properties