Advertising firm Droga5 is leaving Midtown for the less-expensive Downtown, having inked a deal to lease 92,000 square feet at 120 Wall Street for 15 years, Crain’s reported.
The new spread covers five floors of the Silverstein Properties-owned office building, and the firm will receive government grants from the city and state under the World Trade Center Job Creation & Retention Program to make the move Downtown and continue to grow.
“This is another example of how the country’s leading tech, media and advertising companies are choosing New York State as the place to bring and expand their business,” Governor Andrew Cuomo told Crain’s. “I am pleased to welcome Droga5 to Lower Manhattan, which is resilient and revitalizing after the economic downturn and extreme weather events of the past.”
The deal, for which the brokers and asking rents were not indicated, marks a step in Droga5’s major expansion effort. The firm revealed earlier this month that a minority stake had been purchased by powerhouse Hollywood talent agency William Morris Endeavor.
Droga5’s current location at 400 Lafayette Street, east of Washington Square Park, has about 23,000 square feet of space. [Crain’s] — Julie Strickland