Real Estate Weekly: Silverstein signs 100,000 s/f tech tenant at 4 WTC
Silverstein Properties announced today that global technology company MediaMath has signed a 15-year, 106,000 s/f lease at 4 World Trade Center.
The company will consolidate its more than 300 NY-based employees from three Midtown locations into the 44th, 45th, and 46th floors of 4 World Trade Center when it moves into the 72-story tower in early 2015.
MediaMath joins a growing group of companies that have made long-term commitments to the new World Trade Center, and becomes the first global marketing technology company to commit to 4 WTC.
Th lease comes on top of more than five million square feet of office space that has been leased at the WTC by such blue-chip tenants as Condé Nast, Moody’s, GroupM, BMI, Omnicom, WilmerHale, Fast Company and Inc. magazines.
With the signing of MediaMath, 70 percent of the 7.4 million square feet of newly built space at One, 4 and 7 World Trade Center has now been leased.
“MediaMath’s decision to relocate to 4 WTC proves that New Yorkers were right to bet on Downtown. The new World Trade Center is emerging as the commercial heart of the city’s hottest neighborhood,” said Silverstein Properties chairman Larry A. Silverstein. “I am thrilled to welcome MediaMath, which represents the technology, advertising, media and information companies driving the City’s new economy and Downtown’s future.”
“MediaMath has been blessed with outstanding growth over the past seven years, which is a testament to the market’s need for a transformation in digital marketing through software, and the service that makes it work for you,” said Joe Zawadzki, the company’s CEO.
“We want that software to be on the desktops and tablets of every professional marketer in the world; we worked hard to find a property and a developer that matched the scope of our vision.”
Zawadzki continued, “Tal Kerret, the Chief Investment Officer, and the entire Silverstein team, made this happen by creating flexible and creative solutions tailored to the evolving needs of our fast-growing, dynamic company.”
Silverstein’s World Trade Center President Janno Lieber said: “What we are seeing is a major shift in momentum favoring the World Trade Center. 4 WTC has been open for barely six months, but is already getting serious attention from virtually every major tenant. This is the same pattern we saw at 7 WTC, which has been fully leased for several years.
“Companies are moving Downtown in record numbers. And all of the projects at the WTC – the Memorial, Museum, office buildings, and transit hub –are either open or on schedule to be completed soon. We are in the process of financing 3 WTC and are on target to complete and open the building as planned.”
Lease negotiations for MediaMath were handled by a CBRE team, led by Harly Stevens and Mike Rizzo. Jeremy Moss, Director of World Trade Center Leasing for Silverstein Properties, together with the CBRE agency team including Mary Ann Tighe, Steve Siegel, Ken Meyerson and Evan Haskell led the negotiations for the landlord.
According to the Downtown Alliance, 511 firms have moved to Lower Manhattan since 2005, leasing a total of 12.3 million square feet (1.14 million square meters). 226 of those companies have been in creative or professional services, taking 51 percent of the space leased.
In its 2013 report, “Brain Gain,” the Downtown Alliance explained, “The high-value knowledge workers who drive the region’s economy – the people companies want to hire – increasingly live within a 30-minute commute of Lower Manhattan. Extensive residential development and dramatic neighborhood revitalization in Manhattan, Brooklyn, and New Jersey’s Hudson River waterfront cities have attracted huge numbers of young, educated people, workers in the professional and creative fields that drive leasing in New York City – who prefer apartment living and shorter commutes via subway, PATH, ferry, bike and foot to suburban life and lengthy commutes via heavy rail or car.”
“Over the past several years, Lower Manhattan has seen a surge of 5 million square feet of relocations,” said Alliance for Downtown New York President Jessica Lappin. “MediaMath’s move from Midtown is one more piece of evidence showing that the gravity of Lower Manhattan is only growing. Marketing and advertising firms are flocking to the area and we’re thrilled to welcome MediaMath’s more than 300 NY-based employees to this dynamic community.”
“MediaMath has clearly done the numbers and it all adds up to 4 World Trade Center,” said Catherine McVay Hughes, chair of Community Board One. The World Trade Center is at the heart of Lower Manhattan, the fourth largest business center in the country, and the place to be for our city’s leading new-media companies. What was new for our founding fathers is new again, today.”
The 977 foot 4 WTC building contains 2.3 million square feet of green and high-tech office space spread over 56 office floors. In addition to MediaMath, which will occupy almost three 44,000 s/f office floors in the middle of the building, 520,000 s/f of the office space in the tower is currently being built out to become the new headquarters of the Port Authority of New York & New Jersey. Another 600,000 s/f is being occupied by the City of New York.