Economic Development Blog: Joint NYC Development Corp-ESD Grant Secures MediaMath Relocation to 4 WTC
July 22, 2014 – Software company MediaMath, Inc. announced plans to consolidate their NYC operations and relocate to a new headquarters at 4 World Trade Center in Lower Manhattan.
The new 106000-square-feet space lease the company has signed with Silverstein Properties will enable them to house their existing 300 employees in New York City currently dispersed across three separate Midtown offices, and support their growth plans.
MediMath plans to create 1,000 new jobs in NYC over the next five years, starting with 200 new jobs this year. They already have a total of 450 employees at offices in New York, Boston, Chicago, San Francisco, London, Singapore and Tokyo.
Governor Andrew M. Cuomo said the company’s commitment will generate 1,000 new jobs for New Yorkers, demonstrating the quality of the talent in New York and the attractiveness of the area for tech-savvy businesses looking to thrive.
“The State is proud to support the company’s major expansion in New York and we look forward to their continued growth,” said Gov. Cuomo.
MediaMath considered multiple locations in New York and New Jersey for their new headquarters before deciding to consolidate operations in Lower Manhattan.
Empire State Development President, CEO and Commissioner Kenneth Adams said that MediaMath is taking the next step and creating a unified headquarters with hundreds of new employees, adding that when businesses are poised for major growth, “it’s our job to make sure it happens here.”
The project was secured by a $5.8 million grant offered jointly by the NYC Economic Development Corp. and ESD. This grant, whose funding was federally sourced through the Job Creation and Retention Program (JCRP), was one of the major deciding factors that helped NYC retain the MediaMath headquarters and the new jobs being created.
JCRP grants are available to companies that are expanding or relocating to Lower Manhattan and plan to create at least 75 new jobs, as well as to employers making a commitment to retain 200 existing Lower Manhattan jobs.
MediaMath CEO Joe Zawadzki said they look forward to bringing their energy, culture and talent to Lower Manhattan and continue expanding their business at 4 WTC amongst the growing downtown tech and media community.
NYC Mayor Bill de Blasio said that MediaMath’s move to 4 WTC is yet another big step in the resurgence of Lower Manhattan and the growth of New York City’s tech ecosystem.
Jessica Lappin, president of the Alliance for Downtown New York, said that over the past several years, Lower Manhattan has seen a surge of five million square feet of relocations.
According to the Downtown Alliance, a total of 511 firms have moved into Lower Manhattan since 2005 and leased 12.3 million square feet, more than half of which has been leased by 226 companies in the creative and professional services sectors.
Silverstein Properties Chairman Larry A. Silverstein said he is thrilled to welcome MediaMath, which he said represents the advertising, media, technology and information companies that are driving the City’s economy and Downtown’s future.