While technology firms have been migrating South on their own, yesterday’s signing of a new lease at 4 World Trade Center is the fruition of several measures being taken by Silverstein Properties to attract Downtown’s newest hot sector, says Avison Young principal Greg Kraut.
“Silverstein has done a tremendous job at positioning the World Trade Center to be able to attract this type of tenant,” he says. “This speaks to the increasingly diverse nature of Downtown and what todays tenants needs are. To have a mix of Traditional and Millennial tenants in a new modern building tells a true story of not only what is going on in the market, but what the needs are for the growing TAMI industry.”
Of course, market conditions played a role too, he notes. “Rental rates for brand new construction downtown are starting to look much more palatable to tenants when you start comparing what you get for the pricing in Midtown South.”
Tech marketer MediaMath has signed a 15-year, 106,000 square foot 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.
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, alongside the CBRE agency team that included Mary Ann Tighe, Steve Siegel, Ken Meyerson and Evan Haskell led the negotiations for the landlord.