MediaMath Inks 106,000-SF Lease at 4 World Trade Center
Global Tech Co To Consolidate 300 Employees in Early 2015, Continuing Trend of Companies Relocating to Downtown
MediaMath has signed a 15-year, 106,000-square-foot lease at 4 World Trade Center in New York City.
The global media advertising and software technology company will consolidate more than 300 employees from three midtown locations when it takes occupancy of the 44th through 46th floors at the downtown office in early 2015.
"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, CEO of MediaMath. "We worked hard to find a property and a developer that matched the scope of our vision."
The 72-story, 2.85 million-square-foot, 5-Star office tower delivered in November 2013 in the heart of Lower Manhattan, part of the World Trade Center - the fourth largest business center in the country. Designed by Pritzker-prize winning architect Fumihiko Maki to meet LEED Gold standards, the 977-foot 4 WTC tower offers 56 floors of high-tech office space above the Downtown streetscape, which will offer a concentration of retail and transit options both at street level and below ground.
"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 Larry A. Silverstein, chairman of Silverstein Properties. "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's deal brings the newly-constructed 1, 4, and 7 World Trade Center buildings, totaling nearly 7.4 million square feet, to 70 percent leased. Currently, 520,000 square feet there is being built out at 4 WTC for the new headquarters of the Port Authority of New York & New Jersey, and another 600,000 square feet is being occupied by the City of New York.
Silverstein Properties hopes that having a global tech firm anchor like MediaMath will attract more tenants to the world-class address; much like DoubleClick did for Midtown South and Google for the Meatpacking district.
"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," said Janno Lieber, Silverstein's World Trade Center president. "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 World Trade Center and are on target to complete and open the building as planned."
According to the Downtown Alliance, 511 firms have now moved to Lower Manhattan since 2005, leasing a total of 12.3 million square feet. 226 of those have been in creative or professional services. In its 2013 "Brain Gain" report, the group explained a growing number of knowledge workers increasingly live within a 30-minute commute to Lower Manhattan, due to extensive residential development and neighborhood revitalization in Manhattan, Brooklyn, and New Jersey's waterfront, and that prefer apartment living and short commutes afforded by subway, Path, ferry, and bike options.
"As a result of New York State's vibrant tech sector and talented workforce, we are seeing companies with a global presence, like MediaMath, choose the Empire State as the place to invest in and grow their business," said New York Governor Andrew M. Cuomo. "The company's commitment will generate 1,000 new jobs for New Yorkers - demonstrating both the quality of the talent in New York and the attractiveness of the area for tech savvy businesses looking to thrive."
Harly Stevens and Mike Rizzo with CBRE represented the tenant. Mary Ann Tighe, Steve Siegel, Ken Meyerson, and Evan Haskell at CBRE teamed up with Jeremy Moss, director of World Trade Center leasing for Silverstein Properties, to represent the landlord in lease negotiations.