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Construction is (Probably) On at 3 WTC With New Anchor Tenant

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Back in January, it was reported that GroupM, an advertising company and media firm that did $90 billion worth of business last year, would likely sign a lease at 3 World Trade Center, and now Steve Cuozzo of the Post reports that the deal is thisclose to being complete. GroupM signed a term sheet (a document that outlines the terms of a proposed lease) with Silverstein Properties, and while term sheets don't guarantee a deal, they lead to signed leases 90 percent of the time. An official lease is expected to be signed later this year. The deal would release $1.3 billion in financing, allowing construction of the Richard Rogers-designed tower to be complete by 2016. Currently, the 80-story tower stands as a seven-story podium.

GroupM would take 515,000-square-feet on nine lower floors of the 80-story tower. Five of the floors have massive 70,000-square-foot open floorplans, a feature that was originally thought would appeal to financial firms. But Wall Street companies have been skittish since the crash, and non-financial groups?primarily tech and media companies?are stepping in. Condé Nast signed on as the anchor tenant of One World Trade Center back in 2011, putting that tower on track for an early 2014 completion. Four World Trade Center should open this fall, which leaves the Norman Foster-designed Two World Trade Center (which Cuzzo calls the "prettiest" one) as the only tower not yet underway.
· 3 WTC Deal a Vindication [NYP]
· 3 World Trade Center coverage [Curbed]
· All World Trade Center Redevelopment [Curbed]

3 World Trade Center

175 Greenwich St, New York, NY 10007