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The move by MediaMath is expected to signal a change in 4 WTC’s prospects for full occupation.
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MediaMath has signed a deal to lease 106, 000 square feet of office space at Larry Silverstein’s new 4 World Trade Center. The company is now the building’s largest private tenant.
The global technology company will keep offices in the building’s 44th, 45th and 46th floors. It is expected to transfer more than 300 employees there from its current offices in midtown Manhattan, sometime in early 2015.
The deal was finalized on Monday, after months of negotiations, according to a report in The New York Post. The rent will be in the mid $70 per square foot range.
MediaMath will receive $5.8 million in incentives from the federally funded Job Creation and Retention Program offered jointly by Empire State Development and Economic Development Corporation.
Empire State Development President, CEO & Commissioner Kenneth Adams said, “MediaMath is taking the next step and creating a unified headquarters with hundreds of new employees and when businesses are poised for major growth, it’s our job to make sure it happens here. There’s no better place to grow than the Empire State and our efforts have led to an increasing number of companies creating new economic opportunities for New Yorkers.”
Joe Zawadzki, the CEO of MediaMath, said in a statement, “We look forward to bringing our talent, energy, and culture to Lower Manhattan and continuing to expand our business at 4 WTC amongst the growing downtown technology and media community.”
This is good news to billionaire developer, Silverstein Properties Chairman Larry Silverstein, who has been the subject of criticism from people who doubt that he will ever be able to fill his new building. Until now, Silverstein has only been able to get government tenants, such as the Port Authority, which owns the World Trade Center site and has leased 520, 000 square feet of space, and the City of New York, which has taken 600, 000 square feet.
The tower holds a total of 2.3 million square feet of office space.
Silverstein said, “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.”
The building opened six months ago.
Larry A. Silverstein was born in Brooklyn in 1931 and began his career in real estate, together with his father.
