goes according to plan, WPP’s GroupM will become the anchor tenant at one of the new World Trade Center buildings now under construction in downtown New York City.
The firm has signed
a letter of intent for a 20-year lease that would consolidate all of the company’s agencies and specialty units at 3 World Trade Center, now being built by developer Larry Silverstein.
Currently, GroupM is spread around several locations in the city. If the deal is finalized, the shops would move to the new location in spring 2017, just a few months after the building is expected
GroupM shops that would move to 3 WTC include Mindshare, MEC, MediaCom, Maxus, Xaxis, Catalyst and other specialty units, like GroupM Consulting and GroupM Multicultural.
GroupM had been talking with Silverstein since last year about possibly becoming a main tenant in the building while looking at other facilities as well, according to sources.
tentative agreement (first reported by the New York Post
) has unleashed hundreds of millions of dollars in additional funding that will help Silverstein finish construction of the building.
So far, just seven of the planned 80 stories have been completed.
GroupM has agreed to lease 515,000 square feet of space on nine floors that would house more than 3,000 employees, with
room for expansion.
GroupM declined to comment on the reported deal. Sources however, confirmed that it is in the works. According to the NYP
, GroupM has signed a term sheet, real
estate parlance for letter of intent. The publication reported that 95% of the term sheets signed by prospective tenants lead to leases. "Lower Manhattan Skyline" photo from Shutterstock.