Droga5 Doubles In Size At 120 Wall Street- OFFICIAL PRESS RELEASEFeb 08, 2016
Creative agency to Occupy Additional 111,000 SF in Lower Manhattan
NEW YORK, February 8, 2016 – Silverstein Properties announced today that leading global advertising agency, Droga5, has signed a lease at 120 Wall Street to occupy an additional 111,000 square feet, making it the largest tenant in the building. The agency, which currently occupies 97,000 square feet on six floors, will expand to 208,000 square feet on 11 floors over the next two years. This lease brings the 650,000 square foot building to 100 percent occupancy. Droga5 was recently named Advertising Age and Creativity’s Agency of the Year 2016.
“The decision by Droga5 to expand Downtown is part of a seismic shift that has taken place in Lower Manhattan over the past decade,” said Larry Silverstein, Chairman, Silverstein Properties. “While still the undisputed capital of international finance, Lower Manhattan has also remade itself into the new media and entertainment capital of America.”
The area south of Chambers Street now boasts over 800 TAMI (Technology, Advertising, Media, Information Services) companies, ranging from scores of smaller, ambitious tech start-ups to major media corporations like Condé Nast, Time Inc., HarperCollins, Macmillan and Broadcast Music, Inc., as well as cutting edge advertising and media agencies like Droga5, GroupM and MediaMath.
“We are thrilled to have the opportunity to grow in one of the most vibrant and important neighborhoods in New York City,” said Amir Feder, Chief Financial Officer, Droga5. “We’ve doubled in size since we moved into 120 Wall Street in early 2014 and we are very excited for the future of our company and the area.”
The Downtown Alliance reports that 624 firms have moved to Lower Manhattan since 2005, leasing over 15.8 million square feet. Of those companies, 361 have been in TAMI or professional services fields, taking 57 percent of the space leased.
“Lower Manhattan is firmly establishing itself as one of the most dynamic, exciting places for companies to set up shop,” said Downtown Alliance President Jessica Lappin. “We’ve seen this transformation as hundreds of the most innovative firms and creative industries have flocked to the district. Droga5 was one of the first pioneers to locate in Lower Manhattan, and we’re thrilled to see them expand to this impressive new size.”
Thanks in large part to $30 billion in investments into the new World Trade Center and the neighborhood’s mass transit and infrastructure, Downtown has become the country’s most modern, 24/7, live-work urban community – home to over 60,000 people, some of the best new schools, public parks and transit facilities; as well as 8,800 hotel rooms, half of which are new, and 1,000,000 square feet of new destination retail.
Roger A. Silverstein, Executive Vice President of Silverstein Properties and Joseph Artusa, Senior Vice President of Silverstein Properties handled lease negotiations for the landlord. Ken Siegel and Howard Hersch of Jones Lang LaSalle handled lease negotiations for Droga5.
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About 120 Wall Street
Located in the financial district, 120 Wall Street is an iconic Class-A building with exceptional views of the East River. In 2013, Silverstein Properties completed a capital improvement program to modernize the façade, lobby and elevator cabs. Tenants include National Urban League (48,568 square feet), AFS-USA (40,029 square feet) and AMFAR (30,667 square feet).
Droga5 is a creative and strategic advertising agency headquartered in New York, with an office in London. Founded in 2006, Droga5’s clients include BBC, Belstaff, Blizzard Entertainment, Chase, The Coca-Cola Company, Farfetch, Georgia-Pacific, Google, Heineken, Hennessy, Johnsonville, Mondel?z International, Motorola, NBTY, NRG, Prudential, Reckitt Benckiser, Scion/Toyota, T-Mobile, Under Armour, UNICEF, Unilever, and the Y, among others. In 2013, leading entertainment and media company William Morris Endeavor made a significant investment in Droga5, launching a strategic partnership to best serve each entity’s clients. Droga5 has won Agency of the Year nine times in the last ten years and is the only agency to be named in Advertising Age’s A-List over six consecutive years. For more information, visit droga5.com.
About Silverstein Properties
Silverstein Properties, Inc. is a privately held, full-service real estate development, investment and management firm based in New York. Founded in 1957 by Chairman Larry Silverstein, the company develops and acquires office, residential, hotel and retail properties. Silverstein Properties has developed, owned and managed more than 35 million square feet of commercial, residential and retail space, including 7 World Trade Center, the first LEED-certified office tower in New York City, which opened in 2006 and 4 World Trade Center which opened in November 2013.
Currently, the firm has $10 billion of development underway: Four Seasons Downtown New York Hotel and Private Luxury Residences, One West End and 2 and 3 World Trade Center. The company has been recognized as one of the “Best Places to Work in New York City” by Crain’s New York Business for the past eight years. For further information on Silverstein Properties, visit www.silversteinproperties.com.
Dara McQuillan Bud Perrone