MediaMath Leases 106,000 Square Feet Space on 4 World Trade Center
MediaMath, a marketing software company, has signed a deal to lease 106,000 square feet of space on the famed 4 World Trade Center, making them the first private tenants of the building.
MediaMath has agreed to occupy three levels through the 44th, 45th and 46th floors on the 72-storey building. The company will reportedly move in all its 300 employees from its three midtown offices by early 2015. It has signed a 15-year lease, developers Silverstein properties announced in a statement.
Though the lease amount was not announced, an insider source told the New York Post that asking rents were about mid-$70s a square foot.
MediaMath has been expanding rapidly over the years. According to MR Web, the company recently acquired ad technology firm Tactads and last year, it also purchased Advertising Decision Solutions, an online management firm. Considering the speed at which the company is growing, the office space at 4 WTC was perfect, CEO Joe Zawadzki explained.
"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," Zawadzki said.
"We are delighted to be partnered with Silverstein Properties and their vision and commitment to the technology and media communities. We look forward to bringing our talent, energy, and culture to Lower Manhattan and look forward to our clients and partners doing the same. Come on in, the water's warm," he added.
New York City Mayor Bill De Blasio said that MediaMath's move will create about 1,100 jobs in the next five years. The company got a 5.8 million grant from the city for retention and job creation in the area.
MediaMath now joins a slew of other affluent companies who have already signed up for space at the World Trade Center. The downtown office hub already has big name companies like Condé Nast, Moody's, GroupM, BMI, Omnicom, WilmerHale, Fast Company and Inc. magazines in its tenant clientele.
With the MediaMath deal, about 70 percent of the World Trade Center - a three-tower, 7.4 million square-foot project to replace the WTC that was destroyed in the 9/11 attacks - will be occupied. One World Trade center has also been receiving much attention after rents were recently lowered to $69 per square foot.
"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," Larry A. Silverstein, chairman of Silverstein Properties, said in the statement.
About 4 WTC
4 WTC is a 298 meter, 2.3 million-square-feet office building designed by Pritzker-prize winning architect Fumihiko Maki. The building is a LEED Cold certified structure and is fit with modern office amenities.
The Port Authority of New York and New Jersey has also agreed to lease 520,000 square feet of space in the building. It will be headquartered in the tower. The City of New York will also occupy 600,000 square feet of space there.