Larry Silverstein has reached a tentative deal with advertising firm GroupM for office space at 3 World Trade Center, paving the way for construction of the 80-story Lower Manhattan skyscraper, the New York Post reported.
GroupM – a division of advertising giant WPP — will take more than 500,000 square feet at the 2.5 million-square-foot tower in a 20-year deal, sources familiar with the transaction told the Post. The two sides signed a term sheet Monday, and are expected to have a completed lease by year-end, according to the Post.
The major deal will allow Silverstein Properties to move ahead with securing $1.3 billion in Liberty Bond financing, backed by the Port Authority, to build the tower, the third set to rise at the site of the former World Trade Center.