By Silverstein Properties | Official Press Release
NEW YORK, November 9, 2015 – Silverstein Properties announced today that it has signed a 17-year lease with SNY for 83,000 square feet of office and studio space at 4 World Trade Center. SNY, owned by Sterling Entertainment Enterprises, Time Warner, and Comcast NBC Universal, will move its Manhattan headquarters and relocate its broadcast studios from Midtown to the 49th and 50th floors of 4 WTC.
In addition, Sterling Equities and Sterling Project Development will join SNY at 4 WTC, establishing the location as their official Manhattan offices.
Larry Silverstein, Chairman of Silverstein Properties, said: “What a great line-up: Condé Nast, Time Inc., HarperCollins, Fast Company and now SNY and Sterling. This confirms Downtown’s emerging status as the new media capital of America. Nothing says New York more than the World Trade Center, SNY and the Mets!”
Fred Wilpon, Chairman, Co-Founder of Sterling Equities, said: “This is a historic move, as 4 World Trade Center is the perfect home for SNY and Sterling. Downtown has undergone a total transformation, at the World Trade Center, and we’re excited to be involved.”
The Downtown Alliance reports that 624 firms have moved to Lower Manhattan since 2005, leasing over 15 million square feet. Of those companies, 350 have been in TAMI (Technology, Advertising, Media, Information) or professional services fields, taking 56 percent of the space leased.
Media companies that have recently moved Downtown include Condé Nast, Time Inc, HarperCollins, Macmillan, the New York Daily News and Broadcast Music, Inc. In June 2015, Silverstein Properties signed a letter of intent with 21st Century Fox and News Corp to move their headquarters into 1.3 million square feet at 2 WTC. The final tower planned for the 16-acre World Trade Center site is being designed by Bjarke Ingels Group and will open in 2020.
Janno Lieber, President of World Trade Center Properties, said: “SNY is going to broadcast from 4 WTC and use this place to shape its identity the way other media companies have used Rockefeller Center or Times Square. The new World Trade Center is fast becoming perhaps New York’s most iconic location.”
Late last year, Silverstein successfully financed and re-started construction on 3 WTC. The Richard Rogers-designed 80-story tower is currently at the 52nd floor, will top out towards the end of 2016, and will open in early 2018. GroupM, the world’s leading media investment management group, has signed a 20-year lease for 515,000 square feet on nine floors at the base of the building.
Jeremy Moss, Director of World Trade Center Leasing for Silverstein Properties, led the negotiations for the landlord, together with the CBRE agency team including Steve Siegel, Mary Ann Tighe, Adam Foster, Steve Eynon, Evan Haskell and David Caperna. SNY was represented by Scott Gottlieb, Ken Meyerson, Chris Corrinet, Dan Wilpon, Dan Knopf and Zach Weil of CBRE.
Russell Wohl and Ryan Knutson from Skadden, Arps, Slate, Meagher & Flom LLP represented the landlord. Chris Smith and Jocelyn Redman from Shearman & Sterling represented the tenant.
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About 4 World Trade Center
Designed by Pritzker-prize winning architect Fumihiko Maki to meet a LEED Gold standard of sustainability, 4 WTC is a model of transparency and efficiency.
The 977 foot (298 meter) building contains 2.3 million square feet (213,680 square meters) of light-filled, green and high-tech office space spread over 56 office floors. Tenants in the building include MediaMath (106,000 square feet / 9,850 square meters), SNY (83,000 square feet / 7,711 square meters), Silver Suites Offices (44,000 square feet / 4,088 square meters) Morningstar (30,000 square feet / 2,787 square meters), PadillaCRT (14,639 square feet / 1,360 square meters), IEX (13,000 square feet / 1,208 square meters), Syntactx (6,930 square feet / 644 square meters), Dixon Hughes Goodman (5,023 square feet / 467 square meters), the Port Authority of New York & New Jersey (600,000 square feet / 55,742 square meters), and the City of New York (600,000 square feet / 55,742 square meters).
4 WTC was designed to enliven and seamlessly integrate into Downtown’s streetscape, with a major concentration of retail – both at the street-level and in underground pedestrian concourses that lead directly to 11 subway lines and the PATH trains. 400,000 square feet (37,161 square meters) of destination retail will open in tandem with the World Trade Center Transit Hub in 2015.
About Silverstein Properties
Silverstein Properties, Inc. (SPI) 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. SPI has developed, owned and managed more than 40 million square feet (3.25 million square meters) 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 including Four Seasons Downtown New York Hotel and Private Luxury Residences, One West End and 2 and 3 World Trade Center. In addition, SPI is focused on joint ventures for development and acquisitions in Europe, Asia and Israel. 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.
SNY is the official television home of the New York Mets, Jets and all things New York sports. SNY features unparalleled, exclusive access to the New York Mets with more than 130 live telecasts each season as well as other Emmy Award winning Mets entertainment programming. As the official TV home of the New York Jets, SNYdelivers more than 300 hours of exclusive year-round content devoted to Gang Green. SNY is also the official TV home of the UConn Huskies Men’s and Women’s basketball programs, televising over 450 hours of UConn programming annually, including more than 20 live games. As New York’s leader in local sports TV coverage, SNY delivers the most comprehensive access to all of the Tri-State area’s professional and collegiate sports teams through five nightly sports and entertainment programs from SNY’sstreet-level studio in the heart of Manhattan. SNY’s programming roster also includes classic sports programming, critically acclaimed original entertainment shows and exclusive interview and magazine programs. Founded by Sterling Entertainment Enterprises, Time Warner and Comcast, SNY is available to viewers throughout New York, Connecticut, New Jersey and northeastern Pennsylvania, and nationally on DIRECTV, Verizon FiOS, Comcast Cable and AT&T U-Verse. For additional details on the network, visit www.sny.tv.
Dara McQuillan Bud Perrone