NEW YORK CITY-GroupM has signed a term sheet for 515,000 square feet at Silverstein Properties' planned, 80-story 3 World Trade Center building, according to multiple published reports.
If the deal is finalized, the signing of the anchor tenant at the high-rise property should release $1.3 billion in Liberty Bond financing, backed by the Port Authority of New York and New Jersey, which would allow Silverstein to complete the $20-billion project in 2016, according to the New York Post.
At present, 3 World Trade Center stands just seven stories, as Silverstein hasn't been able to build any further until an anchor tenant was signed. Sources tell the newspaper that the developer and GroupM, a division of media conglomerate WPP Group, expect to sign a lease later this year. See story in the New York Post.
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