Silverstein Said in Deal With GroupM on Trade Center Lease
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Larry Silverstein reached a preliminary agreement for advertising firm GroupM to lease offices at 3 World Trade Center, marking a key step for the developer to proceed with building the 80-story lower Manhattan skyscraper, two people with knowledge of the negotiations said.
GroupM, the media buying and planning division of WPP Plc, the world’s biggest advertising company, agreed to take more than 500,000 square feet (47,000 square meters) in the tower, which is designed to be 2.5 million square feet, said the people, who asked not to be identified because the talks are private. A term sheet was signed yesterday, with a completed lease expected by the end of the year, one of the people said.