By: Ben Fischer | New York Business Journal
The advertising technology firm MediaMath Inc., already one of the city's venture capital darlings, is now taking another high-profile step: Becoming the first private-sector tenant of 4 World Trade Center.
MediaMath announced Monday it has signed a 15-year, 106,000-square foot lease in the building, planning to consolidate its 300-plus local employees from three separate Bryant Park-area locations to the 72-floor tower in early 2015.
Update: 4:45 p.m.: The deal was facilitated by some public-sector support, we've since learned. MediaMath will receive $5.8 million in federally funded job creation/retention grants jointly offered by New York state and New York City's economic development arms. MediaMath says it will create 1,000 new jobs over the next five years.
In a statement, Silverstein Properties Chairman Larry Silverstein portrayed the move as important for reasons far beyond MediaMath's mailing address, saying the company simultaneously represents the tech, ad, media and information industry's love of Lower Manhattan. Silverstein build the skyscraper, which is anchored by both the city and the Port Authority of New York and New Jersey.
“MediaMath’s decision to relocate to 4 WTC proves that New Yorkers were right to bet on Downtown," he said. "The new World Trade Center is emerging as the commercial heart of the city’s hottest neighborhood."
Founded in 2007, MediaMath is best known for creating the TerminalOne Marketing Operating System, which allows ad buyers to spread ads across a series of properties, and then allocate budgets based on results. It raised $73.5 million in venture backing in May, either the city's second- or third-largest round of the quarter ( depending on your definitions), and also took out $105 million in debt financing, looking for acquisition targets and worldwide markets at a time when publicly traded ad tech firms were taking a beating.
While Silverstein and other lower Manhattan business boosters have sought to fill office space abandoned by the financial sector with trendy media and tech companies, a fast-growing, venture-backed company presents special challenges to landlords. Their growth trajectory and business needs render traditional long-term lease structures difficult, but MediaMath CEO Joe Zawakzki credited Silverstein for its creative.
“Tal Kerret, the Chief Investment Officer, and the entire Silverstein team made this happen by creating flexible and creative solutions tailored to the evolving needs of our fast-growing, dynamic company," he said. "...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."