FINANCIAL DISTRICT -- After years of delays, 3 World Trade is finally getting off the ground.
Media company GroupM has signed on as the needed anchor tenant for the planned tower, sources confirmed.
As first reported in the New York Post, the building, which rose just seven floors before construction stalled because of a lack of financing, will now likely be able to soar to its intended 80-story height.
The media giant is slated to take nine floors of the 2.5 million-square-foot building for 20 years, according to the term sheet, or preliminary agreement, signed with developer Larry Silverstein, a source confirmed.
The deal, made for an undisclosed amount, is set to be fully completed in the fall, with construction starting next year.
Designed by architect Richard Rogers, the tower is expected to open in 2016.
GroupM and Silverstein did not immediately comment.