Droga5 Ties Relocation to 154 Person Job Creation
Michael Ewing July 26, 2013, 5 p.m.
Global creative and strategic agency Droga5 will be trading in their Noho headquarters and taking the plunge downtown to 120 Wall Street.
The company follows nearly 400 companies from various sectors that have relocated to Lower Manhattan since 2005, Downtown Alliance noted. 120 Wall Street, owned by Silverstein Properties, is currently undergoing a capital improvement program to modernize its facade, lobby, elevator cabs in effort of attracting even more firms to the building.
Droga5, set to move in 2014, will take 92,000 square feet across five floors in the building. Rob Rogers, of Rogers Marvel Architects, was selected to design the office space as well.
“This is another example of how the country’s leading tech, media and advertising companies are choosing New York State as the place to bring and expand their business,” said Governor Andrew Cuomo in a prepared statement.
“I am pleased to welcome Droga5 to Lower Manhattan, which is resilient and revitalizing after the economic downturn and extreme weather events of the past,” added Mr. Cuomo. “New York has proven itself to be a magnet for creative firms and minds, and this fast-growing company is a testament to the reality that the state is a haven for private sector growth.”
The deal was sweetened with an job creation investment. Droga5 teamed up with the Empire State Development Corporation, New York City Economic Development Corporation, and the World Trade Center Job Creation & Retention Program funds to create 154 new jobs at the company by 2017. The increase will nearly double Droga5’s 200 strong employee roster.
Droga5’s leasing and investment negotiations were split between Stroock & Stroock & Lavan on the investment side and a joint effort of Jones Lang LaSalle and Paul Hastings on the lease side. Silverstein Properties was represented by its in-house brokers Roger Silverstein and Joseph Artusa.