This story requires our BI Prime membership. To read the full article,Former Hillary Clinton pollster Mark Penn plans to move most of his advertising and PR holding company MDC Partners to One World Trade Center by the end of 2020, two high-level sources told Business Insider.
The two people, whose identities are known to Business Insider but spoke on condition of anonymity because they are not authorized to discuss the move, said the relocation is part of Penn's plans to cut costs and restructure MDC to compete with established ad holding companies like WPP, Publicis, and Omnicom, and consulting firms such as Deloitte and Accenture.
The move is expected to save an estimated $10 to 12 million for MDC, which is paying down more than $1 billion in debt According to one of the executives who spoke to Business Insider, the term sheet for the real estate deal has been signed, though the lease itself has not. Penn's marketing investment firm Stagwell Group
Mark Penn wants to turn MDC into a 'true holding company' and compete with far larger rivals by cutting costsacquired a $100 million minority stake in the company Penn said he hoped this approach would make MDC — which drives 80% of its business from the US — more competitive around the world.