TikTok’s parent company, ByteDance has signed a 10-year lease for 232,000 square feet at Durst Organization’s One Five One (AKA Four Times Square). The lease covers seven floors – five at the tower’s top that were previously leased to Skadden Arps and two in the base that were previously occupied by Conde Nast, CO first reported.
- Be Smart: Although TikTok and Durst signed the lease last week, the transaction isn’t complete until a sign-off by lenders – a technicality that’s expected to be done in a week or two.
- Terms were not available: Asking rents for the upper floors ranged from $105 to $135 per square foot. This deal represents the first major lease to have been signed since the onset of the coronavirus pandemic.