Conde Nast is considering moving from One World Trade Center only six years after moving in with a 25-year lease for 21 floors. The parent company, Advance Publications, is scouting out Midtown for a potential new home, according to the NYPost.
- Get ready for a battle: The lease at the WTC site, signed in 2011 with rent payments starting in 2014, runs until 2039. The Port Authority, which owns 90 percent of the tower, has been stung by coronavirus-related revenue losses and can’t afford to let them off the hook.
- Dig Deeper: Conde’s starting rent of $60 per SF was the same it paid at its previous home, Durst’s Four Times Square — a 1999 building. Port Authority incentivized the publisher by agreeing to reimburse Durst for the full remaining $200 million cost of its 800,000-square-foot Times Square lease until its 2019 expiration. It also promised Condé $46 million in tax rebates over the WTC lease term among other goodies.
- Writing on the wall for the struggling media company: The publisher of Vogue, The New Yorker, Vanity Fair, GQ began unloading some of its 1.2 million SF at One World Trade in 2019 when it hired JLL to sublease 350,000 square feet. [NYPost]