Main | Thursday, May 26, 2011

Conde Nast Inks WTC Deal

Aspirational magazine publisher Conde Nast has signed the long-awaited deal to assume over one million square feet of office space in One World Trade Center, which when completed will be the tallest skyscraper in the nation.
The lease marked the largest single tenant to be brought into Lower Manhattan in years. The project is being developed by the Port Authority of New York and New Jersey, which sold an ownership stake to the Durst Organization. “We hope Condé Nast, at long last united into a single building, will be the catalyst for the rebirth of the downtown area,” Newhouse told a crowd of reporters and elected officials standing in the bare concrete, window-clad floor of the tower — one of the floors being leased by his company.

Such an act takes a major load off the back of the Port Authority, which is seeking to lease up a building that comes with a long list of challenges. One World Trade Center is surely worth far less that it costs to build (the tower was valued last year at $2 billion, while its construction price tag is over $3 billion). It undeniably causes anxiety over future terrorism among potential tenants. At present, there is just one other private tenant, for 190,000 square feet, signed on to the 2.6 million-square-foot building.
Thousands of clackers are surely sobbing in their Times Square cubes. Quick, somebody get three thousand feet of velvet rope to Ground Zero, stat!

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