Conde Nast Takes 1 MSF at One World Trade Center
- May 26, 2011
May 25, 2011
By Allison Landa, News Editor
The long-rumored lease by Conde Nast at One World Trade Center has finally become a reality, with the publisher taking one million square feet at the Manhattan office complex.
Cushman & Wakefield, which in 2007 was selected by the Port Authority of New York and New Jersey to lease the 3 million-square-foot, $3.1 billion office tower slated for completion in 2013, touts the lease as Lower Manhattan’s largest private-sector lease transaction in two decades.
Conde Nast will make the space its headquarters, consolidating from several area offices to occupy floors 20 through 41 at the new tower.
While the firm is not the first to take space at the trade center – China Center New York L.L.C. leased 190,810 square feet in March 2009 and will occupy part of the 64th floor as well as floors 65 and 69 in their entirety – the deal is certainly the most notable thus far for the property.
Once completed, One World Trade Center will include 500,000 square feet of retail in addition to its office square footage as well as an observation deck and the largest concentration of mass transit in the city. It will also be LEED certified.
According to New York City mayor Michael Bloomberg, the firm is showing its stripes as a trendsetter by inking the lease at the tower, and he added that he believes the move will attract others to the area, making Lower Manhattan stronger and more diverse.
A landmark financing agreement was reached in August between World Trade Center developer Larry Silverstein and the Port Authority. The agreement stipulated that the Port Authority, New York City and New York state all agreed to pay as much as $1.7 billion to finance construction of the two towers, but Silverstein will receive no profits until the public monies are repaid.