The most glamorous magazine company is on the move.
Conde Nast reached an agreement with the Port Authority of New York and New Jersey to lease one million square feet in 1 World Trade centre for roughly $2 billion over the next 25 years.
Port Authority will “assume the last four or five years of the company’s current lease in Times Square.”
According to The New York Times, “The publisher is expected to move about 5,000 employees to floors 20 through 41 at 1 World Trade centre sometime in 2014, when its annual rent will start at a little more than $60 per square foot, or roughly the same amount it is paying today at 4 Times Square, in a skyscraper built in 1999 by the Durst organisation.”
The deal went through only after Conde executives learned that their fleet of over 100 black cars would be able to move relatively freely around the security of ground zero.
The move benefits both the new buildings — which can point to a blue-chip tenant — and the publishing company, which currently has employees in six different buildings around Manhattan.