On Condé’s Deal at 1 WTC
Laura Kusisto May 18, 2011, 11:41 a.m.
Condé Nast has signed a deal to anchor the rapidly rising 1 World Trade Center.
Ever since the media giant signaled its intent to move into the building a few months ago, we’ve considered the deal more or less a foregone conclusion. But The Times’ inimitable Charles Bagli reveals otherwise. In addition to negotiations over cost, Condé also needed to ensure, according to Mr. Bagli, that its “black cars (more than 100), its racks of designer dresses and its well-shod executives” would be unmolested by the phalanx of security that is to surround the building.
The lease will go before the Port Authority Board for final approval May 26, but, according to the terms, Condé will occupy floors 20 through 41 with a rent in the low $60s per square foot (likely subsidies might bring it even lower, and the tenant also gets to consolidate its six offices into one). Not a bad deal for a media tenant with a bottom line as pinched as Anna Wintour’s face.
It’s arguably an even better deal for downtown, which has started to lure high-profile new tenants, such as WilmerHale and potentially Sirius radio. “Conde Nast moved from Madison Avenue in the ’90s, when Times Square was a no man’s land,” Douglas Durst, whose late father, Seymour, had a decisive hand in Times Square’s renaissance, reminded us recently.