Finance Firm Takes Two Floors of Old Condé Nast Space at 4 Times Square
Terence Cullen Aug. 9, 2016, 3:30 p.m.
The landlord announced today that it has signed ICAP, a financial securities firm, to 82,442 square feet at the 1.8-million-square-foot tower at West 42nd Street between Avenue of the Americas and Broadway. ICAP will occupy the 12th and 14th floors in a 15-year lease.
The company also has the option to expand by 41,221 square feet, according to a press release from Durst, which would be the whole 15th floor. Asking rent was about $85 per square foot, according to The New York Post, which first reported news of the deal.
ICAP is the first tenant to take part of the 817,000 square feet vacated by Conde Nast. The media giant relocated Downtown to 1 World Trade Center, where it occupies 1.2 million square feet. The Port Authority of New York & New Jersey, which signed Condé Nast to the building, has been paying $3 million in rent monthly for the space, the Post noted. (Durst bought a stake in 1 WTC after the lease was signed and is now the managing partner for the skyscraper.)
Since the publisher of The New Yorker and Vanity Fair left its Midtown digs, Durst kicked off a $100 million renovation of the 16-year-old building. The work includes an upgraded lobby led by HOK and Bjarke Ingels’ BIG, as well as upgrades to the building’s infrastructure and preserving a Frank Gehry-designed cafeteria.
“We are pleased to welcome ICAP as the first new tenant since beginning our capital improvements program at 4 Times Square,” Jonathan “Jody” Durst, the president of Durst, said in prepared remarks. “With a new lobby and mechanical systems, 4 Times Square continues to be one of New York’s most innovative and environmentally advanced office towers.
Tom Bow, Rocco Romeo, Lucas Durst and Tanya Grimaldo of Durst represented the landlord in-house, while Scott Panzer and Shannon Rzeznikiewicz of JLL represented the tenant. A JLL spokesman did not immediately return a request for comment.