Leases  ·  Office

HedgeServ Corporation Takes 48K SF of Old Condé Nast Space at 4 Times Square


HedgeServ Corporation, a company that provides technical support and services to hedge funds, has signed a deal to relocate to 53,456 square feet, spanning the entire eighth floor and a terrace, at 4 Times Square, Commercial Observer has learned. It is part of the 817,000 square feet on floors four to 24 that Condé Nast occupied before vacating at the end of 2014 for 1 World Trade Center.

HedgeServ’s 10-year deal includes 47,756 feet of indoor space and a 5,700-square-foot terrace overlooking Times Square, according to property owner, the Durst Organization. The asking rent in the 48-story building was $85 per square foot.

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HedgeServ will be relocating from its offices at 1271 Avenue of the Americas between West 50th and West 51st Streets come November, the Durst Organization noted.

The 1.8-million-square-foot green building at 4 Times Square on Broadway between West 42nd and West 43rd Streets, formerly known as the Condé Nast Building, is undergoing a $100 million capital improvement program. Its new 45,000-square-foot amenity floor (on the fourth floor), including the preserved Frank Gehry Cafeteria, is opening in the first quarter of 2018.

“We are pleased to welcome HedgeServ to the Durst portfolio,” Jonathan “Jody” Durst, the president of the Durst Organization, said in a prepared statement. “The large column-free floors at 4 Times Square allow for high-density designs and are conducive to companies experiencing rapid growth.”

As CO reported last fall, ICAP, a financial securities company, signed a deal for roughly 82,000 square feet of Condé’s old space in the building, and law firm Fross Zelnick Lehrman & Zissu signed for 41,221 square feet of it.

Neil Goldmacher of Newmark (NMRK) Knight Frank represented HedgeServ in the deal. Durst was represented in-house by Tom Bow and Rocco Romeo.

Goldmacher didn’t immediately respond to a request for comment via a company spokesman.