Leases  ·  Office

Condé Nast Ditches 50K SF of Space at 1 World Trade Center


Media giant Condé Nast inked a deal to offload 50,000 square feet it leases at 1 World Trade Center to a financial firm, brokers on the deal confirmed.

Ambac Financial Group signed a 10-year sublease with Condé Nast for the entire 41st floor of the 104-story tower co-owned by the Durst Organization and the Port Authority of New York & New Jersey, Crain’s New York Business first reported. Asking rent was in the $60 per square foot, according to a spokesman for JLL (JLL), which brokered the deal for the sublandlord.

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Peter Riguardi, Steven Rotter, Joseph Messina, Andrew Coe and Brett Harvey of JLL represented Condé Nast while CBRE (CBRE)’s Adam Foster and Michael Monahan handled it for Ambac. A spokeswoman for CBRE did not immediately respond to a request for comment.

Ambac, which also has offices in London, currently has a nearly 26,000-square-foot headquarters nearby at 1 State Street. It plans to move into 1 WTC in the summer, according to JLL.

Condé Nast, which owns publications like Vanity Fair, The New Yorker and Pitchfork, moved into 1 million square feet spread out over 23 floors of 1 WTC in 2014, The New York Post reported.

In April 2018, Condé Nast tapped JLL to put up 350,000 square feet of its 1 WTC space on the sublease market, according to the Post. A spokesman for JLL would not say how much is still left.

Other tenants in the 3.1-million-square-foot 1 WTC include digital advertising company Undertone, strategic consultancy firm Global Risk Advisors and internet analytics company BounceX.