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, which brokered the deal for the sublandlord.
Peter Riguardi, Steven Rotter, Joseph Messina, Andrew Coe and Brett Harvey of JLL represented Condé Nast while 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.