Biopharma Firm Axsome Taking Over 48K SF of Condé Nast’s 1 WTC Space
By Celia Young February 24, 2023 12:51 pm
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Biopharmaceutical Axsome Therapeutics will more than double its New York City footprint and take over 48,000 square feet of Condé Nast’s space at 1 World Trade Center, Commercial Observer has learned.
Axsome inked a 10-year sublease with Condé Nast’s parent company Advance Publications to relocate from its current 22,000 square feet at the 22 Cortlandt Street WeWork (WE), according to a source with knowledge of the deal. Asking rent was $60 per square foot.
The company — which develops treatments for migraines, Alzheimer’s disease and attention deficit hyperactivity disorder — plans to move into its new space on the entire 22nd floor of the 104-story skyscraper as soon as possible to accommodate its growing team, the source said.
Axsome’s deal is a win for the Durst Organization and Port Authority of New York and New Jersey-owned tower as it faced an uncertain future when Condé Nast decided to sublease most of its 1.2 million square feet at the skyscraper and tried to skip out on $2.4 million in rent in 2021, though it paid the money back that same year. But Condé has managed to rent out at least 280,000 square feet of its space at the property to a handful of tenants since 2019.
JLL (JLL)’s Peter Riguardi, Steven Rotter, Andrew Coe and Brett Harvey represented Condè Nast, while Greg Wang, Seth Godnick and Matthew Astrachan, also of JLL, handled the deal for Axsome.
Spokespeople for Durst, the Port Authority and JLL declined to comment.
Celia Young can be reached at cyoung@commercialobserver.com.
