Conde Nast Said to Reach Deal to Move to New York's 1 World Trade Center
Conde Nast Publications Inc. reached a tentative agreement to move its headquarters to 1 World Trade Center, the skyscraper rising at the lower Manhattan site of the 2001 terrorist attacks, two people familiar with the deal said.
The magazine company, whose titles include Vogue, Glamour and GQ, plans to take 900,000 to 1 million square feet (83,613 to 92,903 square meters) in the building after its scheduled completion in 2013, said one of the people. Both declined to discuss the deal’s pricing, and asked not to be identified because the agreement hasn’t been made public.
The publisher would leave 4 Times Square, a tower in midtown Manhattan completed in 1999 by developer Douglas Durst. Durst is negotiating to become 1 World Trade’s equity partner with the Port Authority of New York and New Jersey, which owns the site and is developing the skyscraper.
Conde Nast told employees it is “in active discussions regarding 1 World Trade,” according to a memo today from Chief Financial Officer John Bellando obtained by Bloomberg News.
The company is looking for a single “state-of-the-art” headquarters, according to the memo. It said a decision is several months away, and a move is unlikely until 2014.
Maurie Perl, a spokeswoman for Conde Nast, confirmed the publisher is in discussions for the site and declined to comment further.
“It’s great news that Conde Nast is considering a move to lower Manhattan,” said Elizabeth H. Berger, president of the Alliance for Downtown New York, an organization of lower Manhattan-based companies. The New York Daily News “will soon join 59 other media tenants that are already here. If Conde Nast follows, lower Manhattan will be media central,” she said.
The New York Daily News said last month it plans to move from Midtown to Downtown.
The Port Authority has had “growing interest” from potential tenants in 1 World Trade Center, and won’t comment on ongoing talks, spokesman Stephen Sigmund said in an e-mail.
“If Conde Nast were to leave 4 Times Square for downtown, it’s terrific office space and we don’t think we’ll have a problem leasing it up, at the appropriate time,” Jordan Barowitz, a spokesman for Durst, said in a telephone interview.
The tentative agreement was reported earlier today by the New York Times.
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