The Real Deal New York

NJ financial firm inks lease at 4 Times Square

ICAP takes the first chunk of the former Conde Nast space

August 09, 2016 06:00PM

Douglas Durst and 4 Times Square

Douglas Durst and 4 Times Square

Financial securities firm ICAP finalized a deal to take the first chunk of the former Conde Nast space at the Durst Organization’s 4 Times Square.

The Jersey City-based firm signed a lease for 82,442 square feet with an option for another 41,221 square feet of renewal space, the New York Post reported.

The Real Deal first reported in May that ICAP had a lease out for a portion of the more than 800,000 square feet Conde Nast left behind when it decamped for One World Trade Center.

The asking rent for ICAP’s spaces was around $85 per square foot, according to the newspaper. The trading firm will retain some office space at the Harborside complex in Jersey City.

JLL’s Scott Panzer and Shannon Rzeznikiewicz represented ICAP, while Tom Bow, Rocco Romeo, Lucas Durst and Tanya Grimaldo repped the landlord in-house.

The new deal is the first in what’s expected to be a slow and steady lease up of the former Conde space in the 1.8 million-square-foot tower, which will also have another large availability staring in 2020 when the law firm Skadden, Arps, Slate, Meagher & Flom vacates 600,000 square feet as it relocates to Manhattan West.

Durst pumped $100 million in capital improvements into the building, including “preservation and enhancement” of Conde Nast’s Frank Gehry-designed cafeteria, which will be the “cornerstone of a shared amenity and conference center space.” [NYP] – Rich Bockmann

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