Conde to nab more space downtown—not at WTC

From left: Mary Ann Tighe, David Levinson and 222 Broadway
From left: Mary Ann Tighe, David Levinson and 222 Broadway

Conde Nast is already expanding its downtown footprint before making the move to 1 World Trade Center. The publisher is now in negotiations to lease 80,000 square feet at the L&L Holding Company-owned 222 Broadway, located between Fulton and Ann Streets, in a 10-year-plus deal, Crain’s reported.

The rents at 222 Broadway come cheaper than at 1 World Trade, with asking rents cost in the high $40s per square foot, compared to the $60-plus range per square foot.

Conde signed a 1 million-plus square foot deal at 1 World Trade in 2011 — a deal that some saw as evidence that the Lower Manhattan office market would recover from its slump.

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Mary Ann Tighe and Greg Tosko of CBRE Group represented the tenant in the transaction. L&L had in-house representation from leasing executive David Berkey.

“Downtown has been going through this transition and we made our bets on it awhile back,” L&L CEO David Levinson told Crain’s. “We’ve focused on acquiring great buildings in the best locations and because of that, we have been early winners in the neighborhood.”

L&L is also in talks for a 100,000-square-foot deal for office suite company WeWork at 222 Broadway. [Crain’s]Zachary Kussin