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.
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.”