Durst says it could fill “150 percent” of Condé Nast’s old 4 Times Square space

Landlord on track to fill publisher's vacated 820,000 sf space at 48-story office tower

TRD New York /
Sep.September 08, 2015 03:30 PM

The Durst Organization’s 4 Times Square office tower won’t be reeling from the departure of anchor tenant Condé Nast much longer, with the landlord receiving “enough proposals to fill 150 percent” of the publisher’s vacant space, it said.

Durst is on track to fill 820,000 square feet at the 48-story tower left vacant by Condé Nast’s departure to 1 World Trade Center earlier this year, with executive Tom Bow saying that Durst is “in various stages of negotiations for the space.”

Though he declined to disclose specific tenants looking at 4 Times Square, Bow said they range in size from 80,000 to 350,000 square feet each, and that Durst expects to have several leases in place by the end of the year.

The landlord is also pouring $150 million into upgrading the 1.9 million-square-foot property, including renovating the lobby and elevators, according to Crain’s.

Condé Nast announced it was leaving 4 Times Square in 2011 to relocate to more than 1 million square feet at 1 World Trade Center, which is co-owned by the Port Authority of New York and New Jersey and the Durst Organization.

As part of that deal, the Port Authority agreed to take over Condé Nast’s lease at 4 Times Square, which runs to 2019 – with the agency responsible for covering annual rent payments for the publisher’s former space.

Even if leases are arranged for the Conde Nast space in the next weeks and months, the Port Authority will likely end up paying Durst a full year’s rent – more than $40 million.

Deals done for the Condé Nast space won’t be sublease transactions but rather direct leases with Durst, the landlord said – gradually freeing the Port Authority from its rent obligations as space is leased.

As it stands, the agency would be on the hook for $200 million over the remaining five years of Condé Nast’s lease at 4 Times Square. [Crain’s]Rey Mashayekhi


Related Articles

arrow_forward_ios
Douglas Durst, One Five One, and Tik Tok CEO Kevin Mayer (Getty, Google Maps, iStock)

The biggest new tenant in New York City is… TikTok

The biggest new tenant in New York City is… TikTok
The Durst Organization president Jonathan Durst and 655 Third Avenue (Google Maps)

Mitsubishi International renews big lease at Durst’s 655 Third Avenue

Mitsubishi International renews big lease at Durst’s 655 Third Avenue
Rick Cotton, Executive Director of The Port Authority of New York and New Jersey, and a photo of a mostly empty John F. Kennedy Airport pictured on April 16, 2020 (Credit: Astrid Stawiarz/Getty Images, Spencer Platt/Getty Images)

Major NY and NJ infrastructure projects in jeopardy

Major NY and NJ infrastructure projects in jeopardy
From left: Attorney Robert Abrams, Robert Durst and Durst spokesperson Jordan Barowitz (Credit: Abrams via Abrams Fensterman; Durst by Robyn Beck-Pool/Getty Images; Barowits via Durst Organization)

Durst Org accused of defamation by lawyer who sued Robert Durst

Durst Org accused of defamation by lawyer who sued Robert Durst
Robert Durst appears in court for during opening statements in his murder trial on March 4, 2020 in Los Angeles (Photo by Etienne Laurent -Pool/Getty Images)

Robert Durst murder trial could be suspended as LA courts shutter over coronavirus

Robert Durst murder trial could be suspended as LA courts shutter over coronavirus
From left: 1155 Sixth Avenue; One World Trade, Douglas Durst and 733 Third Avenue (Credit: Tdorante10 via Wikipedia Commons, Durst Organization, Getty Images)

Netflix inks short-term lease at Durst’s 1155 Sixth Ave

Netflix inks short-term lease at Durst’s 1155 Sixth Ave
Several major office landlords are enhancing cleanup efforts as COVID-19 is on the rise (Credit: iStock)

Landlords aim to keep offices squeaky clean as coronavirus spreads

Landlords aim to keep offices squeaky clean as coronavirus spreads
Robert Durst’s brother and Durst Org chairman to testify at murder trial

Robert Durst’s brother and Durst Org chairman to testify at murder trial

Robert Durst’s brother and Durst Org chairman to testify at murder trial
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...