Interest for office space at Durst Organization’s 4 Times Square seems to be picking up following the high-profile departure of anchor tenant Conde Nast.
Law firm Fross Zelnick Lehrman and Zissu has signed up to take 41,000 square feet of space across an entire floor, the Commercial Observer reported. The lease at the 48-story, 1.9 million-square-foot office skyscraper is for 15 years, and will see the firm relocating from its current location at Meadow Partners’ 866 United Nations Plaza.
The law firm’s lease comes a month after Jersey City-based financial securities firm ICAP finalized a deal to take 82,000 square feet at 4 Times Square, with the option to renew for another 41,000 square feet. It’s unclear what Fross Zelnick Lehrman and Zissu will be paying, but asking rent in the ICAP deal was $85 per square foot.
When Conde Nast vacated the building and decamped for One World Trade Center in 2014 it left more than 815,000 square feet vacant in the building. With this recent deal Durst has now filled 120,000 square feet. Durst invested $100 million in capital improvements into the office tower, including upgrades to Conde Nast’s Frank Gehry-designed cafeteria.
The Port Authority of New York and New Jersey has been reimbursing Durst, a minority owner at 1 WTC, $3 million per month for the remainder of Conde Nast’s lease at 4 Times Square, which runs through 2019. [CO] — Miriam Hall