The Real Deal New York

Durst signs fintech firm SS&C to 140K sf at 4 Times Square

Lease takes another bite out of 840K sf Conde Nast vacancy
By Rich Bockmann | January 09, 2017 04:55PM

4 Times Square and Douglas Durst (Credit: the Durst Organization)

The Durst Organization just plugged another big hole in the vacancy at 4 Times Square left behind by Conde Nast.

The landlord signed fintech firm SS&C Technologies to roughly 140,000 square feet at the 48-story tower, sources told The Real Deal.

SS&C, which offers cloud-based financial technologies, will be consolidating several locations throughout the city. The company, headquartered in Windsor, Conn., occupies about 70,000 square feet at 675 Third Avenue, another Durst building.

The asking rent in the 15-year deal was in the low-$80s per square foot.

A representative for the tenant was not immediately available for comment.

The lease – covering the fifth, sixth and part of the seventh floors – is the latest in a string of deals Durst has inked as it chips away at the at the roughly 840,000 square feet the publisher left behind when it relocated to One World Trade Center in 2014.

This past summer, Durst TRData LogoTINY signed the financial-securities brokerage ICAP to roughly 82,000 square feet in the 1.9 million-square-foot tower, with an option to take another 41,000 square feet.

That was followed by a 41,000-square-foot deal with the law firm Fross Zelnick Lehrman and Zissu.

The Port Authority of New York and New Jersey has been reimbursing Durst, a minority partner at One World Trade, to the tune of $3 million per month for the remainder of Conde’s Times Square lease, which runs through 2019.

Durst spent about $100 million on capital improvements to the property, which are expected to be completed by the end of the second quarter. The owner has its work cut out for it: the law firm Skadden, Arps, Slate, Meagher & Flom will vacate about 600,000 square feet at the top of the building when it relocates to Brookfield Property Partners’ 1 Manhattan West in 2020.

JLL’s Bob Ageloff, who heads the brokerage’s Stamford office, represented SS&C in the negotiations along with Derrick Trulson and Bill Peters. An in-house team of Tom Bow, Rocco Romeo and Ashlea Aaron negotiated on behalf of Durst. Representatives for both sides declined to comment.