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

Lease takes another bite out of 840K sf Conde Nast vacancy

TRD New York /
Jan.January 09, 2017 04:55 PM

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.


Related Articles

arrow_forward_ios
Douglas Durst (Getty)

Douglas Durst tapped to be next REBNY chair

Douglas Durst tapped to be next REBNY chair
Douglas Durst and a rendering of the project (Getty, DRWC)

Durst’s $2B Philly waterfront redevelopment project approved

Durst’s $2B Philly waterfront redevelopment project approved
A photo illustration of Douglas Durst (iStock)

Mayor grants Durst Org its Astoria ferry wish

Mayor grants Durst Org its Astoria ferry wish
Anna Wintour of Condé Nast, One World Trade Center and Douglas Durst (Wintour by Dia Dipasupil/Getty Images; 1WTC via iStock; Durst by Patrick McMullan via Getty Images)

Condé Nast wants out at 1WTC. Durst may not be OK with that

Condé Nast wants out at 1WTC. Durst may not be OK with that
Robert Durst (Photo by Alex Gallardo-Pool/Getty Images)

Pandemic pushes back Robert Durst murder trial yet again

Pandemic pushes back Robert Durst murder trial yet again
4 Times Square (Google Maps, TikTok)

What happens if Trump banishes TikTok, savior of NYC’s office market?

What happens if Trump banishes TikTok, savior of NYC’s office market?
Durst Organization chairman Douglas Durst and Amazon CEO Jeff Bezos with 1133 Sixth Avenue (Getty, Google Maps)

Another blow to Amazon in court battle with Durst Organization

Another blow to Amazon in court battle with Durst Organization
A rendering of the site at 44-02 Vernon Boulevard in Long Island City and Douglas Durst

Owners of LIC’s “Lake Vernon” notch win in tug-of-war with Durst

Owners of LIC’s “Lake Vernon” notch win in tug-of-war with Durst
arrow_forward_ios

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

Loading...