Mic, which is reportedly worth $5M, was paying over $2M in rent

Media startup rented 82nd floor at 1WTC

TRD New York /
Nov.November 29, 2018 06:15 PM

One World Trade Center and Mic co-founder Chris Altchek (Credit: Twitter)

The Durst Organization may have to look for a new tenant for the 82nd floor of 1 World Trade Center.

News startup Mic, which rented the 36,000-square-foot space in 2016, laid off almost its entire staff Thursday as it sold to publisher Bustle Digital Group for $5 million.

Mic was paying $69 per square foot for its space, according to Commercial Observer, or around $2.5 million in total per year.

The digital news publication raised more than $60 million from venture investors and was reportedly valued at $100 million in April 2017, but couldn’t figure out how to make a profit.

The company moved to 1 World Trade at a time when the neighborhood became a center of the media industry. Conde Nast is also a tenant at the building, and Observer Media and Vox Media occupy space nearby. —Konrad Putzier


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
Durst Organization chairman Douglas Durst and Advance Publications president Donald Newhouse with One World Trade Center (Newhouse by Ilya S. Savenok/Getty Images for The Association for Frontotemporal Degeneration; Unsplash)

Condé Nast may be moving out of 1 WTC

Condé Nast may be moving out of 1 WTC
Moody's CEO Raymond McDaniel and 1 World Trade Center (McDaniel by Alex Wong/Getty Images; Pixabay)

Moody’s looks to sublease its 1 WTC office

Moody’s looks to sublease its 1 WTC office
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?
arrow_forward_ios

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

Loading...