The Real Deal New York

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

Media startup rented 82nd floor at 1WTC
By Konrad Putzier | November 29, 2018 06:15PM

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