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New York

Condé Nast subleases 50K sf at 1 WTC to cut costs

The New Yorker & Vanity Fair publisher struck a 10 year deal with Ambac Financial Group

1 WTC and Condé Nast CEO Bob Sauerberg (Credit: Getty Images and Unsplash)
1 WTC and Condé Nast CEO Bob Sauerberg (Credit: Getty Images and Unsplash)

Following a year of financial setbacks, media company Condé Nast is continuing to scale back its office space at 1 World Trade Center.

The company, which owns brands like Vogue, Vanity Fair and the New Yorker, will sublease an almost 50,000 square foot floor to Ambac Financial Group, who specialize in offering financial guarantees, according to Crain’s. Ambac will relocate from their current downtown space at 1 State Street.

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The move comes after a year of losses for Condé Nast in 2018, including the closure of print versions of Teen Vogue, Glamor, and Self, and the sale of three of its magazines, Brides, Golf Digest and W.

In April 2018, the media company put a third of its space at the tower, around 350,000 square feet, up for lease. [Crain’s] – Decca Muldowney

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