Two down, five to go. As it continues to cut costs, Condé Nast has secured another subtenant for one of the seven floors at One World Trade Center that it put on the market last year.
Ennead Architects LLP has signed a 20-year sublease for 47,000 square feet of office space on the 40th floor of the 104-story tower, commercial brokerage JLL announced on Wednesday. A JLL team led by New York region chairman Peter Riguardi represented the sublandlord, while Ennead was represented by John Johnson Jr. and Nicholas Farmakis of Savills Studley.
The media conglomerate, whose holdings include Vogue, Vanity Fair and the New Yorker, tapped JLL to help evaluate options for its space last February, and officially put 350,000 square feet on the sublease market in April.
The company, which occupies 23 floors totaling 1 million square feet in the building, suffered a series of setbacks 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.
Condé landed its first subtenant last month, when Ambac Financial Group inked a 10-year sublease for the 41st floor.
Ennead Architects, formerly known as Polshek Partnership Architects, is a New York City-based architecture firm founded in 1963. In addition to government and other not-for-profit work, such as the iconic “eggs” at the Newtown Creek Wastewater Treatment Plant, the firm has designed a number of hotels in the city, included the the Standard High Line at 848 Washington Street.
Meanwhile, Condé Nast’s old space at the Durst Organization’s 4 Times Square was fully leased out on Wednesday, with a trading floor for financial firm BMO Capital Markets set to take up the last remaining floor.