Condé Nast lands a second full-floor to sublease its space at 1 WTC

Ennead Architects inked a 20-year sublease for the 40th floor

TRD New York /
Apr.April 03, 2019 06:00 PM
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)

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.


Related Articles

arrow_forward_ios
Bob Sulentic (Getty, iStock)

CBRE income falls nearly 10%

CBRE income falls nearly 10%
From left: Paramount CEO Albert Behler, 1301 6th Avenue, 712 5th Avenue, 31 West 52nd Street (Getty; Google Maps)

Paramount Group back at work, but tenants waiting until 2021

Paramount Group back at work, but tenants waiting until 2021
Tony Malkin (Getty, iStock)

Empire State Realty Trust reports second consecutive quarterly loss

Empire State Realty Trust reports second consecutive quarterly loss
Michael Shvo and the Transamerica Building in San Francisco and  (Unsplash)

Shvo, Deutsche Finance close on Transamerica Pyramid for $650M

Shvo, Deutsche Finance close on Transamerica Pyramid for $650M
Amazon CEO Jeff Bezos with (top to bottom) 5 Warehouse Lane in Elmsford in Westchester County, 2300 Linden Boulevard in Brooklyn and 1502 Bassett Avenue in the Bronx (Getty; Google Maps)

Amazon inks three warehouse deals for delivery stations

Amazon inks three warehouse deals for delivery stations
New foreclosure filings are rising again as limits are lifted (iStock)

Foreclosure filings ramp up, especially in minority neighborhoods

Foreclosure filings ramp up, especially in minority neighborhoods
WeWork CEO Sandeep Mathrani (Wikimedia)

WeWork tells members you must pay rent

WeWork tells members you must pay rent
Equity Residential chairman Sam Zell (Getty)

Equity Residential sees profits drop 58%

Equity Residential sees profits drop 58%
arrow_forward_ios

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

Loading...