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

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

Brookfield Asset Management CEO Bruce Flatt

“We underwrite every investment like we’re going to hit a recession”: Brookfield CEO

Clockwise from left: Celonis co-founders Bastian Nominacher, Alexander Rinke, and Martin Klenk with 1 World Trade Center (Credit: Celonis)

German tech firm snags full floor at 1 WTC

Cadre founder Ryan Williams and Allen Smith

Cadre brings on former Four Seasons CEO as president

AKS Capital Partners Managing Partners Aaron Appel and Walker & Dunlop CEO Willy Walker

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

250th Issue

The Real Deal celebrates 250 issues

Neir’s Tavern (Credit: Google Maps)

City’s oldest bar, of “Goodfellas” fame, gets last-minute lifeline