Condé Nast may be moving out of 1 WTC

Publisher’s parent company wants to adjust its 25-year lease and potentially move back to Midtown

New York /
Aug.August 05, 2020 10:30 AM
Durst Organization chairman Douglas Durst and Advance Publications president Donald Newhouse with One World Trade Center (Newhouse by Ilya S. Savenok/Getty Images for The Association for Frontotemporal Degeneration; Unsplash)

Durst Organization chairman Douglas Durst and Advance Publications president Donald Newhouse with One World Trade Center (Newhouse by Ilya S. Savenok/Getty Images for The Association for Frontotemporal Degeneration; Unsplash)

Condé Nast wants to change the terms of its lease at One World Trade Center, and the publisher may be prepared to walk if it can’t get what it wants.

The publisher’s parent, Advance Publications, confirmed it’s looking for a new Midtown headquarters as it continues talks to modify its 25-year lease at the iconic tower, the New York Post reports.

“Advance Publications is in discussions about bringing the lease at One World Trade Center into line with current market conditions and its ongoing needs at this location,” the company said in a statement to the Post. “It is considering alternative locations to address these requirements.” After publication, the company said its statement was printed incorrectly and that it was considering alternative “solutions,” not locations.

A representative for the Durst Organization, which developed the building with the Port Authority, had no knowledge of the discussions or potential move on Tuesday, according to the publication.

Condé Nast has a lease for 21 floors at the Financial District tower. In 2018, the publisher began subleasing 10 floors as it downsized its staff and shuttered the print editions of Teen Vogue, Glamour and Self, and sold three other titles.

The publishing company was previously at Durst’s 4 Times Square, and had four years remaining on its lease when it began moving Downtown in 2014 and 2015.

On Tuesday, The Real Deal reported that Moody’s was looking for a tenant to sublease its 75,000-square-foot lease at One World Trade Center . [NYP] — Erin Hudson


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