Condé Nast is looking into office options in New Jersey to cut costs.
The publisher of magazines — including Vogue, Vanity Fair and the New Yorker — wants about 400,000 square feet of office space split between Manhattan and the New Jersey waterfront, Bloomberg News reported, citing anonymous sources familiar with the matter.
That’s less than half of the publisher’s existing 1 million-square-foot lease at One World Trade Center. It’s already trimmed its footprint at the tower by subleasing space in recent years, while trying to renegotiate the existing 25-year lease with its landlords, the Durst Organization and the Port Authority of New York and New Jersey. The company was also reportedly looking for new digs in Midtown.
“Advance continues to be in discussions about bringing the lease in 1WTC into line with current market conditions and its ongoing needs at that location,” a representative for Advance Publications, the parent of Condé Nast, said in a statement. “We are also considering alternative solutions to address these requirements.”
But it doesn’t appear talks between the tenant and the landlords have reached a resolution.
“One World Trade Center is proud to be the home of Condé Nast, which includes some of the world’s most iconic and respected brands,” a representative for Durst said in a statement to Bloomberg. “Condé Nast has 19 years left on their lease and we don’t expect them to go anywhere.” [Bloomberg] — Akiko Matsuda