Condé Nast considers move to Gold Coast to save money

Magazine publisher is reportedly hunting for 400K sf, split between NJ and Manhattan

New York /
Jan.January 28, 2021 03:45 PM
Condé Nast CEO Roger Lynch and Durst Organization chairman Douglas Durst (Getty, iStock)

Condé Nast CEO Roger Lynch and Durst Organization chairman Douglas Durst (Getty, iStock/Illustration by Alexis Manrodt for The Real Deal)

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





    Related Articles

    arrow_forward_ios
    Donald Trump and the Ferry Point course (Getty, Trump Golf Links Ferry Point)
    Homeless shelter operator to take over Trump’s Bronx golf course
    Homeless shelter operator to take over Trump’s Bronx golf course
    Publicly-traded firms now own $1.64T of US real estate
    Publicly-traded firms now own $1.64T of US real estate
    Publicly-traded firms now own $1.64T of US real estate
    Brookfield’s $400M loan in Greenpoint Landing tops outer-borough list
    Brookfield’s $400M loan in Greenpoint Landing tops outer-borough list
    Brookfield’s $400M loan in Greenpoint Landing tops outer-borough list
    Pink Stone sells languishing FiDi site for $89M
    Pink Stone sells languishing FiDi site for $89M
    Pink Stone sells languishing FiDi site for $89M
    Vornado leasing 77K sf to school in 825 Seventh Avenue
    Vornado leasing 77K sf to school in 825 Seventh Avenue
    Vornado leasing 77K sf to school in 825 Seventh Avenue
    Deconstruct Podcast
    Deconstructing the single-family rental: New podcast episode out now
    Deconstructing the single-family rental: New podcast episode out now
    Birch Group President Mark Meisner and 101 Hudson Street in Jersey City, NJ (The Birch Group, Google Maps)
    Birch Group paying $380M for large Jersey City office
    Birch Group paying $380M for large Jersey City office
    Main-MainImage_.psd FT-Thumbnail_.psd
    Blackstone to net $4B profit in sale of Vegas casino
    Blackstone to net $4B profit in sale of Vegas casino
    arrow_forward_ios

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

    Loading...