Biopharma firm takes 48K sf at 1 WTC

Condé Nast has subleased 280K sf at Durst property since 2019

Durst Organization's Douglas Durst and 1 World Trade Center (Getty)
Durst Organization's Douglas Durst and 1 World Trade Center (Getty)

One World Trade Center has welcomed another deal after the loss of Condé Nast and its parent company, which has subleased almost a quarter of its space to new tenants.

Biopharmaceutical firm Axsome Therapeutics took 48,000 square feet from Advance Publications on the 22nd floor of the 104-story building, the Commercial Observer reported. The asking rent was $60 per square foot at the Durst Organization and Port Authority of New York and New Jersey owned property.

Axsome is moving over from a WeWork on Cortland Street, where it occupied 22,000 square feet. The company plans on making the move as soon as possible to accommodate its growing staff, which develops treatments for migraines, Alzheimer’s disease and ADHD.

A JLL team including Peter Riguardi and Steve Rotter represented Condé Nast. JLL’s Greg Wang and Seth Godnick were among those representing the incoming subtenant.

The 3.1 million-square-foot Lower Manhattan tower appeared to be in for a challenge after Condé Nast chose to sublease most of its 1.2 million-square-foot footprint two years ago. The publisher also tried to skip $2.4 million in rent, but later paid the full price.

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In the past few years, however, Condé Nast has subleased about a quarter of its space, keeping the building buzzing. Last year, German business process analytics firm Celonis extended and expanded by more than 40,000 square feet, bringing the property to a record 95 percent leased threshold; that’s two percentage points higher than it was pre-pandemic.

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Along with the subleases, One World Trade snagged a series of new tenants in 2022. The three largest deals signed earlier last year include business software company Templafy, advertising platform LiveIntent and investment management firm Jordan Park, which combined to fill 73,000 square feet.

Since 2019, Condé Nast has subleased 280,000 square feet at the property. Advance Publications, which signed a 21-floor lease at $60 per square foot in 2011, still has another 16 years left on its tenancy.

Holden Walter-Warner