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Biopharma firm takes 48K sf at 1 WTC
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Conde Nast subleases 48K sf in 1 WTC retreat
Kroll picks up new headquarters space from publisher at Durst property
Conde Nast’s yearslong effort to sublease its space at One World Trade Center is not over yet.
Financial advisory firm Kroll took 48,000 square feet from the publishing giant at the Financial District tower, the Commercial Observer reported. The 10-year deal covers the entire 31st floor of the building, where the asking rent was $59 per square foot.
Kroll is relocating its headquarters from 55 East 52nd Street to the 104-story, 3.1 million-square-foot 1 WTC in the deal, which was first reported by Bisnow.
Avison Young’s Michael Gottlieb and Martin Cottingham were part of the team that arranged the deal for Kroll, while JLL’s Peter Riguardi and Joseph Messina were part of the broker team for Conde Nast.
The Durst Organization and Port Authority of New York and New Jersey own the property at 1 WTC, but Conde Nast seems to be involved in a large amount of activity unfolding there. The publisher holds 1.2 million square feet, a huge chunk of space it almost immediately started subleasing to other tenants.
In recent years, Condé Nast has subleased about a quarter of its space at 1 WTC. Since 2019, more than 230,000 square feet have been claimed by subtenants and another six floors are up for grabs, leaving the amount of space Conde Nast occupies in the building unclear.
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Conde Nast was also involved in a public spat with its landlords, withholding $2.4 million in rent at one point as it looked to renegotiate its lease. Conde Nast ultimately paid the full amount owed.
The sublease isn’t the only deal to unfold at the property this week. Insurance and annuity firm Venerable signed a direct lease for 11,000 square feet, according to the Commercial Observer. It’s unclear what the asking rent was for Venerable, which will move to the building’s 49th floor.