Image courtesy of Michael Vadon’s Flickr
It was recently revealed that One World Trade Center still has a 25 percent vacancy rate four years after opening its door, and that number is about to grow. The first tenant to move into the building in 2014, Condé Nast is now looking to sublease a third of its one-million-square-foot office space. As part of its consolidation plan, the media company on Monday said it’s looking to sublease seven of the 23 floors it currently rents as a way to cut costs, according to the New York Post. It’s estimated Condé Nast paid roughly $50 per square foot when it moved in nearly four years ago–space at One WTC is now worth $75 per square foot.
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Though the Port Authority of New York and New Jersey would like you to think it’s been smooth sailing finding tenants for One World Trade Center, their spending habits say otherwise. As Crain’s reported, more than a year after Condé Nast made the big move from 4 Times Square to One World Trade, the agency is still dropping $3 million a month to pay for the old lease. This deal came about in 2011 when the Port Authority offered the incentive to entice the media company to relocate amid floundering activity at the downtown tower. In 2015 alone, they spent $47.6 million, and the payments are expected to continue into 2019 (when the lease ends) unless building owner the Durst Organization can find a new tenant.
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Condé Nast’s move into One World Trade Center means more than just the offices of Vogue settling in downtown, but also some other 3,000-odd editors, writers and advertising folks that make up the publishing giant’s empire. Amongst these magazines is, of course, The New Yorker. In this week’s installment of the magazine’s “Cartoon Lounge,” cartoon editor and cartoonist Bob Mankoff takes a moment to commemorate the magazine’s move into the supertall icon by musing over the skyscrapers that have appeared in The New Yorker since the city’s 1920s building boom. From his office on the 38th floor of One World Trade, watch as he shares his favorite cartoons and his own experience of seeing the New York City skyline as a kid in Queens. This video is sure to make you smile!
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More than nine years after ground broke at One World Trade Center, the tower’s first and largest tenant, Condé Nast, is moving in. Though the media company will not complete its move until January, the relocation actually began last weekend when 2,800 orange crates full of files, photos, and books were carted downtown from the media company’s Times Square office.
Today, 175 employees will start their days at One WTC, the first wave of the 3,400 employees at 18 magazines. And as the New York Times notes, the scene they’re encountering is much different than when construction began nearly a decade ago. As the number of financial institutions has declined, tech firms, advertising agencies, and media companies have made the Financial District their new home, along with a residential population of 61,000.
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Remember those jitters you’d get leading up to college move-in day? We wonder if Condé Nast is feeling that way in anticipation of its big move into One World Trade Center, now set for November 3rd. The tower’s anchor tenant will not make a big to-do of its move, but the Port Authority of New York and New Jersey is planning a celebratory event later in the month following the fall elections. The exact date will be determined based on Governor Cuomo’s and Governor Christie’s availability.
The official open date of the city’s tallest building comes more than nine years after ground was first broken. Though Condé Nast will begin relocating its offices next month, it will not complete the move until January. Other tenants include Morgan Stanley, Legends Hospitality, and BMB Group.