Condé Nast Signs Two Subleases Totaling 94,000 SF at One WTC
Still trying to shrink its 1.2 million-square-foot footprint at One World Trade Center, the media company signed subleases with Ennead Architects and Ambac Financial Group.
NEW YORK CITY— Condé Nast has inked two deals offloading 94,179 square feet of its space at One World Trade Center. Ennead Architects signed a 20-year sublease for 47,252 square feet and will occupy the entire 40th floor. The architectural firm is planning to move from 320 W. 13th St., also known as Two Gansevoort St.
Ambac Financial signed a 10-year sublease for 46,927 square feet and will occupy the entire 41st floor. The company, which provides financial guarantees such as bond insurance to the private and public sectors, will relocate to the building from One State St.
Both subtenants are planning their moves for later this summer. Although additional lease details were not disclosed, a source with information about the deals tells GlobeSt.com that the asking rent was in the $60s per square foot.
JLL’s Peter Riguardi, Joseph Messina, Steven Rotter, Jessica Berkey, Andrew Coe and Brett Harvey represented the sub-landlord Condé Nast. John Johnson Jr. and Nicholas Farmakis, both with Savills, represented the sublessee Ennead Architects. CBRE’s Michael Monahan and Adam Foster represented Ambac Financial.
Skidmore, Owings & Merrill designed the 104-story, three million square-foot One World Trade Center, located at 285 Fulton St. Its construction was completed in 2013.
Condé Nast moved into the building in the fall of 2014 attracting nationwide attention. The company’s actions helped reshape the image of Lower Manhattan, signifying an arrival of the cultural and creative sector. It also helped boost confidence and style in the neighborhood that bore the history of the harrowing, tragic events of 9/11.
That was the sign of the times when the famed publisher brought 18 magazine titles from its Times Square office to what was the most high-profile office building in the country and arguably the world. But to reduce costs, last year the media company hired JLL to sublease as much as 350,000 square feet of its 1.2 million square feet of leased space at One WTC.
The One WTC building is owned by the Port Authority of New York and New Jersey and the Durst Organization. Durst also owns 4 Times Square, the location which Condé Nast left in its last relocation. The Real Deal had reported that to facilitate the move, the Port Authority was covering Condé Nast’s Time Square lease that had been set to expire this month. TRD also reported BMO Capital Markets had leased 215,000 square feet at 4 Times Square. BMO will occupy the space Condé Nast had vacated, and the five floors of law firm Skadden which plans to head over to Hudson Yards.