If a lease is consummated, which could total as much as one million square feet, according to a report in the New York Times, the presence of Conde Nast would give a shot in the arm to the project that thus far has secured just one private commercial tenant—The Beijing Vantone Real Estate Co. A considerable amount of space at the nearly three-million-square-foot tower is expected to be leased by agencies of the federal government and New York State.
The 2.6-million-square-foot building, formerly called The Freedom Tower, is currently under construction and is expected to be completed by 2013. The final development cost for the tower that when finished will be the tallest building in the United States at 1,776 feet, is projected at approximately $3 billion.
Conde Nast currently maintains its headquarters at 4 Times Square, a 1.8-million-square-foot, 48-story tower built in 1999 and owned by The Durst Organization. The building is also known as the Conde Nast building.
In 2007, Conde Nast proposed to move its operations to a development to be built at the West Side Rail Yards in a joint venture with Vornado Realty Trust and the Durst Organization. Officials with the Port Authority and Conde Nast refused comment on reports of ongoing lease negotiations at 1 World Trade Center between the company and the agency.
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