NEW YORK CITY-The clock is ticking for the Port Authority of New York and New Jersey in its efforts to find a tenant to replace Condé Nast at the Durst Organization's 4 Times Square.
The media company is scheduled to move out of 4 Times Square at the end of 2015 and relocate to the Port Authority's 1 World Trade Center. The Port Authority agreed three years ago to reimburse Condé Nast for the up to four years remaining on its lease if the agency cannot find a replacement tenant for the 800,000-square-foot space, according to the New York Post. The potential liability to the Port Authority totals approximately $200 million.
The newspaper reports that the Port Authority has paid Navigant Consulting, $5 million to “mitigate” the agency's exposure at 4 Times Square. However, Navigant has received some criticism from state officials for its billing practices with the Long Island Power Authority and the Port Authority has requested its inspector general review Navigant's role at the agency. See story in the New York Post.
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