Conde Nast’s New Address Will Be 1 World Trade Center
Media giant to lease one million square feet from Port Authority of NY and NJ.
A decade after New York City sustained one of the largest terrorist attacks in recent American history on September 11, 2001, Conde Nast has decided to move its head quarters, 18 magazine titles and 5,000 employees to 1 World Trade Center.
Currently at 4 Times Square, Conde Nast will anchor the 1 World Trade Center building; the million- square-feet-lease is estimated to be worth $2 billion over the next 25 years, according to NYTimes.com.
The lease will go before the Port Authority of New York and New Jersey’s board (who owns 1 World Trade) on May 26 for final approval.
Conde Nast is slated to occupy floors 20 through 41, beginning in 2014. Annual rent is set for $60 per square foot, around the same price Conde currently pays in Times Square.
Security around the Ground Zero area has been a concern for Conde, “The negotiations involved reams of traffic studies and security discussions, to ensure that its black cars (more than 100), its racks of designer dresses and its well-shod executives would be able to pass swiftly each day through the police-imposed security zone that is to surround the complex,” says NYTimes.com.
After the 1,776 foot-tall building at 1 World Trade Center was erected, critics believed that only government agencies, not corporate tenants, would be willing to move to the site. Dubbed “The Freedom Tower”, construction began in 2006; the Port Authority board approved a $2.9 billion budget in February 2006 for the project.
The building is now the tallest in Manhattan.