Conde Nast to Anchor World Trade Center Tower
Wednesday, May 18, 2011 - 11:23 AM
Conde Nast, the mega magazine publisher behind Vogue and The New Yorker, is planning to move from its digs in Times Square and into 1 World Trade Center.
The publisher plans to move about 5,000 employees into the rebuilt World Trade Center skyscraper in 2014. Conde Nast will pay an estimated $2 billion over 25 years to occupy about 1 million square feet in the building.
The deal will go before the board of the Port Authority — which owns the building — for approval on May 26.
"We built a new reality at the World Trade Center and this transaction will be the exclamation point on that turnaround," Port Authority Executive Director Chris Ward said in a statement.
A spokesperson for Conde Nast said the company is close to concluding lease negotiations and hopes the move will help to transform downtown as it did in Times Square.
"Conde Nast would be proud to take part in the ongoing renaissance of lower Manhattan," John Bellando, CFO and COO, said in a statement.
Mayor Michael Bloomberg said the company's decision to move will provide the momentum the downtown complex needs to become a major commercial business center.
"They took a third of this new building," he said. "Once you have a verifier like that, theres no question downtown will be a financial success, a real estate success."
Jonathan Bowles, executive director of the Center for an Urban Future, said Conde Nast's presence in the Financial District will certainly give the area a major boost. He said when the media giant moved to Times Square a decade ago, it attracted media companies and other businesses to that part of midtown, and in turn helped revitalize the area.
"It could really kick off a new era of creative businesses in Lower Manhattan," he said.
The Port Authority assured Conde Nast that its infamous fleet of town cars and their drivers will be pre-screened by the NYPD so they'll be able to have regular access to the site, a source confirmed to WNYC.