US NEWS: Taking up space

Publishing giant Condé Nast has signed a $2 billion lease to occupy a third of the yet-to-be-completed One World Trade Center. PERE Magazine, July/August 2011 issue.

In a move that could dramatically change the real estate game in downtown New York, publishing giant Condé Nast has signed a lease for roughly one-third of the office space in the yet-to-be-completed One World Trade Center. The company, which publishes such magazines as Vogue, Vanity Fair and The New Yorker, will occupy one million square feet over 21 floors and is scheduled to move into its new address in 2014.

According to a report from Reuters, the publisher’s lease at the new office tower is estimated at $2 billion over 25 years. Despite the giant lease, about 1.8 million square feet of space still needs to be leased at One World Trade Center.

“Condé Nast has always been something of a trendsetter, and its move is sure to attract others to the area, further strengthening and diversifying the Lower Manhattan economy,” said New York Mayor Michael Bloomberg in a statement. Indeed, the publisher helped transform Times Square into a more posh, tourist-friendly location when it moved there in 1999.

Scheduled for completion in 2013, One World Trade Center – formerly known as the Freedom Tower – will stand at 1,776 feet, making it the tallest building in the US. Three other skyscrapers also are being built on the 16-acre site, which is owned by the Port Authority of New York and New Jersey. A transit hub, a memorial, a museum and a theater also are in the works.