(Be sure to read GlobeSt.com tomorrow morning for a follow-up story on the Conde Nast deal.)
NEW YORK CITY-It’s official. Publishing giant Conde Nast signed off on a landmark one-million-square-foot deal, as anchor tenant for One World Trade Center Wednesday afternoon, following a Port Authority of New York & New Jersey board meeting. The move gives the 1,776-foot tower--and Lower Manhattan--a major boost.
Cushman & Wakefield vice chairman Tara Stacom, who has overseen leasing at the building since 2007, tells GlobeSt.com that she is “very pleased,” adding that Cushman is already in talks with other diverse corporate clients, perhaps lured by Conde Nast’s stamp of approval.
“We have law firms and entertainment firms in addition to the traditional corporate tenant,” Stacom said, though she declined to give names. Other names floated at Wednesday’s event included Sirius Satellite Radio, J. Crew and law firm Chadbourne & Parke. Stacom and C&W executive director Alan L. Stein represented the Port in the Conde deal, while CB Richard Ellis' Mary Ann Tighe, New York tri-state CEO, and vice chairman Gregory Tosko represented the publishing firm.
One World Trade Center currently stands some 66 floors tall. Construction is expected to be completed in early 2014, when Conde Nast will move from the Durst Organization building that it currently occupies in Times Square. Durst also owns a $100-million equity stake in 1 WTC, after being chosen as a development partner for the site last summer. CB Richard Ellis represented Conde in the deal.
Chris Ward, executive director at the Port Authority, told attendees at a press event held on the 35th floor of the building Wednesday afternoon that his organization had “built a new reality,” and that the Conde deal would change the landscape. “Conde immediately brings authority and legitimacy,” Ward said.
Also in attendance were Si Newhouse, whose family owns Conde Nast, and Mayor Michael Bloomberg, who recalled the progress made at the WTC site since he took office. “When I was first elected in 2001, smoke was still rising from the World Trade Center site,” Bloomberg said. “Osama bin Laden is dead and we are growing and alive.”
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