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Magazine Giant Conde Nast Selling Space at 1 World Trade Center

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Magazine giant Condé Nast made big news during the earliest days of 1 World Trade Center by becoming a sort-of anchor tenant, taking up the first 18 or so floors for its magazines. Photo Credit: Shutterstock

Magazine giant Condé Nast made big news during the earliest days of 1 World Trade Center by becoming a sort-of anchor tenant, taking up the first 18 or so floors for its magazines. Now the company is selling some of that space in the Financial District, 50,000 square feet of space, Crain’s reports.

The company known for magazines like GQ and Vanity Fair is selling some of its space to Ambac Financial Group, which takes the financial guarantees group from the big business center by Whitehall Ferry terminal known as 1 State Street Plaza.

The company as a whole had been having a difficult time with some online business, like how it didn’t do well with sales through Style.com and had to terminate the idea. While 50,000 square feet is a lot of space that Condé Nast just sold, it’s still looking to sell about 300,000 more square feet of space as it already has more than 1 million square feet of space in One World Trade, which is easily accessible by PATH trains and the 1, E, R, and W trains and even more trains not much farther away. The company was offering the space at a discount but still has struggled to find buyers. For now, Condé Nast at least found one buyer, and that purchase could turn into some momentum that may convince other companies to buy some of the prime and discounted space.

The contract being signed by Ambac will give it a decade of time for a price of about $50 or more per square foot, according to sources who spoke to Crain’s. For comparison, the rates normally go for over $70 per square foot, if bought from the Durst Organization or Port Authority of New York and New Jersey. The building had already had some problems finding tenants, as do the other World Trade buildings that are now built or will be built eventually. Representatives from the companies hadn’t returned comments for media when asked about the developments.

Some other companies recently decided to buy space in One World Trade. “We are pleased to have Studio71, Augustus Intelligence and Softomotive US join 1 World Trade Center’s growing TAMI tenant roster,” Jonathan Durst, president of the Durst Organization, said through a statement. “Our pre-built suite program offers tenants the opportunity to join a vibrant community and expeditiously and seamlessly open their offices in a state-of-the-art building.”

Condé Nast has continued to try innovating and staying ahead of the curve in a continuously evolving and difficult media landscape in which to survive. It created something called Influencer Platform Next Gen, which features both in-house and external talent with significant and meaningful social followings,” Pamela Drucker Mann, chief revenue and marketing officer for Condé Nast said. The company wants to be able to focus more on some of these new initiatives.

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