Conde Nast To Become New Tenant At One World Trade Center

NEW YORK (CBSNewYork/AP) — Magazine publisher Conde Nast plans to occupy 1 million square feet at the rebuilt World Trade Center’s signature skyscraper.

WCBS 880’s Rich Lamb With Comment From Mayor Bloomberg

The publisher of magazines including Vogue, The New Yorker and Details plans to move about 5,000 employees into 1 World Trade Center in 2014.

The deal has been in the works for months and was announced Tuesday.

“They took a third of this new building and once you have a verifier like that, I think there’s just no question downtown is going to be a financial success, a real estate success,” said Mayor Michael Bloomberg, adding that it takes a lot of courage to be the first and Conde Nast has had the courage.

“This will get other companies all of the sudden to say ‘I better get going here’ because the opportunity to get great space at a lower rate is gonna go away and then as it fills up, rates will go up,” said Bloomberg.

It will go before the board of the Port Authority of New York and New Jersey on May 26 for approval. The authority owns the trade center site.

Conde Nast will pay an estimated $2 billion over 25 years.

Chief financial officer John Bellando said Conde Nast would be proud to take part in the ongoing renaissance of lower Manhattan.

The Port Authority plans to take over Conde Nast’s current lease near Times Square.

Sound off in our comments section below…

(TM and Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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Comments

One Comment

  1. Tracy Schillaci says:

    Ok Mr. “None of Your Business” let me get this straight. You think that if she does not rent this place that the Mississippi would no longer be over flowing, there would be peace in the middle east and the insane would no longer live in the streets? Tell me how that works?

    The rent money is part of the cost of doing business. Fact is if she closed up shop, so she could free up that 2 billion, that 2 billion would not be there to distribute! If she quit publishing how many others would suddenly be with out work? What are they going to do? Get on food stamps and join the homeless?

    One last thing, you are completely distorting the state of even the homeless. NO ONE IN THE USA DIES FROM STARVATION UNLESS THEY KEEP IT A SECRET!

    Because as soon as someone finds out you are starving yourself, they will insert a feeding tube!

    For those who are just hungry, In NYC there are free soup kitchens and food pantries all over the place!

    I would bet Conde Nast donates a healthy sum to this cause.

    There is a reason Stalin called people like you “useful idiots”!

  2. George Nelson Ames says:

    Amazing ,that magazines will really need this much office
    space in our digital age.
    We are getting rid of paper magazines for electronic Apple TV ,,Ipad& smart Phone
    access usage. All you need is a dream and a little desk space for today’s Photographers and writers and designers .

    1. Michael H. says:

      It’s interesting that you mention that, because Conde Nast is pioneering digital distribution via the iPad and Android tablets. I believe it was the New Yorker that was the first magazine to see a digital version available via subscription. You still need office space for copywriters, reporters, editors, HR, accounting, etc etc etc etc.

  3. MIKE says:

    SOUNDS MORE LIKE CONDIS A**

  4. None Of Your Business says:

    $2 billion in rent for 25 years while homeless people starve to death on the streets…and people in the South lose their homes to the rampaging Mississippi River…and untold thousands die in the Middle East….

    Oh, well, it’s nice that Conde Nast has its priorities straight.

    1. Michael H. says:

      Conde Naste is actually getting quite the deal for this 1 million square feet of office space. Divide the lease out and you get $6.67 per square foot per month, whereas the average is around $49 per square foot right now.

      I was also unaware that Conde Nast was responsible for feeding the homeless, rebuilding the south or anything in the middle east other than magazine sales.

      1. None Of Your Business says:

        Michael H: You sound like a good little Republican.

        I think $2 billion in rent for 25 years is ridiculous. More concern should be shown by everyone to the less fortunate and less concern toward conspicuous extravagance. I can imagine the price increases for their magazines so they can pay the rent. Does anyone read magazines any more?

      2. Michael H. says:

        I’m far from a *modern* Republican. Classic republican, maybe. Teddy Roosevelt is one of my personal heroes, but the present day GOP would laugh him out of the room. I’m quite socially liberal.

        I just demonstrated to you that $2 billion for 25 years of rent in Manhattan is FAR below market rate, using simple arithmetic, yet you ignore it. It doesn’t matter what you think. That is what the fact of the matter is. Conde Nast is literally saving billions of dollars by leasing this space. Why would they increase their prices if they are cutting their costs?

        As for giving back to the community, Samuel Newhouse Jr., Chairman and CEO of Advance Publications, owner of Conde Nast, is a philanthropist and gives more to charity that you probably make over several lifetimes.

    2. Michael H. says:

      CBS ate my last comment.

      Conde Nast will pay approx $6.67 per square foot per month in this 25 year lease. Average rent for office space in Manhattan right now is nearly $50 per square foot. I’d call that a very responsible move on their part and a huge cost saver over the course of nearly 3 decades.

      Conde Nast’s priorities are: Conde Nast. That’s it. They’re not responsible for the homeless, the south or the middle east.

  5. jmsblunt says:

    hey if you can;t afford a rolls royce then don’t go out and get one look at the place it ain’t people who can’t afford it don’t be a hater maybe one day you’ll be there yourself keep the FAITH

    1. MIKE says:

      HOW TRUE!!

  6. MIKE says:

    HEY…I MAKE 30K A YEAR, CAN I GET AN APARTMENT THRE??

    I FORGOT THIS IS ONLY FOR THE RICH.
    ALL I CAN DO IS COME IN AMD MOP THE FLOORS AND SWEEP UP.
    I CANT LIVE THERE BUT I CAN BE A SERVANT.

    OH! I CAN ALSO WARN THEM ABOUT ANY EVIL DOERS…

    1. Michael H. says:

      There are no apartments being built at 1 WTC, it’s an office building.

      Can’t tell if you’re trolling or if you’re actually that stupid…

      1. MIKE says:

        LISTEN HERE MORON!!!! STAY IN YOUR LANE!

        YOURE THE STUPID ONE CREEP!

      2. Miguel says:

        you can servant my weener

        you eedjut

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