Business

Conde Nast To Become New Tenant At One World Trade Center

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One World Trade Center is seen under construction at Ground Zero - New York, NY - Mar 9, 2011 - Photo: Chris Hondros/Getty Images

One World Trade Center (credit: Chris Hondros/Getty Images)

lamb_feature Rich Lamb
Rich Lamb is an award-winning reporter, who has been on the air at...
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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.

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(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 This material may not be published, broadcast, rewritten, or redistributed.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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