NEW YORK (CBSNewYork/AP) — Magazine publisher Conde Nast plans to occupy 1 million square feet at the rebuilt World Trade Center’s signature skyscraper.
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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.READ MORE: Woman In Viral Series Of TikTok Videos Finds Secret Room In New York City Apartment
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.Work Now Underway To Turn Pier 42 Into Public Park
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