Durst Lands 32 KSF Times Square Tenant
An insurance company is taking a whole floor at the former Condé Nast Building.
Insurance broker Howden has signed a 31,519-square-foot lease at The Durst Organization’s One Five One, in Manhattan’s Times Square. The tenant will occupy the 53rd floor of the 1.8 million-square-foot office tower. Colliers arranged the lease on behalf of Howden, while the ownership was represented in-house.
Over the years, the property has also been known as 4 Times Square, the Condé Nast Building and H&M Tower.
One Five One’s tenant roster also includes the Bank of Montreal, TikTok, SS&C Technologies, Fross Zelnick, BMO Capital Markets, Chicago Trading Co. and NASDAQ—which leases 177,512-square-foot at the office building—serving as its global headquarters. H&M and the NASDAQ MarketSite occupy the 45,000-square-foot ground-floor space at the high-rise.
Developed by The Durst Organization, One Five One came online in 1999 at 151 W. 42nd St., as one of the first sustainable skyscrapers across the U.S. Reflecting the emerging green building trends of the time, the property became a prototype for the LEED rating system, according to the U.S. Green Building Council.
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In August 2025, The Durst Organization secured a $1.3 billion refinancing loan for One Five One, marking one of the biggest deals of last year. Four banks co-issued the five-year mortgage-backed security loan, which retired almost $1.1 billion of previous debt.
The property underwent a $150 million capital improvement program in 2017. The high-rise features a 45,600-square-foot amenity floor which includes outdoor terraces, an open hall for breakfast and lunch, a cocktail bar and a restaurant dubbed The Well& by Durst.
Colliers Vice Chair Sheena Gohil, Executive Vice President Bob Rosenthal and Senior Vice President Jack Senske brokered the deal on behalf of the tenant. The Durst Organization’s Executive Vice President Tow Bow, Senior Vice President Rocco Romeo and Associate Nora Caliban were the landlord’s in-house representatives.
Manhattan keeps top spot
As of March, Manhattan’s average office listing rate clocked in at $69.80 per square foot, up 1.1 percent year-over-year, ranking first across the U.S., according to a recent Yardi Matrix report. Also as of March, the borough’s office vacancy rate was down 340 basis points over 12 months, to 13.1 percent, second only to Miami’s 12.5 percent among major U.S. metros.
Rising rents and dropping vacancy maintain Manhattan at the top of improving office markets nationwide. As Miami and San Francisco follow closely, the borough’s performance signals a period of stabilization rather than a short-term trend.
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