Condé Nast Subleases 47 KSF at 1 World Trade Center

One World Trade Center. Image courtesy of JLL Capital Markets.

N.Y. Life Insurance Co. is relocating its offices from 120 Broadway to One World Trade Center in Manhattan. The mutual life insurance company has signed a 47,000-square-foot office sublease with Advance Magazine Publishers Inc., Condé Nast’s parent company, for the entire 39th floor. The move will take place in May 2023.

JLL Capital Markets worked with the landlords, The Port Authority of New York and New Jersey and The Durst Organization, to arrange the 10-year contract. Eric Engelhardt, senior vice president with Durst, helped facilitate the transaction on behalf of the ownership.

Another lease transaction closed recently in the campus, as law firm Freshfields signed with Silverstein Properties for 180,000 square feet of office space at 3 World Trade Center.

The tallest building in the World Trade Center complex

Completed in 2014, the 104-story high-rise encompasses approximately 3 million rentable square feet and is the tallest building of the new World Trade Center complex, at 1776 feet high. Designed by Skidmore, Owings & Merrill, the LEED Platinum-certified property features floorplates ranging from 25,000 to 47,358 square feet, a 55-foot-high office lobby, 54 high-speed passenger elevators and 55,000 square feet of retail. Tenant amenities include the 64th floor Sky Lobby, café and conference facility operated by Legends Hospitality.

The tower’s biggest tenant is Condé Nast, with a footprint of 1.2 million square feet; of the total, 400,000 square feet were put on the market for subleasing last year. The roster also features the U.S. General Services Administration, Studio71 and Vogue, among many others.

Located in Lower Manhattan’s Financial District, the property offers tenants direct underground access to the PATH Station and 13 subway lines. The building is bound by West, Fulton, Washington and Vesey streets.

The JLL team representing Advance Magazine Publishers included Chairman & President Peter Riguardi, Vice Chairmen Steven Rotter and Joseph Messina, Managing Directors Jessica Berkey and Brett Harvey and Vice President Andrew Coe. JLL Vice Chairman Matthew Astrachan, Managing Director Nicole Tiger, Executive Vice President George Gemelos and Associate Vice President Kristen Morgan assisted N.Y. Life in the negotiations.