{"id":1004029775,"date":"2011-05-27T06:13:00","date_gmt":"2011-05-27T14:13:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004029775"},"modified":"2022-12-08T09:52:50","modified_gmt":"2022-12-08T17:52:50","slug":"wtcs-1-msf-conde-nast-lease-to-lead-downtowns-return-to-glory","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/wtcs-1-msf-conde-nast-lease-to-lead-downtowns-return-to-glory\/","title":{"rendered":"WTC&#8217;s 1 MSF Cond\u00e9 Nast Lease to Lead Downtown&#8217;s Return to Glory"},"content":{"rendered":"<p>May 26, 2011<br \/>\nBy Barbra Murray, Contributing Editor<\/p>\n<p><a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/05\/One-World-Trade-Center.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004029776\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/wtcs-1-msf-conde-nast-lease-to-lead-downtowns-return-to-glory\/one-world-trade-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/05\/One-World-Trade-Center.jpg\" data-orig-size=\"569,1024\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"One World Trade Center\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/05\/One-World-Trade-Center.jpg?w=569\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/05\/One-World-Trade-Center.jpg\" alt=\"\" title=\"One World Trade Center\" width=\"166\" height=\"300\" class=\"alignright size-medium wp-image-1004029776\" \/><\/a><\/p>\n<p>New York City\u2019s office market has been in the slow-but-sure post-recession rebound mode for the last several months but the long-awaited announcement of Cond\u00e9 Nast\u2019s advance commitment to 1 million square feet at the new 3 million-square-foot World Trade Center has created such a buzz that industry experts believe it will kick the recovery of Manhattan, and downtown in particular, into high gear.<\/p>\n<p>Commercial real estate services firm Cushman &amp; Wakefield acted as exclusive leasing agent for the $3.1 billion property\u2019s developers, The Port Authority of New York and New Jersey and The Durst Organization. CB Richard Ellis is the firm that guided the publishing giant to its future home on floors 20 through 41 at the 71-story One WTC after searching high and low in Manhattan to identify the best options for a contiguous 1 million square-foot block of premier office space. <\/p>\n<p>\u201cThe beginning of the search was five-and-a-half years ago,\u201d Gregory A. Tosko, vice chairman with CBRE\u2019s consulting services group, told CPE. Tosko, along with CBRE New York state tri-region CEO Mary Ann Tighe, acted as lead brokers on the deal. Tighe represents Conde Nast.<\/p>\n<p>There was ample time to do it right, he said. \u201cThey didn\u2019t have to leave. Their lease wasn\u2019t expiring. They have nine years left on their lease and they were happy in Times Square, but they wanted to solidify their long-term occupancy in a way that was right for the company.\u201d Cond\u00e9 Nast will relocate and consolidate thousands of employees from various offices in Midtown, including their headquarters at the approximately 1.6 million-square-foot Durst-owned building at 4 Times Square, where the magazine publisher settled into 650,000 square feet in 1999. <\/p>\n<p>WTC, for all its impending prominence, was not necessarily at the forefront for consideration in the beginning of the big office hunt. \u201cIt was a bit of a meandering path,\u201d Tosko said. \u201cWe think there was some reticence initially about downtown. With regard to this lease, downtown and the World Trade Center are inseparable. The Financial Center and the Transportation Hub, up until not long ago, seemed more conceptual, and you heard about so many difficulties. But there\u2019s been a lot of progress that\u2019s been going on down there over the last couple of years.\u201d<\/p>\n<p>The consensus among industry experts is that the publisher\u2019s relocation to WTC will have an impact that would best be described as d\u00e9j\u00e0 vu. \u201cCond\u00e9 Nast is definitely a market leader and they\u2019ve been a trendsetter before, in Times Square, and with that came a renaissance,\u201d Tara I. Stacom, vice chair with Cushman &amp; Wakefield, told CPE. \u201cThe same momentum will occur with Cond\u00e9 Nast\u2019s lease downtown.\u201d <\/p>\n<p>Cond\u00e9 Nast predicts the same. \u201cThey think ahead of the curve.\u201d Tosko noted. \u201cHaving done it with 4 Times Square gives them confidence that they can help with progress downtown.\u201d<\/p>\n<p>Actually, the importance of Cond\u00e9 Nast becoming the lead tenant at One WTC became evident well before the lease deal was signed, sealed and delivered. \u201cOther businesses have signed leases in the area in anticipation of the Cond\u00e9 Nast lease,\u201d Stacom noted. \u201cWithout question, when news first broke of Cond\u00e9 Nast\u2019s interest in the World Trade Center and when the joint venture with Durst was announced, it enhanced interest in the site.\u201d Last August, real estate owner and developer Durst acquired an equity membership interest in One WTC. \u201cThe Durst addition allows greater comfort for those who are more accustomed to a quality, experienced office entity like Durst. It gave greater credibility to the asset.\u201d <\/p>\n<p>Prior to confirmation of the Cond\u00e9 Nast transaction, other businesses may have felt the same reticence about downtown that the publisher experienced at the outset of its office space quest. Now, real estate experts predict that the official announcement of the agreement will lure more prospective tenants to One WTC and downtown in general. \u201cThis deal has the potential to drive the market,\u201d Tosko said. \u201cAt a minimum, it will be a stamp of approval to go and look.\u201d  <\/p>\n<p>And it is widely expected that many businesses will take their search beyond the tour. \u201cThere\u2019s limited new construction,\u201d Stacom pointed out. \u201cTenants are realizing that the best product will go fast. It\u2019s very possible that the building could end up fully rented the day it opens.\u201d The skyscraper is on track to reach completion in 2013. <\/p>\n<p>A specific date has not been set for Cond\u00e9 Nast\u2019s relocation, but the company is on schedule to make the move in 2014 or 2015.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York City&#8217;s office market has been in the slow-but-sure post-recession rebound mode for the last several months but the long-awaited announcement has created such a buzz that industry experts believe it will kick the recovery of Manhattan, and downtown in particular, into high gear.<\/p>\n","protected":false},"author":936,"featured_media":1004029776,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,21781,21808,21742,10,21747],"tags":[],"class_list":["post-1004029775","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-corporate-real-estate","category-featured","category-latest","category-northeast","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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