Magazine empire to rent one-third of One World Trade

Condé Nast has become the first major tenant of the One World Trade Center, the new skyscraper under construction at New York’s ground zero, the site of the September 11, 2001 terrorist attacks.

The magazine group, publisher of Vogue, Architectural Digest, The New Yorker and Vanity Fair, has signed a 25-year lease agreement with the Port Authority of New York and New Jersey to rent 92,900 square metres of the new tower, expected to be completed by early 2014.

The deal is reportedly worth US$2 billion (A$1.86 billion). Condé Nast has been based near New York’s Times Square since 1999.

Condé Nast will rent almost a third of the total available office rental space in the building, which will have 71 floors of office space. It is the biggest rental agreement signed in Lower Manhattan in more than 25 years.

The lease was finalised by a team led by Philippe Visser of the Port Authority, Tara Stacom and Alan Stein of Cushman & Wakefield and Mary Ann Tighe and Greg Tosko of CB Richard Ellis.

Condé Nast is the second tenant signed to One World Trade Centre.

In March 2009, China Center New York LLC, a division of real-estate investment company Vantone Industrial Co., Ltd., signed an 18,000 sqm lease, covering portions of the 64th floor and the entire 65th through 69th floors of the building.

Cushman & Wakefield is the exclusive leasing agent for the building's 1.8 million square feet of office space that remains available.

Frank Lowy’s Westfield Group has an agreement with the Port Authority of New York and New Jersey (announced in January 2008) to jointly develop and operate the 45,000-square metre retail component of the World Trade Center site.

One World Trade Center has been designed by architect David Childs, of Skidmore, Owings and Merrill, and is the lead building on the site where the Twin Towers once stood.

Upon completion in 2013, One World Trade Center will be the tallest building in the US, with 278,000 square metres of office space, rising up 541 metres.

Construction at One World Trade Center is up to the 66th floor and rising at a rate of one floor per week.


Leasing wrap: Rehau signs four-year deal in Wetherill Park

International polymer company Rehau will lease 4052 square metres of industrial space in Wetherill Park, in Sydney’s western suburbs, for the next four years. Greg Pike of CB Richard Ellis negotiated the deal $105-per-square-metre deal on behalf of FFCC Pty Ld. The freestanding building is at 396 Victoria Street.

New neighbours at last
The newly refurbished office building at 116 Adelaide Street, in Brisbane’s CBD, has found its first tenant since whole-of-building tenant MBT moved out in mid-2010. Financial services ICT company TSWG has signed a deal to rent two floors, or 767 square metres, for just over five years, according to the Australian Financial Review. Market rate is $535 per square metre, and the deal was negotiated by Jones Lang LaSalle’s James Montague.

RPR untangles new lease
Hair product company RPR Hair Care has signed a six-year lease for a 1440-square-metre property in Moorabbin, 15 kilometres south east of Melbourne’s CBD. The company intends to use 250 square metres as office space and the rest as a wholesale warehouse, the Financial Review reports. The lease at 16 Edgecombe Court, which will cost RPR about $113,000 a year, was negotiated by Daniel Kelly of Savills Australia.

Hammering out the details
Total Tools will rent an industrial space in Thebarton, in Adelaide’s inner suburbs. The 1900-square-metre property at 59-60 Port Road will cost the tool company $305,000 a year, according to the Sydney Morning Herald. George Mocatta and Jon Nitschke of Knight Frank negotiated the lease on behalf of Rocca Family Trust

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer


Be the first one to comment on this article
What would you like to say about this project?