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Conde Nast 'considers Ground Zero business property move'
New York is set to experience a major commercial property transaction following revelations that publishing giant Conde Nast is poised to relocate to the former World Trade Center site.
The magazine publisher has reportedly tentatively agreed to relocate from its current business property base in Times Square into a new building currently being constructed on the northwest corner of the Ground Zero site.
Known for publishing a number of leading consumer magazines, including Vogue, The New Yorker and Vanity Fair, the company would take a lease on approximately one million square feet of space.
The information about the agreement with the Port Authority of New York and New Jersey came to light in a memo sent by the authority's executive director, Chris Ward to the Port Authority's board of commissioners.
Known as 1 World Trade Center, the new building's construction has been plagued by delays and criticism, which had left it struggling to secure a major occupier.
Posted by Suzannah Taylor
The magazine publisher has reportedly tentatively agreed to relocate from its current business property base in Times Square into a new building currently being constructed on the northwest corner of the Ground Zero site.
Known for publishing a number of leading consumer magazines, including Vogue, The New Yorker and Vanity Fair, the company would take a lease on approximately one million square feet of space.
The information about the agreement with the Port Authority of New York and New Jersey came to light in a memo sent by the authority's executive director, Chris Ward to the Port Authority's board of commissioners.
Known as 1 World Trade Center, the new building's construction has been plagued by delays and criticism, which had left it struggling to secure a major occupier.
Posted by Suzannah Taylor
Wed, 4th Aug 2010