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Conde Nast May Break Lease on 1 World Trade Center HQ (EXCLUSIVE)
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variety.comConde Nast, is trying to renegotiate or get out of the lease on its headquarters at 1 World Trade Center, sources tell Variety.The one-time, all-powerful media empire — which includes such prestigious magazine titles as The New Yorker, Vanity Fair and Vogue — decamped from its longtime home at 4 Time Square in 2014.
At the time, executives signed a 25-year-lease for 21-floors of skyscraper office space in lower Manhattan, a real estate deal worth roughly $2 billion over time.Initially that pact seemed like a great deal for a prime real-estate location.
But the coronavirus, which has been punishing for print advertising (especially glossies that rely on luxury and fashion brands for revenue), has made the harsh realities of the magazine.
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