April 13, 2016
More than a year after Conde Nast relocated from Times Square to One World Trade Center, the Port Authority of New York and New Jersey is still paying more than $3 million a month for the former tenant’s lease. In 2011, the Port Authority, which developed One World Trade Center, agreed to take on Conde Nast’s rental payments to lure the media giant to the new building based in Lower Manhattan.
Payments will continue through 2019, when Conde Nast’s lease will expire, unless 4 Times Square owner Durst Organization finds a tenant. It’s been a hard slog, though there are rumors that part of the space could be leased soon. “Times Square has gotten a bad rap this last year or two with the [costumed] characters,” observed Michael Cohen, president, Tri-State Region, Colliers International.