Conde Nast Publications, supplier of magazines such as Vogue and Vanity Fair, have reached an agreement that will house 5,000 employees at 1 World Trade Center, giving Ground Zero a much-needed corporate anchor.
The deal has been in the works for months, the New York Times reported, and was announced Tuesday. Employees are expected to move into the building in 2014; the cost is estimated at $2 billion over 25 years.
According to The Times, the lease is to go before the Port Authority of New York and New Jersey's board on May 26 for final approval.
Gov. Andrew M. Cuomo said the Conde Nast lease sends a message to the global business community that Lower Manhattan is alive, growing and open for business. While Conde Nast chief financial officer John Bellando said the move is a catalyst for helping to transform downtown.
One World Trade Center, which will be 1,776 feet tall (541 meters), is expected to cost about $3 billion and open in 2013.