On Wednesday, the Port Authority of New York and New Jersey officially announced a deal with publisher Condé Nast to make the company the primary tenant of One World Trade Center.
The Port Authority and Condé Nast signed a 25-year lease, and the publishing company will pay $1.9 million over the course of that lease. The deal gives Condé Nast 1 million square feet and 21 floors of space in the tower, which is scheduled to be completed in 2013.
Currently, Condé Nast is headquartered at 4 Times Square in Manhattan.
It wasn't long ago that few would have believed it possible that a publishing industry giant like Condé Nast would be relocated to the World Trade Center site, but today - with the site rising and Lower Manhattan thriving - it's a reality, Mayor Michael Bloomberg said in a statement provided by the Port Authority. Condé Nast has always been something of a trendsetter, and its move is sure to attract others to the area, further strengthening and diversifying the Lower Manhattan economy.
In conjunction with the lease announcement, the Port Authority also said it has agreed to sell a stake in One World Trade Center to the Durst Organization for $100 million. Durst is a real estate company that owns properties in and around midtown Manhattan.
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