Conde Nast to anchor World Trade Center tower

AP News
Posted: May 18, 2011 9:51 AM
Conde Nast to anchor World Trade Center tower

Magazine publisher Conde Nast plans to occupy 1 million square feet at the rebuilt World Trade Center's signature skyscraper.

The publisher of magazines including Vogue and The New Yorker plans to move about 5,000 employees into 1 World Trade Center in 2014.

The deal has been in the works for months and was announced Tuesday.

It will go before the board of the Port Authority of New York and New Jersey on May 26 for approval. The authority owns the trade center site.

Conde Nast will pay an estimated $2 billion over 25 years.

Chief financial officer John Bellando said Conde Nast would be proud to take part in the ongoing renaissance of lower Manhattan.

The Port Authority plans to take over Conde Nast's current lease near Times Square.