Manhattan Real Estate | 2 minute read
Three New Tenants to Move into Condé Nast’s Old Space at 4 Times Square
BY Alexandra Farcas | Jan 11, 2019
Three tenants have signed new leases or expansions amounting to 154,000 square feet of Midtown Manhattan office space at the Durst Organization’s 4 Times Square. National Cable Communications, Analysis Group and SS&C Technologies will be taking over Condé Nast’s former offices.
National Cable Communications inked a deal for 65,000 square feet on the 11th and part of the 12th floors of the 1.8 million-square-foot Class A office tower. The company plans to relocate its offices from the Chrysler Building. Analysis Group will occupy 58,029 square feet on part of the 22nd and the entire 23rd floors of the building, moving from 10 Rockefeller Plaza.
SS&C expanded its current space at 4 Times Square, taking over an additional 31,396 square feet on the seventh floor here. The firm signed a 135,571-square-foot lease within the building in January 2017. Following the expansion, it will occupy a total of 166,967 square feet on the entire fifth, sixth and seventh floors.
4 Times Square (PropertyShark)
In 2014, Condé Nast announced it will vacate 817,000 square feet of office space in the tower, planning to relocate to One World Trade Center. The Durst Organization, owning 10 percent of 1WTC, made a deal at the time with the Port Authority, which owns the other 90 percent, to be reimbursed for Condé Nast’s rent at 4 Times Square for the remaining period of its lease, the New York Post reports. The lease is set to expire in April. Currently, three of the 19 floors previously occupied by Condé Nast have yet to be claimed.
Savills Studley’s Erik Schmall, Brad Wolk and Scott Weiss represented National Cable Communications in the deal. Analysis Group’s deal was handled by Paul Formichelli of JLL, while Bob Ageloff, Derek Trulson and Bill Peters from the same company acted on behalf of SS&C. The Durst Organization was represented in-house by Tom Bow, Rocco Romeo and Tanya Grimaldo in the first two deals and by Ashlea Aaron in the third. The asking rent for the space was $85 per square foot, according to the Commercial Observer.
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POSTED IN: Manhattan Real Estate, New York Commercial Real Estate
Alexandra is a staff writer and communications specialist at CommercialCafe, covering commercial real estate trends, news and tips. Her work can also be found on the PropertyShark blog, where she usually writes about the latest office deals. Alexandra’s articles have been featured by Bustle, NBC Washington, Thrive Global, the Boston Business Journal, The Durst Organization, Philly Mag, HR Dive.
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