Condé Nast, a prominent publishing company, has decided to sublease a portion of its headquarters at 1 World Trade Center to the financial advisory firm Kroll. The agreement involves Kroll leasing 48,026 square feet on the 31st floor of the 104-story tower for a period of 10 years. The rent for this space was set at $59 per square foot.
Kroll, founded by Jules Kroll in 1972, is well-known for its corporate investigations and global operations. The firm is relocating its headquarters from Midtown to 1 World Trade Center, a move that signals a strategic decision for their business.
The deal between Kroll and Condé Nast was facilitated by Avison Young and JLL. This move comes amidst a challenging relationship between Condé Nast and its landlords, the Port Authority of New York and New Jersey and the Durst Organization. Condé Nast has previously sublet a significant portion of its space in the tower to various tenants.
As of now, there are still several floors of Condé Nast’s offices available for sublease. The exact amount of space that the company plans to retain in the tower is unclear. Both Durst and Condé Nast have not provided comments on this recent development.