Conde Nast is expected to start moving some 5,000 employes into 1 World Trade Center in 2014.
Media giant Conde Nast has clinched a deal to relocate to 1 World Trade Center, a move likely to draw other high-profile tenants to the struggling Ground Zero project, it was reported Tuesday.
The agreement capped several months of negotiations between Conde Nast and the Port Authority, according to The New York Times.
The Port Authority sweetened the deal by agreeing to assume the last four or five years of the company’s current lease in Times Square.
But it’s estimated the Port Authority will reap $2 billion over 25 years from the agreement, the newspaper reported.
Conde Nast, whose publications include The New Yorker, Vanity Fair, Vogue, Bon Appétit and Architectural Digest, is expected to start moving some 5,000 employes into 1 WTC in 2014.
The lease will go before the Port Authority’s board May 26 for final approval.
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