Durst Organization Says It Could Lease 150% of Former Conde Nast HQ
The Durst Organization says it’s getting enough interest in the 820k SF of vacant space at 4 Times Square to fill 150% of it. The 48-story office tower lost anchor tenant Conde Nast to 1WTC earlier this year. Durst SVP Thomas Bow told Crain's his team has prospective tenants eyeing spreads between 80k SF and 350k SF, and that several leases are expected to close by year’s end. Durst is working on $150M in upgrades to the building. Conde Nast’s deal to move to 1WTC (which is co-owned by Durst and the Port Authority of NY & NJ) has the authority eating the rent on the publisher's former space until 2019, when the lease rolls. A full year’s rent pencils out to $40M. Deals on former Conde Nast space won’t be subleases but will be done directly with Durst. [Crain's]
