Tighe, Tosko and Rikhy of CBRE rep Condé Nast in 1.046 million s/f lease at One WTC, Stacom and Stein of Cushman & Wakefield rep owners, Port Authority and The Durst Org.

Condé Nast Publications has signed a 1.046 million s/f, 25-year lease at One World Trade Center. CB Richard Ellis (CBRE) represented Condé Nast in the negotiations. Cushman & Wakefield, the exclusive agent working on behalf The Port Authority of N.Y. and N.J. and The Durst Org., represented the ownership. Cushman & Wakefield was selected in 2007 by the Port Authority, which is developing the building together with The Durst Org., to spearhead office leasing for the 3 million s/f, $3.1 billion tower that will be completed in 2013. With the closing of the Condé Nast deal, more than one-third of the building has now been rented three years before the first tenant assumes occupancy. CBRE's Mary Ann Tighe, CEO, N.Y. Tri-State Region; Gregory Tosko, vice chairman; and Ramneek Rikhy, senior associate, represented the tenant. Cushman & Wakefield's vice chairman Tara Stacom and executive director Alan Stein represented the Port Authority. "It has been an honor to represent Condé Nast in their relocation to One World Trade Center," said Tighe. "In the late 1990s, Condé Nast blazed a trail to Times Square, creating a new corporate headquarters district in Manhattan. Now, they are again trailblazing to lead the renaissance of Downtown, expanding it beyond its historical roots as New York City's financial services central business district. This is far more than a 'game-changer.' This is a historic relocation that could be a New York City changer in the most visionary and positive sense." Tosko said, "It takes confidence and vision to create significant change. Fortunately, in Condé Nast we have both, plus an abundance of style." Brett White, CEO, CBRE, said, "I am proud that CB Richard Ellis has once again guided and executed a corporate relocation that will transform the New York skyline and the Downtown business district. Congratulations to Mary Ann, Greg and Ramneek, who along with their colleagues, make us all proud to be a part of CBRE every day." "One World Trade Center is a global icon and this deal is a catalyst for the new downtown," said Carlo Sant'Albano, Cushman & Wakefield's chairman of the board, based in London. "We are extraordinarily proud of our representation of ownership in this landmark transaction that brings Conde Nast, the international trend setter of fashion and ideas, to One World Trade Center, the market maker and leader of the renaissance of Lower Manhattan. Cushman & Wakefield has enjoyed a long history of involvement with the World Trade Center and we look forward to continuing that association as we bring this unique opportunity to prospective tenants throughout the Americas, Europe and Asia." "Cushman & Wakefield is honored to have been the representative of the Port Authority and its new equity partner, The Durst Organization, on this historic transaction," said Rufrano, president and CEO of Cushman & Wakefield. "When we were originally chosen by the Port Authority as their exclusive leasing agent, skepticism about the future of Lower Manhattan was hard to ignore. With this landmark transaction, it is abundantly clear that the Port Authority's vision is fast becoming reality for Lower Manhattan. Tara Stacom and her team of brokers on the building are unparalleled for their unwavering dedication and commitment to the success of this project." "Condé Nast's decision to relocate into Lower Manhattan from Midtown is a transformative moment in the history of a community that had been closely identified with the financial services sector for more than two centuries. Downtown has now evolved to a more diversified roster of businesses that include publishing, advertising, architecture and design, the law, the arts and myriad other creative professions that drive the New York City economy." said Stacom. "As the largest relocation ever from midtown to downtown, the one million square foot Conde Nast lease validates the progress at the World Trade Center site under the leadership of PA Exec Director Chris Ward, and in bringing one of the world's most iconic brands to One World Trade Center validates it as the go-to location for companies looking for state of the art headquarters space." "Conde Nast recognized the outstanding features of One World Trade Center's new construction, the overall importance of the site and park, the largest transportation hub in Manhattan and the iconic stature of the tower." The transaction represents the second major corporate tenant to lease office space in One World Trade Center. China Center New York LLC, a division of Vantone Industrial Co., Ltd., signed a 190,810 s/f lease in March, 2009. Vantone will occupy a portion of the 64th floor and the entire 65th through 69th floors. Cushman & Wakefield has a long history of involvement with the overall World Trade Center site. For example, in 1985 at the original complex, the company served as leasing broker for the Port Authority for the project's largest office tenant in a deal totaling approximately one million s/f with Dean Witter. In 2001, the company completed the 99-year lease of the World Trade Center to Larry Silverstein. More recently, Cushman & Wakefield represented the Port Authority in the re-negotiation of its net lease with Silverstein Properties, and in its joint venture of One World Trade Center with The Durst Org. With an antenna tower rising 1,776 ft. high, One World Trade Center will become the Western Hemisphere's tallest building upon completion. Now well under construction, the structure presently stands 67 stories above ground level. A new floor of the tower is being completed every week. The property will consist of 3 million s/f of class A office space on 71 office floors, a public lobby graced with 50-ft. ceilings and an observation deck 1,241 ft. above ground, among other amenities. Designed by architect David Childs of Skidmore Owings & Merrill, One World Trade Center is expected to be the most environmentally sustainable project of its size in the world. The project incorporates environmentally sensitive features based on LEED Gold criteria established by the US Green Buildings Council. Workers commuting to and from One World Trade Center will enjoy seamless access to an unprecedented confluence of mass transit service. Climate-controlled corridors will connect the tower to The World Trade Center Transportation Hub -- designed by eminent architect Santiago Calatrava -- and the new PATH terminal, eleven NYC Transit subway lines and the new Fulton Street Transit Center, the World Financial Center and ferry terminal, and approximately 500,000 s/f of shopping and dining. Cushman & Wakefield is one of the world's largest commercial real estate services firms. Founded in 1917 and headquartered in New York City, the firm has 234 offices in 61 countries, and 13,000 employees. The Port Authority of New York and New Jersey, which is self-sufficient and does not receive tax dollars from either state, operates many of the busiest and most important transportation links in the region. The agency also owns the 16-acre World Trade Center site in Lower Manhattan. The Durst Org., founded in 1915 by Joseph Durst, is the owner, manager and builder of 10 million square feet of premiere midtown Manhattan office towers. The Organization is recognized as a world leader in the development of high-performance and environmentally advanced commercial and residential property. Condé Nast publishes 18 magazine titles, including The New Yorker, Vanity Fair, Vogue, Bon Appétit and Architectural Digest. Condé Nast will move thousands of employees from 4 Times Sq. to floors 20-through-41 at 1 World Trade . CBRE, a Fortune 500 and S&P 500 company headquartered in Los Angeles, is one of the world's largest commercial real estate services firms (in terms of 2010 revenue). The company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit their website at www.cbre.com.