Business

Former Condé Nast Building on Times Square gets new law firm tenant

Washington-based international law firm Venable LLP is transferring to the Durst Organization’s One Five One, the tower previously often called the Conde Nast Building.

Venable signed a 15-year lease for 157,800 sq. ft on the forty eighth via 52nd flooring of the constructing that additionally was beforehand often called Four Times Square. The firm is also leasing 11,000 sq. ft of concourse space.

It’s one of many year’s largest offers.

But there’s extra to the story than only a future-embracing dedication by one company at a time when the pandemic has but to finish and plenty of staff proceed to make money working from home.

A couple of years in the past, the skyscraper  — the primary of 4 to go up within the late Nineties and early ’00s on the storied nook the place Broadway and Seventh Avenue diverge at West forty second Street — was residence to only two firms: Conde Nast and law firm Skadden Arps.

The media big’s transfer to One World Trade Center and the law firm’s relocation to Manhattan West left the 52-story, 1.7 million sq. foot property empty and raised questions on Durst’s means to refill a lot space.

Although One Five One was solely accomplished in 1999, newer towers, together with Durst’s personal One Bryant Park on the identical block, have been seen to have the technological edge.

Venable signed a 15-year lease for 157,800 sq. ft on the forty eighth via 52nd flooring — plus 11,000 sq. ft of concourse space — one of many year’s largest offers.
David McGlynn

But Durst spent $150 million on capital upgrades to make One Five One freshly aggressive. Beyond a renovated foyer and a new meals corridor contained in the redesigned former Conde Nast cafeteria, modifications included such environmentally-attuned options as demand-controlled air flow via sensors put in in air-handling models.

The alterations earned One Five One a LEED Gold certification for present buildings.

Venable’s 150-plus Big Apple attorneys may also take pleasure in one other much-in-demand fresh-air amenity: a 3,000 sq. foot wraparound terrace on the forty ninth flooring.

The enhancements helped lure a batch of new tenants — together with  TikTok (230,000 sq. ft for its US headquarters), BMO and Nasdaq. The tower is now greater than 92 % leased.

Only three of the tower’s 52 flooring and “a few halves” stay accessible, Durst leasing honcho Tom Bow stated.

Former Conde Nast building in sunset
The former Four Times Square is seen because the solar units in Manhattan. An enormous new tenant helps to drive a resurgence within the constructing and displays Midtown’s resiliency.
Getty Images

The swift re-tenanting additionally displays Midtown’s exceptional resiliency, which was down however not out even throughout the worst months of the pandemic. (TikTok signed its lease in May of 2020.)

Asking rents on the Venable space ranged from $100 to $135 per sq. foot. 

Venable is consolidating from two Sixth Avenue addresses following its latest merger with Fitzpatrick Cella Harper & Scinto. It expects to maneuver to One Five One within the second half of 2022.

Newmark’s Moshe Sukenik and Eric Zemachson brokered for Venable. Tom Bow and Rocco Romeo repped Durst in-house.

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