A protracted standoff between the landlords at One World Trade Center and the parent company of Condé Nast appears to have finally reached a conclusion … for now.
Advance Publications executives Steven and Donald Newhouse have agreed to pay almost $10 million in back rent owed to co-developers the Durst Organization and the Port Authority, the New York Post reported.
— The Real Deal
Condé Nast had apparently been looking to break its lease with the Durst Organization that was set to run through 2039. The 112-year-old media company was originally a headline tenant of the building, which has had trouble filling its more than 3.5 million square feet of office space since opening in 2014.
Vacancy rates in Manhattan's Financial District have risen to 20% as a result of the pandemic. The New York Post has more on the settlement here.
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