Conde Nast’s parent company Advance Publications is considering relocating from opulent New York City high-rise One World Trade Center, cutting short its 25-year lease after less than a decade at its lower Manhattan location, according to a report.
Insiders told Variety exclusively that the media giant is attempting to renegotiate its quarter-century lease at Conde Nast’s headquarters and said the option of breaking the lease altogether was on the table.
“Advance Publications is in discussions about bringing the lease at One World Trade Center into line with current market conditions and its ongoing needs at this location,” a spokesperson for the company said Thursday in an email to FOX Business. “It is considering alternative solutions to address these requirements.”
Sources told Variety “alternative solutions” could potentially include breaking the lease.
In 2014, company officials leased 20 floors at One World Trade for the 25 years – which was estimated to be worth $2 billion, according to the report. Six years later, amid the devastating financial impact of the novel coronavirus pandemic, circumstances have reportedly changed.
Conde Nast, which publishes Vanity Fair, Vogue and The New Yorker, has since been touring Midtown Manhattan for other options, according to the New York Post.
The publisher has reportedly had no choice but to furlough or lay off hundreds of staff members since the beginning of the COVID-19 pandemic.