The proposed new World Trade Center development plan started off with a bang, lost popularity and recently resurged in the “let’s Do” popularity realm (due to the bubblings of economic recovery, no doubt).
Could the WTC plan now be in vogue again because of the giant publisher of Vogue magazine (among many others) wanting up to one million SF in the new facility? You betcha! The magazine biz can’t be hurting that much, you reckon?
This was reported in Crain’s New York Business by James Comtois:
In the span of about a month, the World Trade Center development has gone from unpopular to potentially Vogue.
After a number of real estate developers began to bid for a minority stake in the once disfavored project, The New York Times is reporting that publishing giant Condé Nast has been talking with the Port Authority of New York and New Jersey about moving to 1 World Trade Center.
In a move that could be a potential game-changer, the publisher may take up as much as 1 million square feet in the planned office tower when it is complete, the Times said.
Currently, the only tenants for the tower-in-development are government offices and a Chinese real estate company. If the publisher decides to ink a deal, it could rebrand the project that up until recently, few tenants wanted to touch.
Due to its cache, Condé Nast—which publishes The New Yorker, Vanity Fair and Vogue—could rebrand the financial district, much in the same way that its 1999 move into 4 Times Square was seen to have helped rebrand the midtown area as resurgent.
In 2007, the publisher was part of a bid for the development rights over the West Side rail yards by the developer Douglas Durst, whose family owns 4 Times Square.
Representatives from Condé Nast and the Port Authority declined to comment.