ADDING TO THE PORTFOLIO: Condé Nast is looking to expand its footprint in lower Manhattan again. It’s in negotiations to lease 80,000 square feet at 222 Broadway, a 27-story office tower that once belonged to Bank of America and Merrill Lynch, a source confirmed Tuesday. Crain’s New York Business first reported the news. Bank of America sold the building for $230 million last April to L&L Holding Co.
Condé would use the space to house its technology operations and Condé Nast Entertainment, which is currently at its Sixth Avenue offices, once it moves into One World Trade Center in 2014. In anticipation of the move, Condé has been snapping up real estate in lower Manhattan. Last January, it took up 133,000 square feet at One World Trade Center in addition to its original commitment of 1.05 million square feet, and the source said it’s still considering leasing more space to possibly accommodate other divisions. The terms of the deal for 222 Broadway, which call for a 10-year lease, are still being worked out, with an official announcement expected in about a month. A spokeswoman for Condé Nast declined comment.
This story first appeared in the March 6, 2013 issue of WWD. Subscribe Today.