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Condé Nast Mulls Dividing Space Between Downtown and NJ
Condé Nast, whose one-million-square-foot commitment to One World Trade Center symbolized the post-9/11 resurgence of Lower Manhattan, is exploring taking office space in New Jersey and reducing its presence in Manhattan as part of a bid to cut costs, Bloomberg News reported.
The magazine publisher is looking for roughly 400,000 square feet of office space split between Manhattan and the northern New Jersey waterfront, Bloomberg reported, citing sources who asked not to be named because the matter is private.
Condé Nast, owned by Advance Publications, is struggling as print publications have lost advertising revenue, Bloomberg reported. It has subleased some of its WTC space following staff cuts.
“Advance continues to be in discussions about bringing the lease in 1WTC into line with current market conditions and its ongoing needs at that location,” a representative for Advance told Bloomberg. “We are also considering alternative solutions to address these requirements.”
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