The publisher of Vogue, GQ and Vanity Fair is trying to cut down on office costs by reducing the rent and square footage at its US headquarters, reported the Wall Street Journal. The publisher owed $2.4 million in January 2021, according to a bond document filing from the Port Authority of New York and New Jersey, the co-owner of One World Trade Centre.
Before the pandemic, Condé Nast had already started cutting back on the size of its space in the famous building, subleasing 150,000 square feet to other businesses.
The publisher is also reportedly looking to lease office space in New Jersey for some of its operations.
“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, Condé Nast’s parent company, told the WSJ. “We are also considering alternative solutions to address these requirements.”