The co-owner of the World Trade Center, where the publisher of Vogue and GQ is headquartered, said its owner Advance Publications now owes $9.6 million in rent. It said the company is seeking to reduce its square footage and rent.
”The companies responsible for this lease have billions of dollars in assets, yet they have unilaterally withheld rent without any legal justification,” said a representative for the Port Authority. “These companies are entirely capable of satisfying their legal obligations and the Port Authority believes it has strong contractual rights to enforce full payment.”
A representative for Condé Nast and Advance said the issue is “part of Advance’s continued dispute with our landlord.”
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 in order to cut costs. The publisher has reportedly looked to lease office space in New Jersey for some of its operations.