A recent New York Times report has shined a spotlight on the fact that Lower Manhattan is now considered a media hub. While Park Row was the media center in the 19th century, the digital age has allowed downtown to become a hot spot for the ever-evolving and changing media. Lower Manhattan is no longer reserved for financial types.
The Alliance for Downtown New York counts 60 media outlets occupying space below Chambers Street. Among other companies planning to migrate south from Midtown to the Financial District and the World Trade Center hood are Conde Nast, The Daily News, US News & World Report, Newsweek, The Daily Beast and that bastion of gossip The National Enquirer, which is the print pre-cursor of TMZ and Perez Hilton. Menâ€™s Fitness is already enjoying downtown space. The Alliance for Downtown New York also indicates that nearly 5,500 media types will eventually be working downtown, excluding Conde Nast employees.
Another reason that downtown offices are appealing to journalists and bloggers? Their proximity to Brooklyn, which are affordable locations for those with media salaries.
What do you think of Lower Manhattanâ€™s new reputation as a media hot spot?
As companies are looking for newer office that can accomdate their high-tech needs and growing environmental efforts, Larry A. Silverstein, chief executive officer of Silverstein Properties Inc., sees two of his new office buildings at Ground Zero the logical choice.
According to Bloomberg Business Week, “some 235 tenants have moved from midtown to downtown” since 2005. As newer buildings are constructed with high-tech and green accomdations in mind, it seems many more tenants might be moving into the neighborhood.
Conde Nast is one of those potential tenants, looking to lease a sizable amount of office space at 1 World Trade.
If you build office space, someone is bound to move in. Conde Nast has confirmed they signed a tentative deal that would move from their flagship Times Square location into the building formerly known as the Freedom Tower.
According to NY Magazine, employees were emailed a memo regarding the move today:
‘We have been evaluating real estate opportunities that would allow us to house all our brands in a single, state-of-the-art headquarters, as some of you may already know.As part of that process, we are in active discussions regarding 1 World Trade Center, a development project underway with the Durst Organization (our 4 Times Square landlord) and the Port Authority of New York and New Jersey.
While a final decision is several months away â€” and a move itself unlikely before 2014 – we wanted to keep you apprised of the status of this project.Â We also wanted to alert you, since it is now highly likely that we will move from 4 Times Square, whether to 1 World Trade Center or another location, that we will be reviewing our present and future space requirements for each of our businesses. More information about that process will be communicated shortly.”
It was speculated that Conde Nast would be one of the first tenants at the World Trade Center site after Durst was confirmed as one of the of two developers overseeing the reconstruction of the World Trade Center site. Durst’s relationship with high profile tenants was seen as an advantageous by the Port Authority.