After fits and starts the General Services Administration finally signed on the dotted line to lease 270,000 square feet at One World Trade, pushing the tower over the symbolic 50 percent leased mark. “The fat lady sang,” Senator Charles Schumer told the New York Post. The GSA joins Condé Nast and Chinese real estate giant Vantone after a protracted negotiation that was stalled by Beltway bickering.
QUICK CLICKS>Palace 4 Sale, College Towns, Barbie House
How much for a palace in New York? $400 million. Courtesy WSJ
Big Deals. It’s a week of very big deals in NYC as The New York Times reported that Condé Nast signed on the dotted line to move in to One World Trade, and The Wall Street Journal broke the story that The Palace is under contract to be sold to Northwood Investors for $400 million. While across town at The Plaza, the drama continues to unfold with news that landlord Miki Nafti is stepping down and the Oak Room is closing.
Grad Towns. With commencements commencing, many would rather forget that college grads are having a pretty hard time finding work. But a recent search for the ten best college towns from Kiplinger made job opportunities in the college towns part of the criteria. NYC came in first, despite the “sky high rents,” Charlotte and Baltimore followed with their relatively low cost and robust growth.
Open Call. The AIA has announced that My Architect Barbie needs a house. Through the contest to “design a house that meets her guidelines” architects may find the client surprisingly demanding, “With more than 125 careers, I need a spacious office,” says the eight- inch wonder. A big back yard needs to accommodate all her pets, including the giraffe.
Margaret Russell Takes the Reins at Digest
Margaret Russell
Margaret Russell, the editor-in-chief and vice president for brand content at Elle Decor, has been named editor-in-chief of Condé Nast’s Architectural Digest. She will succeed Paige Rense who has edited Digest for nearly 40 years.
Russell has made Elle Decor a credible rival for Digest, and is respected for her taste and discerning eye. Digest remained virtually unchanged for much of Rense’s long tenure there, so many expect Russell will update the magazine’s image as well as bring new architects and designers into its pages.
The magazine’s offices will relocate from Los Angeles to New York. Russell will take over in September.
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