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4 Times Square To Finds New Life In Wake Of Condé Nast’s Departure

4 Times Square in New York

ICAP has signed an 82k SF lease at 4 Times Square (pictured) with the option to expand another 41k SF, at an asking rent of $85/SF.

The financial securities firm is taking up some of Condé Nast’s former space. The publishing giant occupied 817k SF over 20 floors until 2014, when it moved to 1 World Trade Center.

ICAP was repped by JLL’s Scott Panzer and Shannon Rzeznikiewicz, while Durst was repped in-house by Tom Bow, Rocco Romeo, Lucas Durst and Tanya Grimaldo, the New York Post reports.

The Port Authority of New York and New Jersey has been reimbursing the Dursts for Condé Nast’s rent for the last four years of its lease. The Durst Organization has received $3M a month.

The Durst family has spent $100M on capital improvements to the 1.8M SF Midtown tower, which was top-of-the-line when it was opened by Douglas Durst in 2000. The improvements include new entrances, a new lobby, new elevator cabs and enhancements to the Frank Gehry-designed cafeteria, which the Durst Organization has called the “cornerstone of a shared amenity and conference center space.”

The deal could also be the harbinger of a possible turnaround for Midtown, which has seen many high-profile tenants flee to other sections of the city. [NYP]