Port Authority Has Paid More Than $47 Million on Condé Lease

An odd business deal.

Condé Nast understands that it’s nice to be wanted; even better to be paid for it. According to Crain’s, the Port Authority of New York and New Jersey has paid more than $47 million to cover the cost of Condé’s remaining lease at its previous headquarters in Times Square.

In 2011, Port Authority—desperate to sign a big name to the list of tenants at 1 WTC—agreed to pay the remaining money owed on Condé’s 4 Times Square [pictured] contract.

Unless 4 Times Square owner The Durst Organization finds someone to take over the old Condé digs, Port Authority will be on the hook for Condé’s payments through 2019. If that happens, Port Authority will have shelled out roughly $200 million on empty office space.

Thankfully for Port Authority, a source told Crain’s Durst is indeed close to signing a new tenant at 4 Times Square. We imagine the Port Authority execs are crossing their fingers.