Vogue publisher Condé Nast eyes new London office

Vogue magazine publisher Condé Nast is looking for a new London office, while it lays the groundwork for a potential sale of its iconic Mayfair headquarters after more than six decades at the location. The publisher, which also produces GQ, Tatler and Vanity Fair, has appointed Knight Frank to help it find up to 100,000 sq ft of office space in central London. EG understands that Condé Nast is considering offices as far afield as Midtown, while options near another of its existing offices, at the Adelphi on the Strand, WC2, are also thought to be in play. The publisher opened the Adelphi office in 2018 as part of its pivot towards more digital publishing activities. In addition to the office requirement, the publisher has also appointed Knight Frank agents to re-gear the long lease at its Vogue House HQ, in W1, which is thought to run for roughly another 75 years. For 64 years the company’s UK arm has been based at Vogue House, a mid-century building at 1 Hanover Square owned by the Church Commissioners, which runs the Church of England’s property holdings. Condé Nast has the long leasehold on the site, which was designed by architectural firm Yates, Cook & Darbyshire and contains around 80,000 sq ft of office space. Multiple sources said the re-gear was designed to make a sale more desirable to potential buyers, who would most likely redevelop the site. Other buildings in Hanover Square, as well as its public realm, have already been significantly revamped in recent years by Great Portland Estates, whose 1.3-acre development of the site encompasses three new office buildings, six apartments, retail stores and a public courtyard. It comes after Condé Nast said it had posted its first profit in years over 2021, with revenue of more than $2bn (£1.52bn), a feat the publisher put down to strong digital revenue growth and cost savings from reorganising its global operations. That represents a turnaround from losing $120m in 2017, as print advertising declines harmed a vital revenue source for publishers. A spokesperson for Condé Nast said: “As part of our standard business operations we regularly evaluate our space needs and options in all our markets around the world. We have no immediate plans to move out of the Adelphi or Vogue House at this time.” Knight Frank declined to comment. To send feedback, e-mail alex.daniel@eg.co.uk or tweet @alexmdaniel or @EGPropertyNews See which agents are doing the most deals in the London submarkets with our On-Demand Rankings >> Photo © Nicholas Bailey/Shutterstock