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TIME FOR A NEW HOME: Time Inc. revealed plans on Thursday to join the rush of media companies downtown and relocate its headquarters to Brookfield Place in lower Manhattan.
Time has signed a long-term lease for 700,000 square feet at 225 Liberty Street. The publishing company, which is due to be spun off from parent Time Warner on June 6, will vacate its longtime headquarters in the Time & Life Building at 1271 Avenue of the Americas, where it has been located since 1959.
According Time’s filing with the Securities & Exchange Commission earlier this week, it will cost the company $120 million for the renovation of the raw office space. By relocating its New York staff to six floors in Brookfield Place, Time will save itself $50 million in rent annually.
“This is a very important move for Time Inc. as we become an independent company,” said Joe Ripp, chairman and chief executive officer. “We spent months evaluating competing sites in New York and New Jersey. In the end, we were persuaded that the downtown Manhattan location, Brookfield Office Properties’ plans for Brookfield Place and the incentive package we received from Gov. Andrew Cuomo and Empire State Development, drove our decision to stay in New York City.”
In moving downtown, Time Inc. is joining Condé Nast, which will relocate its headquarters to One World Trade Center beginning later this year.