Media Co. Inks New Lease After Receiving Incentive Package from Cuomo, Empire State Development
Time, Inc. will relocate its headquarters to Lower Manhattan in late 2015 after signing a long-term lease with Brookfield Office Properties to take 700,000 square feet over six floorsat 225 Liberty St., one of the five office towers within the Brookfield Place complex.
The media company's headquarters has been at the Time & Life Building at 1271 Avenue of the Americas at 50th Street since 1959.
"Lower Manhattan has become a new destination for creative businesses," said Joe Ripp, chairman and chief executive officer of Time, Inc. "We have ambitious plans for a modern, open workspace that will foster a greater sense of community and collaboration across the company, and it will deliver significant cost savings."
Built in 1987, the 44-story, 2.59 million-square-foot office tower in the World Trade Center submarket between West Street and the Hudson River. Time will join new corporate tenants in the building including the Institute of Culinary Education and global law firm Jones Day
Brookfield Office Properties is currently in the midst of a $250 million renovation of the property formerly known as World Financial Center, upgrading office facilities and expanding the retail and public spaces at its waterfront location.
Time is being spun off from Time Warner, Inc., early next month. One of the largest branded media companies, Time's titles include Time, People, Sports Illustrated, InStyle, Travel + Leisure, Food & Wine,
and Fortune 500
"This is a very important move for Time, Inc. as we become an independent company," added Ripp. "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 Governor Andrew Cuomo and Empire State Development drove our decision to stay in New York City."
Mitch Steir, Michael Colacino, Matthew Barlow and Howard Nottingham of Studley (soon to be Savills Studley) represented Time in its site selection and and subsequent lease negotiations. Jerry Larkin, David Cheikin and Alex Liscio with Brookfield Office Properties, Inc. represented the landlord in-house.
With the lease commitment from Time, Brookfield has re-let 3 million square feet of the 4.2 misllion square feet formerly occupied in the office complex by Bank of America/Merrill Lynch under a lease that expired in 2013.