NEW YORK CITY-Time Inc., the magazine unit soon to be spun off from Time Warner, could be headed Downtown. The organization is considering a move from the Time & Life building at 1271 Ave. of the Americas to lower Manhattan, according to Bloomberg.com.
The publisher of such titles as Time, Sports Illustrated, People and Fortune is hunting for about 600,000 square feet of space. The company reportedly has held talks with the landlords of Brookfield Place, 4 World Trade Center and the former Goldman Sachs Group Inc. headquarters at 85 Broad St.
The Rockefeller Group, which owns the Time & Life Building, is trying to retain the publisher as a tenant. The Time Inc. lease expires in 2017. Studley is representing Time in its lease discussions.
If Time does moves downtown, it will join the New York Daily News and Conde Nast, among media companies that have agreed to leave Midtown for lower Manhattan. Were it to go to Brookfield Place, it probably would take space in 225 Liberty St.—the 2.7 million-square-foot tower formerly known as 2 World Financial Center—say sources familiar with the search.
Spokespersons for Time, Silverstein Properties—which is the developer and owner of the World Trade Center—MetLife, the owner of 85 Broad; Rockefeller and Studley all declined to comment.
Time Inc. CEO Joseph Ripp wants to move the company Downtown to take advantage of lower office rents, Bloomberg.com says. Class A space in the Rockefeller Center submarket averaged $82.35 a square foot in the fourth quarter, compared with $53.79 for similar-quality space downtown, according to data from Cushman & Wakefield.
If Time Inc. moves downtown, it will join the New York Daily News, Conde Nast and other media companies that have shifted from Midtown to lower Manhattan. If it were it to go to Brookfield Place, it probably would take space in 225 Liberty St., the 2.7 million-square-foot tower formerly known as 2 World Financial Center, Bloomberg.com sources reveal.
Time's possible departure from its Rockefeller Center tower would mark the end of an association that goes back to the days of founder Henry Luce, when Time and Life were among the most popular magazines in the world.
The 48-story, two-million-square-foot skyscraper, also known as 1271 Avenue of the Americas, was developed by the Rockefeller Group and Time Inc. in the late 1950s. Marilyn Monroe was among the shovel-wielders at its groundbreaking, according to Daniel Okrent, a onetime Time corporate editor-at-large and author of “Great Fortune: The Epic of Rockefeller Center.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
