NEW YORK CITY—Brookfield Office Properties has landed a big fish.
Time Inc. has agreed to relocate its headquarters to Brookfield Place, in Lower Manhattan, late next year. The media giant signed a long-term lease to occupy six floors and 700,000 square feet of office space at 225 Liberty St. The company's headquarters have been at the Time & Life Building at 1271 Ave. of the Americas, at 50th street, since 1959.
In an internal memo distributed at Time—written by Joe Ripp, chairman and CEO—that was obtained by GlobeSt.com, it is clear the new location is viewed as convenient and efficient.
“We spent several months evaluating possible sites in Manhattan and New Jersey; our goal was to promote a sense of community in a cost-efficient home that will provide lifestyle and cultural amenities plus easy transportation access for our employees. We plan to create an open, modern workspace that will foster collaboration and ignite creativity across the company. The commute to 225 Liberty will be aided by two new state of the art transit hubs linking subway service from four boroughs and the PATH train, along with a ferry terminal serving New Jersey and Westchester.”
Ultimately, he continues, “the Lower 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.”
The company also will realize cost-savings from custom designing the space, he adds. Notes Empire State Development president, CEO and commissioner Kenneth Adams, “Time Inc.'s decision to remain in New York City and locate in Lower Manhattan is the latest sign of the economic revitalization and resurgence that we have helped create Downtown. “There is no better place for a premier media company to do business than in New York City—the media and creative capital of the world—and we are proud of our efforts to keep Time Inc. right where they belong, in the Empire State.”
As part of a $250 million renovation, Brookfield Place is transforming its waterfront retail and public space into a world-class shopping and dining experience with a European marketplace, chef-driven restaurants, lifestyle amenities and a variety of outdoor events. Time Inc. will join new corporate tenants including the Institute of Culinary Education and the global law firm Jones Day among others.
“Time Inc. joins the growing list of highly regarded media, publishing and creative companies relocating downtown to reap the benefits of operating in the area,” asserts Dennis Friedrich, CEO, Brookfield Office Properties. “The neighborhood's alluring mix of restaurants, retail, culture and transportation access is a driving factor for this downtown migration and the waterfront setting of Brookfield Place is unrivaled in New York City.”
Time Inc. was represented in lease negotiations by Mitch Steir, Michael Colacino, Matthew Barlow and Howard Nottingham of Studley. Brookfield was represented in-house by Jerry Larkin, David Cheikin and Alex Liscio, as well as Loeb & Loeb attorneys Raymond Sanseverino, parnter and associate Joseph DeVesta. Brookfield did not respond to a request for comment. Studley declined to comment.
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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.
