Time Inc. to relocate to Brookfield Place in lower Manhattan next year
Planned spin off publishing division from Time Warner now scheduled for June 6
NEW YORK, NY – May 22, 2014 — Time Inc. said it would relocate its headquarters to Brookfield Place in lower Manhattan in late 2015. The media company said it had signed a long-term lease enabling it to occupy six floors and 700,000 square feet of office space at 225 Liberty Street.
The company’s headquarters have been located in the Time & Life Building at 1271 Avenue of the Americas at 50th Street since 1959.
Time Inc.’s announcement precedes its planned spinoff from Time Warner Inc., now scheduled for June 6: “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 Governor Andrew Cuomo and Empire State Development drove our decision to stay in New York City,” he said.
“Lower Manhattan has become a new destination for creative businesses,” Ripp added. “We have ambitious plans for a modern, open workspace that will be designed to foster a greater sense of community and collaboration across the company, and it will deliver significant cost savings.”
“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,” said Empire State Development President, CEO & Commissioner Kenneth Adams. “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,” said Dennis Friedrich, Chief Executive Officer of 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.