Time Inc. is officially saying goodbye to the Time & Life building, its home in midtown New York since 1959. The publisher, which is set to spin off from parent company Time Warner on June 6, has confirmed speculation that it is moving to new (and, presumably, much cheaper) digs in lower Manhattan.
The company said that it signed a long-term lease for 700,000 square feet of office space across six floors at Brookfield Place downtown, which is set to undergo a $250 million renovation. Time Inc. is joining numerous other media companies in its decision move downtown, including AMI, The Village Voice, The Daily News, and, most notably, Condé Nast, which is set to start relocating from Times Square to One World Trade Center at the end of the year.
“This is a very important move for Time Inc. as we become an independent company,” chairman and CEO Joe Ripp said in a statement. “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.”
While Time Inc.’s new headquarters might not have the old-school cachet of the Time & Life building, at least the company is staying put in New York: According to Ripp, Time Inc. also looked at potential sites in New Jersey. (Forbes will be packing up its own Greenwich Village offices this year and moving to Jersey City.)
“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,” said Ripp.