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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.