Time Inc. moves closer to a downtown deal
Nicole Levy
Time Inc. is close to a deal to move its magazine operations to Lower Manhattan, joining a growing number of media companies already in or coming to the area, The New York Times' Charles V. Bagli reports.
According to the paper, Time Inc. has focused its sights on the Brookfield Place office complex in Battery Park City, specifically on 225 Liberty Street, a 44-story tower that was formerly known as 2 World Trade Financial and once housed the investment bank Merrill Lynch. It has not signed a lease yet, real estate and media executives said.
Time Inc.'s more than 20 titles would have 650,000 square feet of office space in the building, about a quarter of the room it has occupied in the Time & Life building in Midtown since the late 1950s.
Lower Manhattan looks attractive to C.E.O. Joe Ripp partly because its rents are cheaper, sources told Bloomberg's David M. Levitt and Edmund Lee, who reported on the company's possible departure to the Financial District in January. As Time Inc. spins off from parent company Time Warner in an I.P.O. this year, the publishing company will have to tighten its purse strings.
http://www.capitalnewyork.com/article/media/2014/03/8542421/time-inc-moves-closer-downtown-deal