Click here to receive Mediabistro’s Morning Media Newsfeed via email.
Time Inc. to Leave Time & Life Building (FishbowlNY)
Time Inc. is moving on. The company announced that it is moving its offices from the iconic Time & Life Building — where the publisher has been since 1959 — to Brookfield Place in Lower Manhattan. Politico / Dylan Byers on Media Time Inc. CEO Joe Ripp announced the news in an email to staff. The move will bring Time Inc. within a two-minute walk of the new Condé Nast offices at One World Trade. Deadline New York The company looked at options in New York and New Jersey. But Brookfield Place’s planned $250 million renovation — adding lots of upscale restaurants and shopping — plus “the incentive package we received from Governor Andrew Cuomo and Empire State Development drove our decision to stay in New York City,” Ripp said. Time Inc. has a long-term lease at 225 Liberty Street to occupy six floors and 700,000 square feet of office space. Variety The publishing company will ease into its new headquarters in late 2015. The relocation comes as parent company Time Warner is preparing to spin-off Time into a separate, publicly traded company on June 6. WSJ With the Time lease, Brookfield has leased about 3 million square feet of the 4.2 million square feet of Bank of America Corp.’s Merrill Lynch office space that expired in 2013.