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New York

Time Inc. trading Midtown for Downtown in big lease deal

Media company taking 700K square feet at 225 Liberty Street

Brookfield Place and Time’s Joe Ripp
Brookfield Place and Time’s Joe Ripp

After months of negotiations, media giant Time Inc. has finally made it official with a lease at Brookfield Office Properties’ 225 Liberty Street, where it will take 700,000 square feet.

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The company initially was in talks for between 575,000 square feet and 650,000 square feet. The move would take Time Inc. Downtown from the Time & Life Building at 1271 Sixth Avenue in Midtown, and allows them to pay lower rents. Time Inc.’s lease at the 48-story, 2 million-square-foot Time & Life skyscraper runs out in 2017.

“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,” Brookfield CEO Dennis Friedrich told the Wall Street Journal. “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.” [WSJ] — Mark Maurer

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Brookfield Office PropertiesTime Inc.Time-life Building