As part of its new deal for 700,000 square feet at Brookfield Place, publishing titan Time Inc. will get out of paying rent for the first three years.
The tenant will also pay $50 per square foot when it begins paying rent at 225 Liberty Street. The average asking price per square foot at Brookfield Place is closer to the $60s per square foot. Time Inc. also received $10 million in state incentives to relocate Downtown from the Time & Life Building in Midtown.
The lease at 1271 Sixth Avenue is set to expire in 2017. Therefore, Brookfield Place agreed to charge the incoming tenant no rent until then. [Crain’s] — Mark Maurer