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New York

The Nation magazine leaving Union Square office over rent

Publication moving to smaller space at Newmark’s 520 Eighth Avenue

From left: 520 Eighth Avenue and the newest issue of The Nation
From left: 520 Eighth Avenue and the newest issue of The Nation

Union Square has become too rich for one of the country’s longest-running progressive-leaning political magazines.

The Nation, which claims to have published continuously for 150 years, will leave its 14,500-square-foot space at 33 Irving Place, signing a new 10-year lease for just over 10,000 square feet at Newmark Holdings’ 520 Eighth Avenue in the Garment District, Crain’s reported.

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Avison Young’s Susan Kahaner, who represented the magazine, said rents at the Nation’s current home – which it has occupied for 20 years – has risen into the $60s per square foot.

Asking at rent at the publications new space was $48 per foot, according to Crain’s. The magazine plans to move in September.

Matthew Mandell of Newmark Grubb Knight Frank represented the landlord in the lease. [Crain’s] – Ariel Stulberg