New York magazine, currently headquartered in Midtown South’s pricey Hudson Square neighborhood, is eyeing a move to more affordable digs.
Company COO Kit Taylor sent a memo to employees Wednesday informing employees the media firm is “exploring the possibility of moving our office to a more efficient and cost effective space,” Politico reported.
“We have been presented with an attractive opportunity that we’d be remiss not to consider,” she added. “Whether or not we move will depend on many factors, and our location wouldn’t change sooner than 6 months at the very earliest.”
A company spokesperson declined to comment.
New York Media currently occupies 80,559 square feet at Trinity Real Estate’s One Hudson Square (75 Varick Street), according to CoStar Group.
Jason Pizer, Trinity’s president, left the company earlier this year shortly after the landlord brought on Norges Bank Investment Management as a partner that valued its 5 million-square-foot portfolio at $3.55 billion.
The average asking rent for Class A and B office space in the neighborhood was $67.52 in the third quarter, second only to the Gramercy Park neighborhood in Midtown South and among the top-five most expensive submarkets in Manhattan, according to ABS Partners’ third-quarter report.
In recent years, media companies such as Conde Nast, the Associated Press and Time, Inc. have relocated from Midtown to the Financial District, lured by the area’s less expensive rents and new office stock. [Politico] — Rich Bockmann