Publishers eye cheaper NYC office space

With commercial rents low, New York City publishers struggling to stay afloat amid paltry ad sales are looking to cut real estate costs by moving, downsizing and subleasing. TV Guide’s current office space on East 42nd Street is now bigger than it needs after several rounds of layoffs, and sources told the Post that the magazine is looking for new space; some say it could leave the city altogether. Fortune magazine, which is owned by Time Inc., has combined its space with Money in the Time-Life Building at 1271 Avenue of the Americas. Time Inc. has laid off some 280 New York employees and rumors are circulating that the company could be looking to sublease some of the newly vacated floors in the Rockefeller Center building. Meanwhile, Reader’s Digest is moving in April from its longtime Westchester headquarters to 750 Third Avenue, a former satellite office of Condé Nast for which the company is paying roughly $30 per square foot. [Post, 2nd item]