The paper of record has inked a lease for a temporary home on Sixth Avenue.
The New York Times signed a short-term sublease with Time, Inc. for roughly 160,000 square feet at the Rockefeller Group’s 1271 Avenue of the Americas, sources told The Real Deal. It will move to the space while it overhauls its headquarters at 620 Eighth Avenue.
In 2015, Time relocated from its longtime home at 1271 Sixth, also known as the Time-Life Building, to Brookfield Place. It has just about a year remaining on its lease at Rockefeller’s 1.9-million-square-foot tower.
In December, Arthur Sulzberger Jr., publisher of the Times, announced to employees in a company memo that the newspaper would relocate about 400 employees to a temporary office in 2017 while it reconfigures its current office.
In a cost-cutting measure, the broadsheet is planning to consolidate its footprint in the building and put at least eight floors on the sublet market.
Rockefeller, meanwhile, is pumping $600 million into its 52-story property in order to attract new tenants to fill the vacancy left behind by Time. Late last year it finalized a deal with Major League Baseball to take 400,000 square feet in the building.
Andrew Sachs of Newmark Grubb Knight Frank, who will be marketing the Times’ sublet space at 620 Eighth, represented the newspaper in the negotiations with Time.