‘Essence’ inks 29K lease for new HQ in Industry City

The former Time Inc. brand was sold last year

New York /
Jan.January 17, 2019 05:45 PM

Essence CEO Richelieu Dennis and Industry City at 220 36th Street (Credit: Facebook and Industry City)

Essence Communications, the company that owns African-American women’s magazine Essence as well as the music festival of the same name, is moving to a new headquarters in Industry City.

The media company has inked a 10-year, 29,000-square foot lease in Building 4 of the complex at 34 35th Street. The company currently operates out of a different building in Industry City, and is expected the move into the new location in the second quarter of this year.

“We are pleased to have found a home at Industry City that supports our expansion and accommodates our multidimensional operational needs,” said Essence COO Joy Profet.

Essence’s old offices in Industry City were part of Time Inc.’s holdings in the complex. The magazine was sold to Liberian-American hair- and skin-care entrepreneur Richelieu Dennis last January, soon after Time Inc. was bought out by media conglomerate Meredith Corp.

The sale returned Essence to full African-American ownership for the first time since 2000, when Time acquired a 49% stake in the magazine. The magazine had been fully black-owned for the first 30 years of its history.

Meredith sold Time magazine to Salesforce founder Marc Benioff in September for $190 million. [Crain’s] — Kevin Sun


Related Articles

arrow_forward_ios
Seth Weissman, Financing
Urban Standard wants to rescue property owners from high interest rates
Urban Standard wants to rescue property owners from high interest rates
From left: Michael Dell with 25 Water Street, Alex Sapir with 261 Madison Avenue and Marc Holiday with One Madison Avenue (Getty, Edge Funds, Sapir Organization, SL Green)
Office properties (yes, office!) got Manhattan’s biggest December loans
Office properties (yes, office!) got Manhattan’s biggest December loans
Salim Assa with 15 West 55th Street
Troubled Midtown rental saga headed for a foreclosure finale
Troubled Midtown rental saga headed for a foreclosure finale
Atlas Hospitality Brokerage president Alan Reay (Atlas Hospitality Brokerage)
Listen: Inside the looming distress across the hotel market
Listen: Inside the looming distress across the hotel market
Businessman arguing with buildings
The bickering bros: Jemals escalate battle over portfolio
The bickering bros: Jemals escalate battle over portfolio
Vornado Realty Trust chairman Steve Roth and 401 Seventh Avenue (Getty, LoopNet, Vornado Realty Trust)
Vornado eyeing NYC’s casino sweepstakes
Vornado eyeing NYC’s casino sweepstakes
A photo illustration of The Artisan Hotel at 1501 W Sahara Ave in Las Vegas (Getty, LoopNet)
Las Vegas to get its first cannabis-friendly hotel
Las Vegas to get its first cannabis-friendly hotel
A photo illustration of Cineworld's CEO Mooky “Moshe” Greidinger (Getty)
Regal Cinemas to close 39 U.S. theaters following bankruptcy
Regal Cinemas to close 39 U.S. theaters following bankruptcy
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...