The Real Deal New York

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

The former Time Inc. brand was sold last year
January 17, 2019 05:45PM

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