‘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
277 Fifth Avenue and Shokai Group's Shawn Xianyang Zhang (277 Fifth Avenue/Rafael Viñoly, Shokai Group)
Shokai Group picks up unsold NoMad condos for $81M
Shokai Group picks up unsold NoMad condos for $81M
Traffic was up 47.5 percent from last year, when coronavirus restrictions and concerns were more rampant. (iStock, Getty)
Black Friday retail traffic stuck below pre-pandemic levels
Black Friday retail traffic stuck below pre-pandemic levels
KPF's A. Eugene Kohn and 11 West 42nd Street (Google Maps, KPF)
KPF expands at Tishman Speyer building after sweetener
KPF expands at Tishman Speyer building after sweetener
Skylight Real Estate Partners founding partner Bennat Berger and 340 Old River Road in Edgewater (Google Maps, LinkedIn)
New firm pays $50M for Edgewater multifamily
New firm pays $50M for Edgewater multifamily
Tishman Speyer CEO Rob Speyer, Turner Construction CEO Peter Davoren and The Spiral at 66 Hudson Boulevard (Getty, Turner Construction, Tishman Speyer)
Build it and we will come: Turner Construction moves HQ to Tishman Speyer’s Spiral
Build it and we will come: Turner Construction moves HQ to Tishman Speyer’s Spiral
Donald Trump (Getty)
Pandemic dashed one-quarter of Trump’s NYC retail tenants
Pandemic dashed one-quarter of Trump’s NYC retail tenants
NYC hotels hoping for holiday business swell likely to be disappointed
NYC hotels hoping for holiday business swell likely to be disappointed
NYC hotels hoping for holiday business swell likely to be disappointed
Princeton proud: Eric Schmidt reportedly bidding to save club
Princeton proud: Eric Schmidt reportedly bidding to save club
Princeton proud: Eric Schmidt reportedly bidding to save club
arrow_forward_ios

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

Loading...