Time Inc., the magazine division of Time Warner, is mulling a move away from the Time & Life Building at 1271 Sixth Avenue in Midtown. Time is shopping for about 600,000 square feet of space Downtown, according to people familiar with the search.
The publisher of prestigious magazines such as Time, Sports Illustrated and Fortune has been in discussions with landlords to relocate to Buildings Including Brookfield Place, 4 World Trade Center and the former Goldman Sachs headquarters at 85 Broad Street, the sources told Bloomberg News. A move Downtown, the sources added, would allow the financially-challenged publisher to pay considerably lower rents.
Class A space in the Rockefeller Center submarket averaged about $82.35 per square foot in the fourth quarter of 2013, compared with $53.79 for similar space Downtown, according to Cushman & Wakefield data seen by Bloomberg News.
Time Inc.’s lease at the 48-story, 2 million-square-foot Time & Life skyscraper runs out in 2017. [Bloomberg News] — Hiten Samtani