Time Inc. inked a lease Thursday at the Industry City office complex in Sunset Park, Brooklyn, taking 55,000 square feet that will house 300 employees by the end of the year.
The move will coincide with Time’s departure from the Time & Life Building at 1271 Sixth Avenue in Midtown, with the company moving its headquarters to 225 Liberty Street in the Financial District. The Industry City space will house employees from Time’s Technology, Content Solutions and Editorial Innovation departments.
Financial terms of the 15-year lease were not disclosed, though asking rents at Industry City range from $15 to $35 per square foot, according to a spokesperson.
A Savills Studley team of Zev Holzman, Howard Nottingham and Matthew Barlow represented Time, while a Cushman & Wakefield team led by Bruce Mosler represented Industry City.
The 16-building, 6 million-square-foot office complex is home to more than 400 companies employing 4,000 people, according to a press release, with tenants including the Brooklyn Nets, Design Within Reach and MakerBot.
Industry City – developed by Jamestown, Belvedere Capital and Angelo Gordon – is one in a wave of new office developments hoping to capitalize on Brooklyn’s burgeoning office market. The move offers Time “close proximity to where today’s young, creative workforce have planted roots,” Holzman said in a statement. – Rey Mashayekhi