The recently rebranded Dotdash Meredith has weathered plenty of change in the last year, but the company is now looking to shift a large amount of space onto the office market.
The publisher is putting 331,000 square feet up for sublease at 225 Liberty Street, better known as Brookfield Place, the New York Post reported. The space surrender comes after IAC acquired the company for $2.7 billion.
The available space spans the seventh through ninth floors of the building and are able to be leased together or separated. The asking rent is just $49 per square foot, about half of what Brookfield wants for some direct leases at the property.
The offering by Meredith, which is locked into its headquarters space at Brookfield’s property through the end of 2032, is one of the biggest spaces available for sublease across Lower Manhattan.
JLL’s Brad Lane and Todd Stracci are among those marketing the space on behalf of Meredith.
The company is also looking to sublease Dotdash’s former offices at 28 Liberty Street, spanning 68,000 square feet on the seventh and eighth floors. That space is being offered at $50 per square foot.
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Sublease availability has been on the rise in the pandemic as companies juggle hybrid work plans. Many companies don’t need the space they previously signed for because they’re only having a limited amount of employees coming into the office on any given day.
Peloton has been looking to sublease 100,000 square feet at Hudson Commons, approximately one third of the company’s footprint at the property. The fitness company is paying $95 per square foot for its 312,000-square-foot office, a lease that runs until 2035.
Lyft is also planning on subleasing space across the country, including at the same Hudson Commons property. The rideshare giant is aiming to sublease 44 percent of its office footprint across the country after the company announced permanent flexible work allowances.
— Holden Walter-Warner