By: Bloomberg News | Crain's New York Business
Photo: CoStar Group
(Bloomberg) -- Time Inc., the magazine unit to be spun off from Time Warner Inc. next month, will move its headquarters to Brookfield Place in lower Manhattan next year.
The publisher of Time, Sports Illustrated and Entertainment Weekly said it signed a long-term lease for 700,000 square feet on six floors at 225 Liberty St. The headquarters has been at the Time & Life Building on 50th Street and Avenue of the Americas since 1959.
"This is a very important move for Time Inc. as we become an independent company," Chief Executive Officer Joseph Ripp said in a statement. "We spent months evaluating competing sites in New York and New Jersey. In the end, we were persuaded that the downtown Manhattan location, Brookfield Office Properties' plans for Brookfield Place and the incentive package we received from Gov. Andrew Cuomo and Empire State Development drove our decision to stay in New York City.''
Time Inc. is being spun off from the parent company it helped to create as an industrywide slump in print advertising contributed to revenue declines in five of the past seven years.
The Liberty Street tower was formerly known as 2 World Financial Center, where Merrill Lynch & Co. once rented offices.