The magazine publishing company has been at its famous 48-story Rockefeller Center locale since 1959, long before Time Inc merged with Warner Communications to become Time Warner. But it will become an independent company again on June 6, when Time Warner spins it off — and late next year will head to more economical office space at Brookfield Place (formerly known as the World Financial Center) in lower Manhattan, near the former site of the World Trade Center. The company looked at options in New York and New Jersey. But Brookfield Place’s planned $250M renovation — adding lots of upscale restaurants and shopping — plus “the incentive package we received from Governor Andrew Cuomo and Empire State Development drove our decision to stay in New York City,” CEO Joe Ripp says. Time Inc has a long term lease at 225 Liberty Street to occupy six floors and 700,000 square feet of office space. “We have ambitious plans for a modern, open workspace that will be designed to foster a greater sense of community and collaboration across the company, and it will deliver significant cost savings,” Ripp says.
The publisher -- home to Time, People and Fortune -- had occupied the Time & Life building in Midtown since 1959.
Time Inc. has unveiled plans to relocate from its historic headquarters at the Time & Life building in Midtown Manhattan.
In anticipation of the spinoff from Time Warner, the company announced that it intends to move operations to six floors in a building located at 225 Liberty Street in lower Manhattan by "late 2015." The publisher -- home to Time, Entertainment Weekly, People and Fortune -- had occupied the Time & Life building since 1959.
“Lower Manhattan has become a new destination for creative businesses,” said Time Inc. chairman and CEO Joe Ripp in a statement. “We have ambitious plans for a modern, open workspace that will be designed to foster a greater sense of community and collaboration across the company, and it will deliver significant cost savings.” Time Inc.'s lease at the Time & Life building was reportedly set to expire in 2017. On June 6, Time Inc. will officially separate from Time Warner as a publicly traded company. The company has undergone an aggressive reorganization in management ahead of the move.