Time Inc. to Relocate to Lower Manhattan
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.
The full memo from Joe Ripp to Time Inc employees is below:
I am delighted to share the news that we have signed a long-term lease on a new corporate headquarters at 225 Liberty Street in lower Manhattan. At the end of 2015, we will begin occupying six floors in Brookfield Place, which is undergoing a $250 million transformation. Downtown Manhattan is quickly becoming the destination for media and creative companies and the renovated complex and surrounding neighborhood will have all the vibrancy and excitement we are seeking in a home for the new Time Inc.
We are leasing raw floor space we can shape to our own vision. We shall benefit from superb river views and a 20,000 square foot private deck overlooking the Hudson River. We plan to create an open, modern workspace that will foster collaboration and ignite creativity across the company. We are working now with architects on initial ideas for work areas, common spaces, an auditorium and more. Many of you have already told us what you hope the new space will provide. As we move forward, we will seek input from more of you as we design our new work space.
It was important that we select the right location for our new headquarters as we position ourselves for an independent future following the planned spinoff from Time Warner Inc., now scheduled for June 6. We spent several months evaluating possible sites in Manhattan and New Jersey before deciding to move our headquarters to 225 Liberty Street. Our goal was to promote a sense of community in a cost-efficient home that will provide lifestyle and cultural amenities plus easy transportation access for our employees. The commute to 225 Liberty will be aided by two new state of the art transit hubs linking subway service from four boroughs and the PATH train, along with a ferry terminal serving New Jersey and Westchester.
We are just getting started on our journey as an independent company and today's news on our future home is an important step. The work that has been done by all of you over the past eight months to get us to this point is nothing short of extraordinary. I am energized and proud to be leading Time Inc. at this moment in time.
For more on Brookfield Place and downtown Manhattan, please visit MyTime.
All the best,