The publishing company will decamp Midtown for Lower Manhattan and will ease into its new headquarters at Brookfield Place in late 2015. The relocation comes as parent company Time Warner is preparing to spin-off Time into a separate, publicly traded company on June 6.
Not only does Time Inc. give the Time-Life building its name, it has been in the office tower for more than five decades. Designed by architect Wallace Harrison, the building opened in 1959. Fans of “Mad Men” will recognize it as the headquarters of Sterling Cooper & Partners.
Time Inc.’s holdings include Time Magazine, People, Entertainment Weekly and Sports Illustrated. The media company said it had signed a long-term lease for six floors and 700,000 square feet of office space.
“Lower Manhattan has become a new destination for creative businesses,” Joe Ripp, Time Inc.’s chairman and CEO, said 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.”
The company said it spent months looking at new spots in New York and New Jersey, but was persuaded to stay in the Big Apple thanks to an “incentive package” offered by Gov. Andrew Cuomo and state economic development officials.