The New York Times Subleases From Time Inc. at 1271 Avenue of the Americas
By Terence Cullen February 3, 2017 1:28 pm
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It’s a case of Times after Time.
The New York Times will take a 160,000-square-foot sublease from Time Inc. at 1271 Avenue of the Americas between West 50th and West 51st Streets, according to The Real Deal.
Time Inc., publisher of Time and Sports Illustrated, has about a year left on its lease for the majority of the 1.9-million-square-foot Midtown property, formerly known as the Time-Life Building. Asking rent in the transaction was not immediately available.
The Times will use the space while its offices at 620 Eighth Avenue, where it occupies the lower portion of the 10-year-old tower, are renovated. The Gray Lady also plans to sublease about eight of its floors, as Politico reported in December 2016.
Andrew Sachs of Newmark Grubb Knight Frank represented the Times—and he is marketing the paper’s space at 620 Eighth Avenue—and declined to comment via a spokeswoman. Howard Nottingham, John Harte and Matt Barlow of Savills Studley represented Time Inc. A spokeswoman for the brokerage did not immediately comment.
The mega-publisher, based at the 1959 building from its opening until the end of 2015, relocated to Brookfield Place in Lower Manhattan. With Time Inc.’s lease ending later this year (and its subtenants with it), landlord Rockefeller Group has launched a $600 million renovation of the property.
Major League Baseball will occupy more than 400,000 square feet of the rehabilitated space, as Commercial Observer previously reported. The league will consolidate its offices from 245 Park Avenue between East 46th and East 47th Streets and Chelsea Market at 75 Ninth Avenue between West 15th and West 16th Streets.
