Fortune Magazine Leaves 225 Liberty Street After Sale [Updated]
After Meredith Corporation acquired Time Inc. and sold off Fortune magazine, the well-known business publication is departing Time’s headquarters at 225 Liberty Street for an office building on the eastern side of the Financial District.
Fortune has leased 43,352 square feet across the second, third and fourth floors of Vornado Realty Trust’s 40 Fulton Street, according to information from CoStar Group. Asking rent in the 10-year deal wasn’t disclosed.
CBRE’s Bruce Surry and Sam Spillane represented the landlord, along with Ryan Levy from Vornado’s in-house leasing team. Spokespeople for CBRE and Vornado both declined to comment on the transaction. Cushman & Wakefield’s Brian Hay and Tim Hay represented Fortune.
Fortune Media Group CEO Alan Murray declared via a spokeswoman that the move is “part of our Declaration of Independence! As a free standing company, we want our own headquarters.” He added that the publication “wanted to stay downtown, and 40 Fulton offered great, open collaborative space with lots of light, and in a neighborhood that is both fun and convenient….We’ve already had our first party there.”
Meredith had just completed its $2.8 billion acquisition of Time Inc. last November, as Observer reported, when it announced that it would sell Fortune for $150 million to Thai businessman Chatchaval Jiaravanon. The billionaire is the executive chairman of Charoen Pokphand Group, the largest private company in Thailand. The massive conglomerate owns dozens of telecom, retail and agricultural companies across Asia, including all of Thailand’s 7-Eleven branches and Wal-Mart’s Asia businesses.
Time Inc. left its longtime home in the Time & Life Building in 2014 for 700,000 square feet at Brookfield Properties’ 225 Liberty Street, formerly known as Two World Financial Center. Meredith removed Time’s corporate signage when it officially took over operations last February, as The New York Post reported at the time.
Update: This post has been updated with a statement from Fortune Media Group CEO Alan Murray.