The New York Times is the latest company consolidating and redesigning space to create a collaborative environment.

The famous publication is vacating eight or more floors in its Midtown HQ, and has hired architecture and interior design firm Gensler to extensively redesign its newsroom and remaining office space, Politico reports.

The move, Times publisher Arthur Sulzberger Jr. and president/CEO Mark Thompson said, will save the publication money and generate rental income.

Sulzberger and Thompson said in a memo to staff the “more dynamic, modern and open” space will be “better suited to the moment” and “facilitate more cross-departmental collaboration."

The executives are planning to remove their own offices and larger, corner offices, much in the vein of Bloomberg, calling them “vestiges from a different era.” The two stressed they believe the building itself is still a “modern HQ” for the Times, however.

Starting next year, 400 Times staffers will be working out of a temporary office while the first phase of work is done. This phase is expected to be completed by the end of Q1. The Times figure to sublease the eight floors it's vacating, generating another revenue stream. [Politico]