The New York Times will be subleasing from another media company that also has “Time” in its name.
The Gray Lady has signed a sublease with Time Inc. for four floors covering 160k SF in the old Time & Life building at 1271 Avenue of the Americas, The Real Deal reports.
Time Inc. left the building for its current space in Lower Manhattan at the end of 2015. Its lease is good through the end of this year.
In December, the Times announced it would sublease at least eight full floors of its 1.8M SF HQ building on Eighth Avenue as it shrinks its footprint and modernizes its space.
The Rockefeller Group, which owns the building, is still working on filling almost 2M SF that Time Inc. is in the process of leaving vacant as it moves to new space at Industry City in Brooklyn.
The landlord is undertaking a $600M capital improvement to help it land tenants. Last year, it closed a deal with Major League Baseball for 400k SF in the 52-story building.
Newmark Grubb Knight Frank’s Andrew Sachs repped the Times on the sublease deal. He’ll also market the space the paper will soon look to sublease at its HQ building. [TRD]
