Time Inc. is abandoning its midtown Time & Life Building corporate headquarters of the past 55 years for 700K sq. ft. in the former World Financial Center complex in downtown Manhattan across the street from the World Trade Center.
The WFC, which has been recast as Brookfield Place (225 Liberty), is undergoing a $250M upgrade featuring a European marketplace, high-end retail, chef-driven restaurants, water front dining and outdoor entertainment space.
Time chief Joe Ripp said he scouted various sites in NYC and New Jersey before selecting six floors of the Brookfield tower, a decision sweetened by $10M in tax breaks to keep the publisher in the city.
In a release, Ripp thanked Gov. Andrew Cuomo and Empire State Development Corp. for the incentive package that “drove our decision to stay in NYC.”
He touted lower Manhattan as “a new destination for creative businesses.
Time has “ambitious plans for a modern open workspace designed to foster a greater sense of community and collaboration across the company, and it will deliver significant cost savings,” according to its CEO.
The 2015 relocation will cost Time about $125M related to tenants improvements.
Time’s lease on its T&L space expires in 2017.
Time Closes Books on Ex-CEO, EIC
Former CEO Laura Lang, who exited Nov. 2, earned $11.5M during 2013, according to the firm’s proxy statement related to the spinoff.
She’ll continue receiving a $1M base salary through Nov. 15 and be bonus-eligible up to an award target set at $1.8M. The company provided career counseling and outplacement services to Lang through May 2, 2014 at a cost of up to $30K.
Former E-I-C Martha Nelson earned a $6.8M package through the end of last year. Her $1M salary contract with a discretionary bonus of 200 percent base pay runs till yearend.
Meanwhile chief content officer Norm Pearlstine, who joined from Bloomberg Businessweek in Oct. earned $1.6M in overall compensation.
Pearlstine, who was Time’s E-I-C for a decade has a $1M salary.