Time Inc. is finally leaving midtown Manhattan. The company will vacate an office space at 135 West 50th Street "before the end of the year," a company spokeswoman confirmed to Ad Age.
Last year, Time Inc. left the iconic Time & Life Building in Rockfeller Center for a shiny new office downtown. At the time, it was reported that "about 400 people" would be moving nearby to the office at 135 West 50th, which is known as the Sports Illustrated Building because the magazine was once housed there.
That number is now down to about 200-plus employees, according to the company, and includes staffers from Departures magazine, Time Inc.'s book publishing arm, and the Licensing and Syndication division. Finance and tech staffers have two floors in the building. Time Inc. has had space in the building since 1998.
The majority of these employees will move down to Time Inc.'s Liberty Street headquarters, but the rest, including the finance division, will work from the company's office in Industry City in Brooklyn, the spokeswoman said.
Time Inc., like most media companies, is looking for ways to cut costs and be more efficient, and a company source said the decision to not renew the lease was most likely a financial one.
But, when asked to explain the move, the spokeswoman said, "The plan has always been for all NYC-based employees to be at 225 Liberty Street or Brooklyn by the end of 2016."