of the IAC Recent $2.7 billion acquisition Des Moines-based publisher Meredith (now known as DotDash Meredith) is downsizing its lower Manhattan office as the new company consolidates into Brookfield Place in Battery Park City.
Executive Vice President Brad Lane’s JLL team. Todd Stratch, Executive Managing Director. Managing Director Brett Harvey is currently offering to sublease a whopping 331,509 square feet of Meredith’s massive headquarters at 225 Liberty Street with a term through December 2032.
They’re not alone. There are still millions of square feet of rental properties locally, in both direct and sublease opportunities. Downtown is still losing office tenants, according to real estate firm Savills. At the end of the second quarter of 2022, downtown will have 6.9 million available square feet of space, up from a year ago he had 5.4 million square feet and an overall asking rent of $59.60 per foot. It came out to $60.27 per. The downtown vacancy rate is 23.1%, up from 20.6% a year ago.
There is a lot of competition for office tenants, but Dotdash Meredith’s is one of the largest subleases. Other downtown sublease blocks added in late 2022 include 58,169 sq ft of 106,000 sq ft at 4 World Trade Center at Mediamas and 65,589 sq ft at Orchard at Broadway 195. In April, Lattice has subleased 42,937 square feet of Namely.
One World Trade Center still has seven floors of approximately 48,500 square feet that can be subleased from Condé Nast and a smaller 34,382 square foot from HyperScience on the 88th floor.
In another expansion, work management platform Asana will sublease 44,000 square feet of space on the 49th floor from Uber, triple the space at 3 World Trade Center. Asana will also keep his original 17,000 sf, which he leased on the 36th floor directly from Silverstein Properties in 2019.
(Uber previously consolidated three 3 World Trade offices at 307,390 sq ft, but only occupies 220,000 sq ft on 5 of its 7 floors.)
And as Better Mortgage struggles, it’s about to sell 44,039 square feet of land on the 57th floor of its tower at an asking rent of $79 per foot and a lease that runs through 2026.
As for the Dotdash Meredith space, sources say floors 7 through 9 of the 225 Liberty can be leased together or as a ground or partial floor. The space features high-end office furniture, workstations, and meeting rooms. It also has great rents of $49 per foot, which is about half the price of the smaller direct spaces Brookfield offers.
You can also sublease the former Dotdash office a few blocks away at 28 Liberty St. This 68,230-square-foot block consists of 7th and 8th floors and can accommodate 400 people. Floors can also be individually leased for $50 per foot.
The Brookfield Place space is part of the original 700,000 square feet that Time, Inc. was renting in 2014 when Time, Inc. saved money and relocated its landmark 1271 Ave. of the Americas has decided to move from the Midtown Tower to downtown. It was set to expire in 2017 and faced a significant increase in rent.
STUDIOS architects designed Time’s eight floors as an open, collaborative environment that fosters creativity and innovation.
The space was part of 4.2 million square feet occupied by Bank of America/Merrill Lynch under a long-term lease that expired in 2013.
When Meredith merged with Time in another $2.8 billion merger in 2018, it remained in those offices, still hiring JLL to sublease 190,000 square feet on eight floors at 805 Third Avenue in Charles Cohen. .
Meredith had previously tried to sublease the 225 Liberty space, but is trying again now that the IAC deal has been completed. A spokesperson said it was a typical post-merger restructuring.
The Washington Post followed IAC Meredith’s deal as Midwestern culture clashes with the bean counter at IAC’s Meatpacking headquarters. Both magazine and print sizes have been significantly reduced, concentrating on expanding into glossy paper and online publications.The Post’s Alexandra Steigrad wrote in May.
“The people at IAC are not nice. “That’s all.
“The Meredith folks show up to meetings at Crocs. Their offices have wicker furniture,” the source said. “You can’t see a spaceship designed by Barry Diller’s Frank Gehry in Crocs. The IAC is like ‘The Matrix.’ There is no furniture and people in Prada greet you. “