Dotdash Meredith combo leads to downsizing of New York offices

IAC recent $2.7 billion acquisition of Des Moines-based publisher Meredith — who is now known as Dotdash Meredith — leads to a downsiz...


IAC recent $2.7 billion acquisition of Des Moines-based publisher Meredith — who is now known as Dotdash Meredith — leads to a downsizing of its Lower Manhattan offices as the new company consolidates at Brookfield Place in Battery Park City.

A JLL team consisting of Brad Lane, Executive Vice President; Todd Stracci, Executive Managing Director; and Brett Harvey, general manager, is now offering a whopping 331,509 square feet of Meredith’s sprawling corporate headquarters at 225 Liberty St. for sublease, which has a term until December 2032.

They are not alone, as there are still millions of square feet to rent locally in direct and sublease opportunities. According to property company Savills, the city center is still losing office tenants. At the end of the second quarter of 2022, Downtown had 6.9 million square feet with an overall asking rent of $60.27 per foot, down from 5.4 million square feet and $59.60 per foot a year ago. The downtown availability rate is 23.1%, compared to 20.6% a year ago.

Downtown is still losing office tenants.  The area had 6.9 million square feet available in the second quarter, up 5.4 million from a year earlier.
Downtown is still losing office tenants. The area had 6.9 million square feet available in the second quarter, up 5.4 million from a year earlier.
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Inside Meredith's huge space available for sublet.
Inside Meredith’s huge space available for sublet.
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There’s a lot of competition to sign office tenants, but Dotdash Meredith is one of the biggest for subletting. Other downtown sublease blocks added just in the second half of 2022 include 58,169 square feet of MediaMath’s 106,000 square feet at 4 World Trade Center and Orchard’s 65,589 square feet at 195 Broadway – where , in April, Lattice sublet the 42,937 square feet from Namely.

One World Trade Center still has seven floors of approximately 48,500 square feet each available for sublease from Condé Nast and Hyperscience’s smaller 34,382 square feet on the 88th floor.

In another expansion, labor management platform Asana is tripling its space at 3 World Trade Center with a sublease from Uber for 44,000 square feet on the 49th floor. Asana will also retain the original 17,000 square feet leased on the 36th floor in 2019 directly from Silverstein Properties.

(Uber had previously consolidated three offices on 307,390 square feet at 3 World Trade, but only used 220,000 square feet on five of the seven floors.)

And as Better Mortgage struggles, it’s trying to give up its 44,039 square feet on the 57th floor of this tower with an asking rent of $79 per foot and a lease that runs through 2026.

The seventh through ninth floors of Meredith can be rented together, or as single or partial floors.
The seventh through ninth floors of Meredith can be rented together, or as single or partial floors.
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The space includes high-end office furniture.
The space includes high-end office furniture.
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As for the Dotdash Meredith space, sources say the seventh through ninth floors of 225 Liberty can be rented together, or as single or partial floors. The space includes high-end office furniture, workstations and conference rooms. It also offers a low rent of $49 per foot, which is about half the price of small direct spaces offered by Brookfield.

A few blocks away, the former Dotdash offices at 28 Liberty St. are also available for sublease. This 68,230 square foot block comprises the seventh and eighth floors and can accommodate 400 people. The floors can also be rented separately and the asking rent is $50 per foot.

The Brookfield Place space is part of the original 700,000 square feet that Time, Inc. leased there in 2014 when it decided to save money and move downtown from its iconic tower in the downtown at 1271 Ave. of the Americas, when his emphyteutic lease was due to expire in 2017 and he faced a huge rent hike.

STUDIOS architects designed the eight floors for Time as an open, collaborative environment that would foster creativity and innovation.

A conference room.
A conference room.
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The space was part of 4.2 million square feet that had been occupied by Bank of America/Merrill Lynch under a long lease that expired in 2013.

When Meredith partnered with Time in another $2.8 billion merger in 2018, she stayed in those offices and also hired JLL then, to sublet her 190,000 square feet across eight floors of 805 Third Ave by Charles Cohen.

Meredith had previously tried to sublet the 225 Liberty space, but is trying again now that the IAC deal has been made. A spokeswoman said it was a typical restructuring after such a merger.

The Post followed the IAC Meredith deal as the latter’s Midwestern culture clashed with bean counters at IAC Meatpacking’s headquarters. Their magazines and print sizes have been reduced to focus on scaling glossy papers and online publications. The Post’s Alexandra Steigrad written in may.

“The IAC people are not nice. Barry Diller is not nice,” said a source, who noted that the new owner “doesn’t understand” print magazines, all they want to do is “make money”.

“People from Meredith show up to meetings at Crocs. Their offices have wicker furniture,” the source said. “You can’t go to Barry Diller’s Frank Gehry-designed spaceship in Crocs. IAC is like “The Matrix”. There is no furniture and you are greeted by people wearing Prada.

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Newsrust - US Top News: Dotdash Meredith combo leads to downsizing of New York offices
Dotdash Meredith combo leads to downsizing of New York offices
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