Time Inc. has renewed a long-term lease at 225 Highridge Road in Stamford for its magazine subscription marketer, Synapse Group Inc.
The deal for 66,530 square feet of office space was announced by Savills Studley, which represented the global media company in negotiations. The landlord, RXR Realty, was represented by Gregory Frisoli, executive managing director at Newmark Grubb Knight Frank”™s Stamford office, and in-house by Joel Cardillo.
Time officials considered several office space configurations both offsite and at 225 Highridge Road for its multichannel marketing group, Synapse, which employs more than 170 professionals, before signing an early renewal and restructuring its existing lease, said Savills Studley Executive Vice President Matthew Barlow. Barlow brokered the deal for the tenant with Howard Nottingham, executive managing director at Savills Studley, and Craig Lemle, senior managing director at the commercial real estate services firm.
Barlow said Time Inc. “considered various scenarios to refresh the space to meet the company”™s new workplace standards that provide a more collaborative, efficient workplace in line with the rest of the brand. It permits Time Inc. to customize and define its occupancy as it sees fit, from as large as its current 77,000 square feet down to 57,000 square feet.”
Savills Studley has advised Time Inc. on numerous transactions, including its 1.75-million-square-foot headquarters restructure at 1271 Avenue of the Americas in New York City and its most recent 700,000-square-foot relocation to Brookfield Place, formerly the World Financial Center, in Lower Manhattan.
