Gen II Subleases Meredith's Space at 805 Third Ave.

Meredith Corp. subleasing space at 805 Third Ave./ Google Maps image

NEW YORK CITY—Gen II Fund Services signed a long-term, 48,000 square-foot lease at 805 Third Ave. with sub-landlord Meredith Corp. The private equity fund administrator will move its headquarters from 825 3rd Ave., when renovations in the new location are completed later this year. Although the price was not disclosed, the New York Post reported asking rent was $63 per square foot.

After Meredith Corporation acquired Time, Inc. for $2.8 billion in November 2017, it moved into the publication’s former headquarters at 225 Liberty St. The deal was backed by $650 million from the Koch brothers’ private equity firm. In March 2018, Meredith announced laying off 1,200 employees and was looking to sell Time magazine, Sports Illustrated, Fortune and Money.