Five weeks ago, we took a serious look at the Washington Post Company's finances for 2009. The cable TV and the Kaplan Educational Services arm account for about 75% of income. The rest is Newsweek and the Post and everything else. So it makes some hierarchical sense that now Newsweek is being booted back uptown, to offices now occupied by cramped Kaplanites-and Kaplan is taking over the glamorous 163,000 square-foot Newsweek space at 395 Hudson. We imagine that the dot com-side there feels even more disenfranchised by the move, as the in-house announcement came not long after one in which they learned they are losing their leader, Newsweek.com editor Devin Gordon, to GQ. Newsweek lived at 444 Madison Ave. for decades; moved to nine floors on 57th Street. And in May of 2008, they signed on the new space-not long before the commercial market prices began to slide. What's worse for the terms of that deal? Cushman and Wakefield brokers represented the tenant and they are the building's leasing agents as well. Eesh.
Wednesday, March 31st, 2010