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Andrew HeiskellAndrew Heiskell
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Session:         Page of 824

Would you state your name?

Heiskell:

Andrew Heiskell: H-e-i-s-k-e-1-1.

Q:

Okay. As we decided, due to time constraints we won't go into a discussion of the magazines today. We're going to talk about other odd items. So let's start with the whole question of the corporation and its real estate. Any events--but let's start, perhaps, with the 1960 move to the new building, or you might want to start before that?

Heiskell:

We always rented in the old days. We were renting when we were in the Chrysler building, which is where I started in 1937. We were renting when we were in the Time building in Rockefeller Center. But then as we grew and grew and grew, and as rents went up and up and up, it became fairly obvious that we should get into the real estate business ourselves. I think I mentioned that we looked in a lot of different places for a home outside of New York, because Harry [Luce] was hipped on getting out of New York--he dreamt about a palace, a tower, cathedral in Iowa. We looked at something called Philiwill, which is between Philadelphia and Wilmington. We actually bought some land in Weschester, and then discovered that we didn't want to be in Weschester. We had Bill Zeckendorf as our advisor when we finally decided that we would probably stay in New York. We got an option on the Marguery Hotel--did we go through that? No, I don't think so.

Well, Bill sold us an option on the Marguery Hotel which in



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