This one's located very deep in the chapter, and it'd be a shame to miss it and have to start over again just to grab it. It's easy to see once you're in the proper room, but be sure not to continue without it in-hand. Use this lull in the action to your advantage, and claim the magazine sitting on the ground in a corner of one of these rooms.
As you gun your way through a number of enemies on this in-construction floor, you should be able to hug a few wide-open rooms on the right side of the floor where any enemy presence is fairly scarce.
On the same floor where the previous Playboy Magazine was found, you can find this one as well.
