Time Warner Inc. announced on Thursday that it plans to move its headquarters from Columbus Circle to a new, 80-story skyscraper on the Far West Side of Manhattan, ensuring the development of a vast neighborhood made up of office towers, residential buildings, a shopping mall and a park, all built over a 13-acre railyard.
At the same time, Time Warner announced it was selling its existing headquarters, about 1.1 million square feet, in what is known as the Time Warner Center, for $1.3 billion to a partnership of two sovereign wealth funds and the Related Companies.
Time Warner would take about 5,000 employees to a once industrial neighborhood on the West Side, immediately establishing a new business and residential district, much the way it did when the media company moved to Columbus Circle a decade ago...
“The sale of our office space in Time Warner Center to Related Companies and its partners,” Jeffrey L. Bewkes, the chairman of Time Warner, said, “is an important step toward moving our New York City-based employees into a dynamic new complex that will foster even more collaboration, creativity and efficiency across our businesses.”
Time Warner’s decision to move to a new home is something of a vindication for Stephen M. Ross, the chairman of the Related Companies, and his partner, who have made an enormous real estate bet on the West Side, where brick warehouses, factories, shops and tenements once sat near the Hudson River docks.
“The world’s changing; New York’s changing,” Mr. Ross said on Thursday evening. “You’ve got to stay ahead of the curve. I really believe it’s going to be the new heart of the city. Time Warner made a smart move, capturing the value at Columbus Circle and embracing the new technology and efficiency at Hudson Yards...”
Time Warner used Eastdil Secured, a real estate company, to sell the building and hired Studley, a broker, to represent the company in the negotiations for the new space. Related’s partners in buying the Time Warner space at Columbus Circle are the Abu Dhabi Investment Authority and the Government of Singapore Investment Corporation.Time Warner Is Planning a Move to Hudson Yards
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Time Warner Intends to Move to Planned Skyscraper at Hudson Yards