In the latest example of foreign capital’s willingness to swoop in to pick off U.S. trophy assets, funds from Singapore and United Arab Emirates have joined Related Cos. in paying $1.3 billion for Time Warner Center, a 1.1 million-square-foot office property in Manhattan. The investment also includes a huge vote of confidence in the prospects of Hudson Yards. Media conglomerate Time Warner Inc. announced it will lease back space from the Related venture until early 2019 before moving its corporate headquarters and 5,000 employees, along with its HBO, Turner Broadcasting and Warner Bros. businesses, to the emerging redevelopment on the Far West Side of Manhattan...
The long-anticipated Time Warner Center purchase by the venture that includes Related Companies, an entity owned by the Abu Dhabi Investment Authority (ADIA) and Singapore-based GIC works out to about $1,182 per square foot. Eastdil Secured represented Time Warner on the sale of its office space, while Studley is representing Time Warner and CBRE is representing Related and Oxford on the planned Hudson Yards headquarters acquisition. Time Warner Sells HQ for $1.3B, Plans Move to Hudson Yards
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