A venture of the Related Companies, the Abu Dhabi Investment Authority and Singapore’s GIC has purchased the office space of Time Warner Inc. at the Time Warner Center for $1.3 billion, the seller announced today...
Time Warner expects to acquire over 1 million square feet of office space in the 80-story tower at 30 Hudson Yards, where approximately 5,000 of the company’s employees will be based.
“We began a process two years ago to evaluate our commercial real estate footprint within the New York Metropolitan area, where we currently own and lease space in seven buildings,” Mr. Bewkes added in his statement. “By consolidating our space to Hudson Yards, New York’s next great neighborhood, we will be able to reallocate substantial savings to our primary business of creating and sharing great storytelling in television, film, and journalism with audiences around the world.”
Time Warner was represented by Eastdil Secured in the sale of the Time Warner Center. Studley represented Time Warner in the transaction to secure space at Hudson Yards. Related and Oxford Properties were represented by CBRE.Venture Seals $1.3B Time Warner Center Buy
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