Time Warner Inc. (TWX:US) sold its headquarters space at Time Warner Center in New York City’s Columbus Circle for $1.3 billion to a group led by Related Cos., with plans to move to the developer’s Hudson Yards project.
Related, which built Time Warner Center in the early 2000s, is teaming with the Abu Dhabi Investment Authority and the Singapore sovereign-wealth fund GIC Pte to acquire the 1.1 million-square-foot (102,200-square-meter) space, Time Warner said today in a statement. Time Warner Center, a 2.8 million-square-foot two-tower complex at the southwest corner of Central Park, also has a Mandarin Oriental hotel, Jazz at Lincoln Center and some of the city’s most expensive condominiums.
Time Warner plans to consolidate its Manhattan offices into a new skyscraper at Hudson Yards, the biggest private development in U.S. history, according to the real estate firm. The project will be built largely over a 26-acre (11-hectare) train yard, extending the Midtown business district west almost to the Hudson River...
Eastdil Secured LLC represented Time Warner in the sale of the offices. Studley Inc. is working with the company in its acquisition at Hudson Yards. CBRE Group Inc. is Related’s broker in the sale of that space.Time Warner Sells Manhattan Headquarters for $1.3 Billion (3)
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Time Warner Intends to Move to Planned Skyscraper at Hudson Yards