The Real Deal New York

Abu Dhabi fund plans to invest in Time Warner Center

January 15, 2014 08:46AM

Sheikh Khalifa bin Zayed Al Nahyan, chairman of ADIA, and Time Warner Center

Sheikh Khalifa bin Zayed Al Nahyan, chairman of ADIA, and Time Warner Center

Abu Dhabi Investment Authority, a major Middle Eastern sovereign wealth fund, is investing in the Related Companies-led $1.3 billion purchase of Time Warner’s space in their namesake building in Columbus Circle, according to a person familiar with the deal. ADIA is investing alongside Singaporean sovereign wealth fund GIC, who in November pledged $400 million to the acquisition, which is still being negotiated.

The source declined to disclose the Abu Dhabi fund’s stake in the deal. The new owners of the 1.1 million-square-foot building at 10 Columbus Circle space would lease the space back to Time Warner for approximately five years, at which point the media giant would move to an 80-story skyscraper planned for Related’s Hudson Yards, according to a report from Bloomberg News.

Time Warner put the space on the market in April. Eastdil Secured’s Douglas Harmon, Adam Spies and Kevin Donner represented Time Warner in the transaction with the Abu Dhabi fund.

Spokesperson for the Abu Dhabi fund and GIC declined to comment on the transaction to Bloomberg News, and Related didn’t respond to a request for comment. [Bloomberg News]  – Hiten Samtani

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