The Real Deal New York

Time Warner-Comcast deal seen generating property savings

Expected to cut real estate costs by $14M over three years

February 19, 2014 09:20AM

comcast

10 Columbus Circle and Michael Angelakis

If Comcast is successful in its bid to acquire Time Warner Cable, Comcast stands to save an annual $12.2 million on real estate expenses from the $45 billion merger.

Indeed, a deal would likely see Time Warner Cable vacate its Columbus Circle base. The company currently pays $91.27 per square foot on the lease of its 133,000-square-foot headquarters space, set to expire in 2016.

Overall, Comcast is looking at $1.5 billion in savings, mostly from overhead costs.

“Our target for realizing the full operating expense synergy impact is three years from closing, but we believe the realization can be frontloaded, with more than 50 percent realized in year one,” Michael Angelakis, vice chair of Comcast, told CoStar. [CoStar Group]Mark Maurer

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