Related could facilitate Time Warner swap in Hudson Yards

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From left: Time Warner Center and a rendering of Hudson Yards
Now that Coach is on the books, Hudson Yards’ next office tenant could be Time Warner, according to the New York Post. The namesake of Related Companies’ Columbus Circle complex has been looking to downsize from the 864,000-square-foot space it owns at the Time Warner Center, and other city office space, in an effort to cut costs.

Related is considering offering the media giant an opportunity to swap its space for a smaller home in Hudson Yards. Time Warner would get the smaller home it seeks in a newer office building, while Related would fill more of its 5 million-square-foot West Side development and own a large space in the more centrally located Columbus Circle complex.

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Though the swap is still in very early stages, Related Chairman Stephen Ross hopes the exchange can be tax-free. [Post, 3rd item]