The Real Deal New York

Time Warner looking to move outside Manhattan

January 06, 2012 02:00PM

While the possibility of media conglomerate Time Warner leaving the building that boasts its name is not new, an article from the Hollywood Reporter pointed to the possibility of a more drastic move for the company — a move away from New York City.

Time Warner’s CFO John Martin told a conference for entertainment investors in San Francisco yesterday that the company will be considering options outside Gotham when its leases at 10 buildings in the Big Apple — which cost the firm approximately $300 million per year — are up in 2017. A source told the Hollywood Reporter that parts of New York state, New Jersey and Connecticut are under consideration.

The company owns the 92-story megalith it currently calls home, but since September, the entertainment company has been reviewing its real estate portfolio, and was said previously to be considering the Far West Side of Manhattan or downtown for its potential relocation. [Hollywood Reporter]