Time Warner asks brokers to put value on HQ

Media company mulls space consolidation and move
January 31, 2013 08:30AM

Time Warner is reaching out to brokers to assess the value of its Manhattan headquarters, as it prepares to move into a new location or consolidate its more than 4 million square feet of New York City office space, the Wall Street Journal reported.

Over the last two years, the company has been considering new locations, including the West Side rail yards and Brookfield Place. Though the company owns its million-square-foot headquarters by Columbus Circle, the majority of its other office space is leased. Sources told the Journal that if Time Warner were to make a move to a new location, it would likely sell the Time Warner Center.

The search has dragged on due to the difficulty in determining the specific space needs of each division of the media behemoth, sources told the Journal. The company has retained real-estate services firm Studley for the search, and asked the company to help value the tower earlier this month.

The building also contains high-end condominiums, with a five-bedroom, seven-bathroom home on the 64th floor listed for $40 million in November, as The Real Deal previously reported. [WSJ]  –Hiten Samtani