Time Warner has a tentative deal to move into the Related Companies’ 80-story skyscraper planned for the rail yards at 10th Avenue and West 33rd Street, capping weeks of speculation about the media company’s move to Hudson Yards, the New York Times reported.
Company directors expect to approve a deal to sell its current space — the 1.1 million square feet at its namesake towers on Columbus Circle — to Related, which developed the Time Warner Center, real estate executives told the Times.
Time Warner would lease its Columbus Circle space for about five years, or until the new tower is completed, according to the agreement.
“They’ve found a new home and they found a winner for the old home,” one executive who had been briefed on the Time Warner deal but was not authorized to discuss it, told the Times.
The Eastdil Secured duo who had been marketing the Time Warner Center – Doug Harmon and Adam Spies – did not return the Times’ calls requesting comment.
The move to Hudson Yards is one that city officials and retail executives hope will boost the area in the same way the company’s move to Columbus Circle transformed that neighborhood in the 1990s. [NYT] –Julie Strickland