Abu Dhabi fund plans to invest in Time Warner Center

TRD New York /
Jan.January 15, 2014 08:46 AM

Abu Dhabi Investment Authority, a major Middle Eastern sovereign wealth fund, is investing in the Related Companies-led $1.3 billion purchase of Time Warner’s space in their namesake building in Columbus Circle, according to a person familiar with the deal. ADIA is investing alongside Singaporean sovereign wealth fund GIC, who in November pledged $400 million to the acquisition, which is still being negotiated.

The source declined to disclose the Abu Dhabi fund’s stake in the deal. The new owners of the 1.1 million-square-foot building at 10 Columbus Circle space would lease the space back to Time Warner for approximately five years, at which point the media giant would move to an 80-story skyscraper planned for Related’s Hudson Yards, according to a report from Bloomberg News.

Time Warner put the space on the market in April. Eastdil Secured’s Douglas Harmon, Adam Spies and Kevin Donner represented Time Warner in the transaction with the Abu Dhabi fund.

Spokesperson for the Abu Dhabi fund and GIC declined to comment on the transaction to Bloomberg News, and Related didn’t respond to a request for comment. [Bloomberg News]  – Hiten Samtani


Related Articles

arrow_forward_ios
Related's Jamar Adams and Steve Ross with 14-06 Gateway Boulevard (Credit: Getty Images and Google Maps)

Related is the latest developer to target the Rockaways

Related is the latest developer to target the Rockaways
Stephen Ross and Time Warner Center (Getty)

Stephen Ross slashes price of Time Warner Center penthouse

Stephen Ross slashes price of Time Warner Center penthouse
The Internal Revenue Service is going after foreign real estate investors as part of a broader sweep to collect revenues amid the pandemic.  (iStock)

“There’s a lot of money to be made”: IRS targets foreign real estate investors

“There’s a lot of money to be made”: IRS targets foreign real estate investors
Wesley Edens and 520 West 28th Street, Unit PH37 (Getty, Compass)

Fortress Investment chairman buys steeply discounted Zaha Hadid penthouse

Fortress Investment chairman buys steeply discounted Zaha Hadid penthouse
Neiman Marcus at Hudson Yards and Geoffroy van Raemdonck (Getty)

Neiman Marcus exits bankruptcy $4B lighter

Neiman Marcus exits bankruptcy $4B lighter
Charles Rettig, Commissioner of the IRS (Getty)

Opportunity Zone rule change seeks to entice foreign investors

Opportunity Zone rule change seeks to entice foreign investors
 The Qualtrics Tower at 1201 2nd Avenue in Seattle with Hana Financial CEO Kim Jung-tai and Skanska USA CEO Richard Kennedy (Google Maps)

$700M Seattle office tower buy would be among largest Covid-era property deals

$700M Seattle office tower buy would be among largest Covid-era property deals
President Donald Trump and Joseph Biden (Getty, iStock)

Real estate donors backing Biden over Trump

Real estate donors backing Biden over Trump
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...