Abu Dhabi fund plans to invest in Time Warner Center

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

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

Steve Ross, Eliot Spitzer and a rendering of 451 10th Avenue (Credit: Getty Images) 

Spitzer, Related land $276M in financing for Hudson Yards senior housing project

LA is one of the trickiest cities for institutional investors to understand. Here’s why

LA is one of the trickiest cities for institutional investors to understand. Here’s why

Jeff Blau (Credit: Getty Images)

Related’s CEO talks Hudson Yards and “complicated” projects

Cheung Chung Kiu is no stranger to big real estate deals (Credit: Wikipedia)

Mysterious billionaire who bought $262M London mansion is obsessed with blockbuster real estate deals

Crown Prince Sheikh Mohammed bin Zayed Al Nahyan of Abu Dhabi, Softbank CEO Masayoshi Son, and former British Prime Minister Tony Blair (Credit: Getty Images)

Masa Son, the crown prince of Abu Dhabi and Tony Blair walk into a bar and decide to build a $34B city in Asia

56 Leonard Street (Credit: iStock)

He invested more than $130M into 4 Manhattan condos. Now he’s taking a hit

Related Chairman Stephen Ross (Credit: Getty Images, Wikipedia)

Related drops 700-foot-long “wall” from Hudson Yards plan